₦airaland Forum

If you earn form 50k pounds downwards you pay only 20% tax

If you earn from 51k pounds to 125k pounds you pay 40% tax.

So you rather remain at 49k than accept 50/60k pounds salary.

May b there are taxes around that threshold

False information.
You pay 0% tax on the first £12,570. 20% basic rate tax on the part of your income which falls into the next tax bracket (£12,571 up to £50,270). This means you'll pay 20% tax on £37,700.
Anything you earn above £50,271 to £125,140, is taxed at 40%.
Your income over £125,140, is taxed at 45%.
That's why you see those footballers with fleets of expensive cars. That is where they put all their earnings to avoid paying big taxes.

Yes because of the taxation. After the deductions, as the higher deductions starts from £50,000.000

Only the income after £50k is taxed.

Leke Agba the liar. 20% will be paid on the first 50,000 and 40% will be paid on the rest, which is 1000. Some amount should be tax free though (probably the first 10,000 or so). I used the American tax system. Should not be much difference, just the amt will defer.

Nice2023:
If you earn form 50k pounds downwards you pay only 20% tax

If you earn from 51k pounds to 125k pounds you pay 40% tax.

So you rather remain at 49k than accept 50/60k pounds salary.

No first 15k abi 12k is tax free
The extra till 50k is taxed at 20%
The extra above 51k is taxed at 40%

Say you earn £125k

Your tax is

0.2 x 38 =7.6
0.4 x 75 = 30

So your total federal tax would be 37.6 pounds

But toy still have county tax, road tax, health insurance etc.. You would end up paying over 45k

You are not very intelligent.
I work and live in England. I pay my taxes here.
Furthermore, I don't want to call you a fool, not because you are not one, but because it will violate Nairaland 2nd rule.

DeadCountry:
You ended up saying nothing. Are you this daft?

pedel:
You are not very intelligent.
I work and live in England. I pay my taxes here.
Furthermore, I don't want to call you a fool, not because you are not one, but because it will violate Nairaland 2nd rule.

Wawu
Calling him a fool was better for him sef 😏 😂

pedel:
False information.
You pay 0% tax on the first £12,570. 20% basic rate tax on the part of your income which falls into the next tax bracket (£12,571 up to £50,270). This means you'll pay 20% tax on £37,700.
Anything you earn above £50,271 to £125,140, is taxed at 40%.
Your income over £125,140, is taxed at 45%.
That's why you see those footballers with fleets of expensive cars. That is where they put all their earnings to avoid paying big taxes.

How does spending on expensive cars help them avoid taxes?

Luckysbab:
How does spending on expensive cars help them avoid taxes?

He is correct about everything other info but for buying expensive cars he is wrong. Buying expensive cars doesn't reduce the amount of tax you pay

I want to be working a job in UK but from Nigeria if that is possible

BloomingDale:
Leke Agba the liar. 20% will be paid on the first 50,000 and 40% will be paid on the rest, which is 1000. Some amount should be tax free though (probably the first 10,000 or so). I used the American tax system. Should not be much difference, just the amt will defer.

You can't be using the American taxation system to analyze that of Britain, it's not even close to being the same pls.

pedel:
You are not very intelligent.
I work and live in England. I pay my taxes here.
Furthermore, I don't want to call you a fool, not because you are not one, but because it will violate Nairaland 2nd rule.

This is technical! I hope you are working for the Ariwoolas (Nigeria Courts).

Lol I just hope by 2024 all this UK this and that go stop....



Like I don't understand the color of UK people problem anymore....

So nothing to rejoice about

What pedal posted is the correct way of calculating not the op Nigerian way of taxation

UK only impose appropriate tax on the amount within specific tax threshold.

Hmmm

Not true. People should learn how tax deductions work.
40% is only paid on the £1000 above 50k
Someone earning 49k takes home £3111 after tax.
51k takes home £3219 after tax

Another cursed illiterate has posted nonsense

I don't know
Na Naija i dey

Hmmm

mrvitalis:
No first 15k abi 12k is tax free
The extra till 50k is taxed at 20%
The extra above 51k is taxed at 40%

Say you earn £125k

Your tax is

0.2 x 38 =7.6
0.4 x 75 = 30

So your total federal tax would be 37.6 pounds

But toy still have county tax, road tax, health insurance etc.. You would end up paying over 45k

Well analysed

Dunno

Crazy