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Author Topic: Think I might be paying too much tax  (Read 3534 times)

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STEMO

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Think I might be paying too much tax
« on: 23 January 2020, 19:55:09 »
Could one of you tax experts check my payslip for me



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Steve B

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Re: Think I might be paying too much tax
« Reply #1 on: 23 January 2020, 20:41:39 »
K46 for a tax code ?
24 yrs old and all that money for kicking a bleeding ball
« Last Edit: 23 January 2020, 20:45:47 by Steve B »
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dave the builder

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Re: Think I might be paying too much tax
« Reply #2 on: 23 January 2020, 21:23:22 »
Not declaring the money your fence gives you for the swag then  ;D :D
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Viral_Jim

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Re: Think I might be paying too much tax
« Reply #3 on: 23 January 2020, 21:58:40 »
Quote from: Steve B on 23 January 2020, 20:41:39
K46 for a tax code ?

I think K means that the benefits in kind received are greater than personal allowance (ie you have a negative tax free allowance for income).

Iirc 46 refers to the number of pounds (x100) that the allowance is. So this guy has a negative personal allowance of £4600.
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biggriffin

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Re: Think I might be paying too much tax
« Reply #4 on: 23 January 2020, 22:02:59 »
Quote from: Jimmy944 on 23 January 2020, 21:58:40
Quote from: Steve B on 23 January 2020, 20:41:39
K46 for a tax code ?

I think K means that the benefits in kind received are greater than personal allowance (ie you have a negative tax free allowance for income).

Iirc 46 refers to the number of pounds (x100) that the allowance is. So this guy has a negative personal allowance of £4600.


  https://www.burton-sweet.co.uk/what-is-a-k-tax-code/
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STEMO

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Re: Think I might be paying too much tax
« Reply #5 on: 23 January 2020, 22:10:14 »
Quote from: Jimmy944 on 23 January 2020, 21:58:40
Quote from: Steve B on 23 January 2020, 20:41:39
K46 for a tax code ?

I think K means that the benefits in kind received are greater than personal allowance (ie you have a negative tax free allowance for income).

Iirc 46 refers to the number of pounds (x100) that the allowance is. So this guy has a negative personal allowance of £4600.
Don't think he'll be crying poverty.
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Doctor Gollum

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Re: Think I might be paying too much tax
« Reply #6 on: 23 January 2020, 22:21:04 »
Quote from: Steve B on 23 January 2020, 20:41:39
K46 for a tax code ?
24 yrs old and all that money for kicking a bleeding ball
In the States, NFL stands for Not For Long... I suspect the 'soccer' game is almost as short lived. Just under £10 million assuming five years at that level...

Someone taking home £20k a year will see £940,000 in 47 years of work, so still disproportionate, but not as out of line as £159k a month might at first seem...
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Field Marshal Dr. Opti

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Re: Think I might be paying too much tax
« Reply #7 on: 23 January 2020, 22:37:42 »
They may not be able to play football until they are 65 but there is nothing stopping them getting another job for the last 30 years.......much like other people do. :)
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Doctor Gollum

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Re: Think I might be paying too much tax
« Reply #8 on: 23 January 2020, 22:50:18 »
I wasn't defending the amount, merely trying to give it some perspective ;)
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Field Marshal Dr. Opti

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Re: Think I might be paying too much tax
« Reply #9 on: 23 January 2020, 23:03:27 »
Quote from: Doctor Gollum on 23 January 2020, 22:50:18
I wasn't defending the amount, merely trying to give it some perspective ;)

Actually £159000 take home pay each month is small beer. Some get £500000 a week for kicking a ball about. Still a shit load of money for a 24 year old kid though. :)

I hope he is paying his mum more than the £5 a week I used to pay. :y

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Viral_Jim

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Re: Think I might be paying too much tax
« Reply #10 on: 24 January 2020, 01:01:40 »
NFL and other American sports can be truly insane.

Aaron Rogers (NFL quarterback) picked up nearly $67m in 2018. And that was just from his franchise, that doesn't include sponsorship, endorsements etc etc etc.
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Rods2

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Re: Think I might be paying too much tax
« Reply #11 on: 24 January 2020, 01:30:06 »
We all sell our labour for the maximum we can. The key is to work in a rich industry, where entertainment is the richest & to have high skills that only a small number of people have at that level. Top pop stars, actors/actresses, writers & other top creators earn large amounts as well. If you can't beat them join them. :y
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aaronjb

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Re: Think I might be paying too much tax
« Reply #12 on: 24 January 2020, 07:43:29 »
Given how much tax he's paying, you should probably all be grateful - he's keeping you old folks in NHS appointments  :P
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Re: Think I might be paying too much tax
« Reply #13 on: 24 January 2020, 08:59:42 »
Nail on the head Aaron.
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Re: Think I might be paying too much tax
« Reply #14 on: 24 January 2020, 09:21:16 »
Good luck to him & anyone who's on big bucks.
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