Archive » United Kingdom » UK Taxes
| Author | Post |
|---|---|
| DarikUSA Junior Member Member # 7612 | Posted February 21, 2004 02:17 AM If one might get 50000 pounds in London, then what is the income tax and national insurance contributions? Plus what are council tax, vehicle excise duty? Does everyone pay the latter taxes? |
| hsmphopeful Member Member # 7477 | Posted February 21, 2004 06:09 AM You can't get the answers you want with the information you have provided :-) It all greatly depends on a number of factors (just some of them: are you single/married; where you will live; will you receive this directly under PAYE or through a personal services company, do you have other income, etc). If you really need this info in advance contact a UK accountant or financial adviser - my opinion only... |
| SmokeyD Junior Member Member # 7311 | Posted February 21, 2004 10:26 AM That's a really good question. A lot people like me (now in USA, but planning to head to UK, possibly) really find the UK tax structure confusing. It's one thing to read details on the UK government tax site, and quite another once you actually start living in a country. There are hidden or unforeseen expenses that only those living in the country can provide. If anyone could provide details on this, it would really help a lot. Does anyone know the tax structure for someone who earns 50,000 Pounds, is married, no kids, and works (employed full time) in London, with no additional income from say freelance jobs and no investments? Oh, and say the wife does not work. I'm just talking about how much one will take home at the end of the month, after taxes and such. Anyone? Thanks in advance for your help. SmokeyD |
| Joseph01 Member Member # 7141 | Posted February 21, 2004 01:31 PM DarikUSA / SmokeyD My perspective after coming here from the US is that the UK taxes appear to be extremely complex (i.e. with the forms etc.) but in reality it's fairly simple. US taxes appear to be relatively easy but in reality are very complex. You will enjoy your US expatriate taxation, I can assure you! US taxes get much more complicated if you make more than US$80,000 per year. For UK taxes, if you make £50,000 per year, the breakdown will be roughly: Monthly Basis (Assuming you are on Payroll--Working as an employee) You can see the rates on the Inland Revenue site which is very informative: If you buy a house, there is a substantial stamp duty which doesn't exist in the US. See the link for stamp duty in the above address. Council tax varies where you live. It is roughly equivalent to US property taxes (maybe a little less). Car disk tax is about £160 per year. Plus a yearly £33 MOT (inspection) fee. TV tax is about £115 per year. Hopefully this will be abolished thanks to the BBC fiasco. VAT is 17.5% built in to the prices of most goods (but usually added on to services). Everybody has to pay the above taxes. As far as whether £50,000 is enough, I'll leave it to the other members to comment. Joseph [ February 21, 2004: Message edited by: Joseph01 ] |
| Cosmopol Member Member # 7165 | Posted February 21, 2004 03:27 PM quote: Just a sideline thought: USD50K would be quite enough (more than enough, statistically) to lead a middle-class life, as described, in Anytown, USA. If you were to move to Manhattan, though, you'd barely get by, getting rid of the car and one of the bedrooms with the speed previously unknown. The same might apply to London vs. elsewhere... |
| SmokeyD Junior Member Member # 7311 | Posted February 21, 2004 06:30 PM Joseph01 and Cosmopol, Thanks so much for the information. It really does give me a better idea of what I might need to earn while in the UK. The TV tax thingy always did strike me as funny, but at £115, it hardly is. Thanks again. Shanky |
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