Tax i.e. robbing b*stards

[Gaaman]

Whats your tax code POG?

[The Iceman]

Tax question folks;

What is the situation if I were transfering money from a overseas account on a semi regular basis, will the tax man find out and if so is it taxable? Bearing in mind that I am already paying tax on it in the country of origin?

If you are declaring it on your income statement and proving you have already paid taxes on it then you should be fine. Don't be acting as if you are doing something wrong and going about it the wrong way when you are doing something completely legal.

What country are you earning the money in? Check Tax Cafe website and see if there is a double tax treaty between the countries and what the implications of that are.

If it is a significant amount of money there might be smarter options available to you.... PM me for more details

[Bogball XV]

If you get an extra payment in your salary - one off and as a result the tax is f**king ridiculous! what way does it work.
I'm told that the robbing b**tards will have assumed that's your new salary and adjusted your tax but when they realise the following month that you actually don't earn that every month you get it back.

Is that right or do you just have to suck it up.

Complete ball breaker this, I get a commission lump sum payment once a year and the amount that goes to tax would make you sick, you might as well not even get a bonus.  You are safer not working and thats the truth.

Really?? 

Yes, work related accidents are a regular occurance, just look at the statistics and claim being made against employers in recent years.  You are safer not working.

[Rois]

Doesn't sound right if you got exactly the same amount of tax taken off the next month despite the gross earnings being significantly less (to the tune of the commission/bonus/whatever it was, which I presume didn't repeat itself the next month). 

For example - I got an exam bonus (quite) a few years back and when it came through, I paid a whole wack of tax that month, which was my normal tax and the tax on the bonus.  The next month I went back to paying normal tax again.  That was fair enough.  But if your situation is different from that, then it doesn't sound right.   

[pintsofguinness]

Doesn't sound right if you got exactly the same amount of tax taken off the next month despite the gross earnings being significantly less (to the tune of the commission/bonus/whatever it was, which I presume didn't repeat itself the next month). 

For example - I got an exam bonus (quite) a few years back and when it came through, I paid a whole wack of tax that month, which was my normal tax and the tax on the bonus.  The next month I went back to paying normal tax again.  That was fair enough.  But if your situation is different from that, then it doesn't sound right.   

I can't remember exactly now but it was definitely more than what they should take, I don't understand. Maybe get it back at the end of the year?


No idea what the tax code is gaaman.

[lfdown2]

lol I think the i.e referred to "for example" not Ireland.

Did you ever get it back Pints?  I'd say your work payroll people will be used to those payments, did it right, and you prob didn't see too much of it again?


Re the Aussie question - are you defined as a non-resident, ie out of the country for a period of 6 months or more?  If that's the case, you're only taxable on income arising in the UK, ie any interest income you earn in the UK account.  If you've already paid tax in Oz then you're ok.  A friend of mine sends money home to pay her mortgage and won't be liable to any tax on it though liable to tax on the rent she gets from renting a room.  Just checked it out with a personal tax expert in work.

so in other words I would only be taxable on interest arising from the money sitting in my account?

Cheers Rois

[Tyrones own]

Ah....its just like the bumper sticker says "work harder, millions on welfare
depend on you"

[Gaaman]

Doesn't sound right if you got exactly the same amount of tax taken off the next month despite the gross earnings being significantly less (to the tune of the commission/bonus/whatever it was, which I presume didn't repeat itself the next month). 

For example - I got an exam bonus (quite) a few years back and when it came through, I paid a whole wack of tax that month, which was my normal tax and the tax on the bonus.  The next month I went back to paying normal tax again.  That was fair enough.  But if your situation is different from that, then it doesn't sound right.   

I can't remember exactly now but it was definitely more than what they should take, I don't understand. Maybe get it back at the end of the year?


No idea what the tax code is gaaman.

It should be on your payslip. Mine is the standard 647L.
If yours has an X or X1 after it this would explain your problem.

[Rois]

lol I think the i.e referred to "for example" not Ireland.

Did you ever get it back Pints?  I'd say your work payroll people will be used to those payments, did it right, and you prob didn't see too much of it again?


Re the Aussie question - are you defined as a non-resident, ie out of the country for a period of 6 months or more?  If that's the case, you're only taxable on income arising in the UK, ie any interest income you earn in the UK account.  If you've already paid tax in Oz then you're ok.  A friend of mine sends money home to pay her mortgage and won't be liable to any tax on it though liable to tax on the rent she gets from renting a room.  Just checked it out with a personal tax expert in work.

so in other words I would only be taxable on interest arising from the money sitting in my account?

Cheers Rois

Yeah sounds like it, and tax on bank interest is usually deducted at source (ie the bank takes it off before they pay the interest to you) but you'd probably need to fill in a UK tax return to confirm all that. 

[andoireabu]

Do any of you know if you get taxed as an apprentice. im starting one but as im not of school age and have paid tax in other jobs im thinking im going to get stung. the pay isn't that high to start with

[5 Sams]

I read POG's original post wrong...I thought it was Taxis robbing bastards....he wasnt wrong either way

[Hound]

Doesn't sound right if you got exactly the same amount of tax taken off the next month despite the gross earnings being significantly less (to the tune of the commission/bonus/whatever it was, which I presume didn't repeat itself the next month). 

For example - I got an exam bonus (quite) a few years back and when it came through, I paid a whole wack of tax that month, which was my normal tax and the tax on the bonus.  The next month I went back to paying normal tax again.  That was fair enough.  But if your situation is different from that, then it doesn't sound right.   

I can't remember exactly now but it was definitely more than what they should take, I don't understand. Maybe get it back at the end of the year?

Payroll tax systems are usually set up so the correct amount is automatically deducted.

For example, someone might be on 100 a month gross. Tax of 30 is deducted, so net pay each month is 70.

Then one month, they are told they are getting a bonus of 100 on top of their salary. Initally reaction is "yippee" an extra 100. Then quickly realise have to pay tax on it, so its only an extra 70, but still happy days. Then payslip arrives:

Pay 200
Tax 80
Net 120

The robbing bashtads have taken half of my bonus (or possibly more). But that's because you've already used up all your tax allowances or credits with your regular pay, so your bonus is taxed on full whack.

The following month, the employee should be back to his usual pay of

Pay 100
Tax 30
Net 70

(obviously the above is using very basic numbers)