Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: Vamps on 22 October 2013, 21:09:29
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If I were to drop my working week from 5 days to 3 days per week, anyone know what the nett % dropp would be each month?
I know if you work half time you nett more than half of full time pay, something to do with tax and ni I believe, just wondered if there was a ball park figure - just a thought....... ;) ;)
The other option might be to get early retirement and then go back part time....... :-\ :-\
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depends on your hourly rate, and whether or not you would be entitled to claim working tax credit (so other household income)
or if you're on 40% tax bracket.
Potentially you could be working 60% of the hours for 95% of the take-home.
Worst case, you'd be taking home about 75% (ball park) - that's 40% less wage + ((25% tax + 8% NI) on the 40% wage drop).
If you're not paying the 25% income tax on the bit of the wage you're gonna lose, then you will gain in either working tax credit, or by not paying 40% income tax on some of it.
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depends on your hourly rate, and whether or not you would be entitled to claim working tax credit (so other household income)
or if you're on 40% tax bracket.
Potentially you could be working 60% of the hours for 95% of the take-home.
Worst case, you'd be taking home about 75% (ball park) - that's 40% less wage + ((25% tax + 8% NI) on the 40% wage drop).
If you're not paying the 25% income tax on the bit of the wage you're gonna lose, then you will gain in either working tax credit, or by not paying 40% income tax on some of it.
:-\ :-\ :-\ :-\ :-\
You lost me after the first sentence ::) ::) ::) ::)
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If I
go into work 14 days in every 28 ...... can I work do less hours too?
::) ::) ::) ::)
Far too many years off for retiring :(
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This question has nothing to do with how many hours/days you work - but how much you get paid.
Have a play with this site: http://www.thesalarycalculator.co.uk/salary.php (http://www.thesalarycalculator.co.uk/salary.php)
Play around with your income and you will see the effect on take home pay. Enter your tax code - if you don't then it assumes no additional benefits/allowances. Also pension %. To check it put your current details in and out should pop your current take-home. It wont address some deductions such as clubs etc - but is spot-on IME.
Let us know how you get on :y
Cheers - Rob
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For andyB:
;D
If you work 5 days you get paid 400 quid. The first 100 isn't taxed, but .gov takes about 1/3 of the rest. So you actually get 300 quid in cash.
If you earn 300 a week, you get no government handouts.
If you work 3 days you get paid 240 quid. The first 100 isn't taxed, and .gov takes 1/3 of the rest.
So you actually get £195 in cash.
If you get paid £195 in cash, .gov gives you £40 in benefits. making a "wage" of £235
SO effectively, you are only £65 a week better off for working two extra days
235 for 3 days divided by 300 for 5 days = 78% of wage for 60% of hours
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This question has nothing to do with how many hours/days you work - but how much you get paid.
good website :y
The amount of hours *can* be relevant, as you need to work a certain amount per week to claim working tax credit - think it's 30? might be 24, and is 16 in some circumstances
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This question has nothing to do with how many hours/days you work - but how much you get paid.
Have a play with this site: http://www.thesalarycalculator.co.uk/salary.php (http://www.thesalarycalculator.co.uk/salary.php)
Play around with your income and you will see the effect on take home pay. Enter your tax code - if you don't then it assumes no additional benefits/allowances. Also pension %. To check it put your current details in and out should pop your current take-home. It wont address some deductions such as clubs etc - but is spot-on IME.
Let us know how you get on :y
Cheers - Rob
Interesting link Rob, been playing around with a few scenarios, now if I could get 40% of my pension................... :y :y
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For andyB:
;D
If you work 5 days you get paid 400 quid. The first 100 isn't taxed, but .gov takes about 1/3 of the rest. So you actually get 300 quid in cash.
If you earn 300 a week, you get no government handouts.
If you work 3 days you get paid 240 quid. The first 100 isn't taxed, and .gov takes 1/3 of the rest.
So you actually get £195 in cash.
If you get paid £195 in cash, .gov gives you £40 in benefits. making a "wage" of £235
SO effectively, you are only £65 a week better off for working two extra days
235 for 3 days divided by 300 for 5 days = 78% of wage for 60% of hours
Thanks Bigegg :y :y :y
It's depressing when you look at it like that if you go out to work ...... but that's a whole new thread.
I know I pay more tax than SWMBO gets paid! ??? ??? ??? ???
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This question has nothing to do with how many hours/days you work - but how much you get paid.
good website :y
The amount of hours *can* be relevant, as you need to work a certain amount per week to claim working tax credit - think it's 30? might be 24, and is 16 in some circumstances
I think it is 16 hours, don't think I would get any even if cut hours by half as swmbo works and only one child under 18 now - in age............... ;) ;)
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For andyB:
;D
If you work 5 days you get paid 400 quid. The first 100 isn't taxed, but .gov takes about 1/3 of the rest. So you actually get 300 quid in cash.
If you earn 300 a week, you get no government handouts.
If you work 3 days you get paid 240 quid. The first 100 isn't taxed, and .gov takes 1/3 of the rest.
So you actually get £195 in cash.
If you get paid £195 in cash, .gov gives you £40 in benefits. making a "wage" of £235
SO effectively, you are only £65 a week better off for working two extra days
235 for 3 days divided by 300 for 5 days = 78% of wage for 60% of hours
Thanks Bigegg :y :y :y
It's depressing when you look at it like that if you go out to work ...... but that's a whole new thread.
I know I pay more tax than SWMBO gets paid! ??? ??? ??? ???
But you are minted.............. :y :y
-
For andyB:
;D
If you work 5 days you get paid 400 quid. The first 100 isn't taxed, but .gov takes about 1/3 of the rest. So you actually get 300 quid in cash.
If you earn 300 a week, you get no government handouts.
If you work 3 days you get paid 240 quid. The first 100 isn't taxed, and .gov takes 1/3 of the rest.
So you actually get £195 in cash.
If you get paid £195 in cash, .gov gives you £40 in benefits. making a "wage" of £235
SO effectively, you are only £65 a week better off for working two extra days
235 for 3 days divided by 300 for 5 days = 78% of wage for 60% of hours
Thanks Bigegg :y :y :y
It's depressing when you look at it like that if you go out to work ...... but that's a whole new thread.
I know I pay more tax than SWMBO gets paid! ??? ??? ??? ???
But you are minted.............. :y :y
Apparently so ??? ??? ??? ;D ;D
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This question has nothing to do with how many hours/days you work - but how much you get paid.
good website :y
The amount of hours *can* be relevant, as you need to work a certain amount per week to claim working tax credit - think it's 30? might be 24, and is 16 in some circumstances
I think it is 16 hours, don't think I would get any even if cut hours by half as swmbo works and only one child under 18 now - in age............... ;) ;)
You can get working tax credit with zero children - as long as you're over 25 :y
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This question has nothing to do with how many hours/days you work - but how much you get paid.
Have a play with this site: http://www.thesalarycalculator.co.uk/salary.php (http://www.thesalarycalculator.co.uk/salary.php)
Play around with your income and you will see the effect on take home pay. Enter your tax code - if you don't then it assumes no additional benefits/allowances. Also pension %. To check it put your current details in and out should pop your current take-home. It wont address some deductions such as clubs etc - but is spot-on IME.
Let us know how you get on :y
Cheers - Rob
Interesting link Rob, been playing around with a few scenarios, now if I could get 40% of my pension................... :y :y
The other key thing to remember is that the income is for a full tax year - i.e from April to March. If your circumstances income changes during the course of the year then the system will get confused and you will have to pay catch up. You would have been taxed by an employer at the start of the year on the assumption that you will earn the same evenly throughout the year. So, if your income falls part way through you may well be owed a tax refund - which you probably wont get until the end of the tax year - or even afterwards.
In these circumstances a little knowledge can be dangerous/expensive - so I highly recommend getting guidance from a tax accountant. It isn't expensive - I paid £75 recently to sort out the complexities of two jobs and a period of claiming jobseekers in one tax year.
HTH