Don't work in Scotland.

[Formerly]

Just  a wee reminder for anyone who's not aware that our taxes have gone up again. If you are fortunate to enough to earn over £43,662, they'll take it away at the following rate:

42% income tax

12% national insurance

9% student loan repayments

Don't forget your employer pays 13.8% of your salary as employer NI.

In total that's 76.8/113.8 = 67.5% of those earnings taken before you even get to spend the rest on all those taxed necessities of life. Where does it all go?

[Happy Renting]

1 minute ago, Formerly said:

 Where does it all go?

Irn-Bru.

[Phil]

3 minutes ago, Formerly said:

Just  a wee reminder for anyone who's not aware that our taxes have gone up again. If you are fortunate to enough to earn over £43,662, they'll take it away at the following rate:

42% income tax

12% national insurance

9% student loan repayments

Don't forget your employer pays 13.8% of your salary as employer NI.

In total that's 76.8/113.8 = 67.5% of those earnings taken before you even get to spend the rest on all those taxed necessities of life. Where does it all go?

Interesting. But. What’s this Scotland your on about. Can find it on Amazon . Is it a bogof deal?

[One percent]

Just now, Phil said:

Interesting. But. What’s this Scotland your on about. Can find it on Amazon . Is it a bogof deal?

Smaller population than Yorkshire.  

[Formerly]

1 minute ago, Phil said:

Is it a bogof deal?

It's the place that can't get a deal to bog off. Currently experiencing temperatures cooler than liquid nitrogen.

[Chewing Grass]

8 minutes ago, Formerly said:

Just  a wee reminder for anyone who's not aware that our taxes have gone up again. If you are fortunate to enough to earn over £43,662, they'll take it away at the following rate:

42% income tax

12% national insurance

9% student loan repayments

Don't forget your employer pays 13.8% of your salary as employer NI.

In total that's 76.8/113.8 = 67.5% of those earnings taken before you even get to spend the rest on all those taxed necessities of life. Where does it all go?

Stirling work @Formerly

[Phil]

Just now, One percent said:

Smaller population than Yorkshire.  

Found it. Apparently it has monsters in some lake and its “ clans” have a severe drink and dugs problem as well as cross dress. Sounds a bit fucked to be fare.

[Chewing Grass]

9 minutes ago, Formerly said:

Just  a wee reminder for anyone who's not aware that our taxes have gone up again. If you are fortunate to enough to earn over £43,662, they'll take it away at the following rate:

42% income tax

12% national insurance

9% student loan repayments

Don't forget your employer pays 13.8% of your salary as employer NI.

In total that's 76.8/113.8 = 67.5% of those earnings taken before you even get to spend the rest on all those taxed necessities of life. Where does it all go?

and they wonder why no fucker will work overtime in Engineering when our US owned employer (spit) pays overtime at 1X.

Like some extra hours, no thanks as I only see 1/3rd of it - cunts.

[King Penda]

3 minutes ago, Chewing Grass said:

and they wonder why no fucker will work overtime in Engineering when our US owned employer (spit) pays overtime at 1X.

Like some extra hours, no thanks as I only see 1/3rd of it - cunts.

You must still be better off earning 50k than 22k.

[One percent]

16 minutes ago, Formerly said:

Just  a wee reminder for anyone who's not aware that our taxes have gone up again. If you are fortunate to enough to earn over £43,662, they'll take it away at the following rate:

42% income tax

12% national insurance

9% student loan repayments

Don't forget your employer pays 13.8% of your salary as employer NI.

In total that's 76.8/113.8 = 67.5% of those earnings taken before you even get to spend the rest on all those taxed necessities of life. Where does it all go?

And don’t forget, when you spend what’s left, they’ll add 20 percent to the cost in even more tax.  

[Chewing Grass]

5 minutes ago, King Penda said:

You must still be better off earning 50k than 22k.

agreed, but the willingness to waste your life for less per hour for somebody elses benefit wanes proportionally to taxation.

In the 1970s & 80s they had to pay 1.5X in the week and 2X at the weekend to get people in due to the level of tax.

They did however have a rule that you had to do an extra 5 hours in the week to get 5 hours or more at the weekend.

[CVG]

29 minutes ago, Phil said:

Found it. Apparently it has monsters in some lake and its “ clans” have a severe drink and dugs problem as well as cross dress. Sounds a bit fucked to be fare.

Wait till you hear what they do to Mars bars.

[King Penda]

15 minutes ago, Chewing Grass said:

agreed, but the willingness to waste your life for less per hour for somebody elses benefit wanes proportionally to taxation.

In the 1970s & 80s they had to pay 1.5X in the week and 2X at the weekend to get people in due to the level of tax.

They did however have a rule that you had to do an extra 5 hours in the week to get 5 hours or more at the weekend.

Indeed but it was Blair’s stunt with minimum wage that enabled many firms to do this.add on millions of cheap Europeans to keep wages down .now many won’t even work above 16 hours there’s no point .others like my son can live happily work 40 hours a week for 400 and pay little tax.you can just drift through life if local house prices are low and work in low stress type jobs to boot 

[Formerly]

39 minutes ago, Phil said:

Found it. Apparently it has monsters in some lake and its “ clans” have a severe drink and dugs problem as well as cross dress. Sounds a bit fucked to be fare.

It could be worse...

[King Penda]

46 minutes ago, Formerly said:

It could be worse...

valid point but our local Morris men were notorious for doing about 12 pints and dancing.but Scotland has this which looks far better.

 

[Wight Flight]

I wasn't aware that many people did.

[Bornagain]

12 hours ago, Formerly said:

In total that's 76.8/113.8 = 67.5% of those earnings taken before you even get to spend the rest on all those taxed necessities of life. Where does it all go?

To quote (I think) Jimmy Carr...

Heroin and Shortbread.

 

[No One]

Quote

Don't work in Scotland.

wasn't planning to

[Formerly]

6 minutes ago, No One said:

wasn't planning to

Am I the only one. I know @ccc manages to put in a couple of hours a week on a spreadsheet, but that doesn't really count

[ccc]

1 hour ago, Formerly said:

Am I the only one. I know @ccc manages to put in a couple of hours a week on a spreadsheet, but that doesn't really count

Correct 

[MrXxxx]

On 15/12/2022 at 19:26, King Penda said:

You must still be better off earning 50k than 22k.

OK, a quick and dirty calculation gives the following [based on single persons tax allowance AND using NI as a crude percentage applicable on everything apart from PTA]:

£22k gross = £5658 [after 40%Tax/NI/pension] + £12570 [PTA] = £18228 MINUS £162.45 [9% student loan repayment on sum above threshold] =£18065.55 Take Home

£50k gross = £14972 [after 60% Tax/NI/pension] + £12570 PTA] = £27542 MINUS £2682.45 [9% student loan repayment on sum above threshold] = £24859.55 take home. SEE CORRECTION IN LATER POSTING final take home is actually £30 805.55

 

£20195 gross [Under SL threshold so you don't pay back student loan] [after 40% Tax/NI/pension]= £4575 + £12570 [PTA] MINUS £0 [9% SL] = £17145 take home

 

So basically your options are as follows:

1. Get a job for life [30 years after graduation date] just under the limit to pay back...£22k would mean working for an extra £920.55 pa OR £17.70 per week OR viewed another way if you can get a job paying ~ £21k before tax and not going to university you are better off; assuming your yearly pay increases are similar.

2. Get a [high pressured?/salaried] job paying £50k and you will be £13660.55 pa OR £262.70 per week better off than the £21k non-graduate example; assuming same caveats as above. USING CORRECTED FIGURE.

3. Do neither and get the 'suckers' above to pay for your 'life of leisure'

 

Once again being 'in the middle' income wise [the majority?] never pays off, as these are the one paying for 'the system'. My advice to 18yr old is either a) do a Modern Apprenticeship so your employer pays for your studies, OR b) get into the word of word and get the experience/skills that an employer pays for...a degree is a 'key' for life long higher earnings?...well that's what the university providers will tell you but is it really true?...perhaps years ago when degrees were a limited currency, but not the case now.

[MrXxxx]

On 15/12/2022 at 19:11, Formerly said:

Just  a wee reminder for anyone who's not aware that our taxes have gone up again. If you are fortunate to enough to earn over £43,662, they'll take it away at the following rate:

42% income tax

12% national insurance

9% student loan repayments

Don't forget your employer pays 13.8% of your salary as employer NI.

In total that's 76.8/113.8 = 67.5% of those earnings taken before you even get to spend the rest on all those taxed necessities of life. Where does it all go?

Note 9% is only on the sum above the threshold i.e. £20195, not the sum above the personal tax allowance.

[Formerly]

2 minutes ago, MrXxxx said:

Note 9% is only on the sum above the threshold i.e. £20195, not the sum above the personal tax allowance.

And the income tax is only above ~43k. The point remains that in this 7k window, you're going to see a small fraction of your wage. It's actually better between 50k and 100k as the NI rate drops to 2%.

[sarahbell]

Can we do away with the Barnet formula?

[King Penda]

18 minutes ago, MrXxxx said:

OK, a quick and dirty calculation gives the following [based on single persons tax allowance AND using NI as a crude percentage applicable on everything apart from PTA]:

£22k gross = £5658 [after 40%Tax/NI/pension] + £12570 [PTA] = £18228 MINUS £162.45 [9% student loan repayment on sum above threshold] =£18065.55 Take Home

£50k gross = £14972 [after 60% Tax/NI/pension] + £12570 PTA] = £27542 MINUS £2682.45 [9% student loan repayment on sum above threshold] = £24859.55 take home.

 

£20195 gross [Under SL threshold so you don't pay back student loan] [after 40% Tax/NI/pension]= £4575 + £12570 [PTA] MINUS £0 [9% SL] = £17145 take home

 

So basically your options are as follows:

1. Get a job for life [30 years after graduation date] just under the limit to pay back...£22k would mean working for an extra £920.55 pa OR £17.70 per week OR viewed another way if you can get a job paying ~ £21k before tax and not going to university you are better off; assuming your yearly pay increases are similar.

2. Get a [high pressured?/salaried] job paying £50k and you will be £7714.55 pa OR £148.36 better off than the £21k non-graduate example; assuming same caveats as above.

3. Do neither and get the 'suckers' above to pay for your 'life of leisure'

 

Once again being 'in the middle' income wise [the majority?] never pays off, as these are the one paying for 'the system'. My advice to 18yr old is either a) do a Modern Apprenticeship so your employer pays for your studies, OR b) get into the word of word and get the experience/skills that an employer pays for...a degree is a 'key' for life long higher earnings?...well that's what the university providers will tell you but is it really true?...perhaps years ago when degrees were a limited currency, but not the case now.

You forgot those daft nest pensions but yes I see your point.I worked at the nut house hospital and I’d say 30/40% of the staff that were born in britain and were aged under 40 had a degree and it was not nurse related my lodger had one in computers