How much i will pay taxes if i will get paid for a year in uk 35000-40000 pounds? thanks?

Question

How much i will pay taxes if i will get paid for a year in uk 35000-40000 pounds? thanks?

Answer 1

20% on £0-36,000

40% over £36,000

but you have a personal allowance and then there is National Insurance to take off

Answer 2

If £40000 is your only income, you would pay (in 2008/9 tax year) £6793 in Income tax and £3802.15 in National Insurance - total £10595.15. However this does not take into account the additional taxes you then pay. After the 31% tax is taken out before you see it, you have council tax, road tax, value added tax, fuel duty, import duty, excise duty, insurance premium tax, airport tax. if you move house add in stamp duty. if you die add in inheritance tax.

All in all the average worker paid £6.63 an hour in tax to the Treasury in the 2007/8 tax year last year - more than the minimum wage. Of every £100 earned, on average over £60 goes to the tax man.

Highway robbery.

Answer 3

I could work it out, but am too lazy and it's early.

A good rule of thumb is take £5k off ayour base income & mulitply by 33%, this should be (about) the level of PAYE and NIC.

So, ROUGHLY, on £35k your paying about £10k tax & NI.

Answer 4

www.directgov.uk

Answer 5

Look at www.listentotaxman and imput figures. Don't forget there are changes to the tax allowance and tax rates which will come into force in September, and be retrospective to 06/04/2008. Look at www.hmrc.gov.uk/rates for that.