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sand-eel

Member

Registered: 15th Mar 07
Location: carluke/braidwood--IRNBRULAND
User status: Offline

5th Jun 09 at 17:39

Right i'm going to life in the isle of man, 10% tax

BluKoo

Member

Registered: 8th Apr 02
Location: Stonehaven (Scotland)
User status: Offline

5th Jun 09 at 17:53

And no speed limit either is there?

Joe

Member

Registered: 20th Jun 04
Location: Hesketh Bank, Lancashire
User status: Offline

5th Jun 09 at 17:54

Its expensive to live over there though isn't it?

Skylined

Member

Registered: 27th Sep 05
Location: Sideways, Surrey
User status: Offline

5th Jun 09 at 17:58

quote:
Originally posted by sand-eel
Right i'm going to life in the isle of man, 10% tax

cyprus is 5% iirc

warmer as well

Liam B

Member

Registered: 2nd Mar 09
Location: Herefordshire
User status: Offline

5th Jun 09 at 17:59

quote:
Originally posted by sand-eel
Right i'm going to life in the isle of man, 10% tax

Isle of Man TT

sand-eel

Member

Registered: 15th Mar 07
Location: carluke/braidwood--IRNBRULAND
User status: Offline

5th Jun 09 at 18:05

quote:
Originally posted by BluKoo
And no speed limit either is there?

Just in town

DizzyRebel

Member

Registered: 2nd Jan 09
Location: Lincoln
User status: Offline

5th Jun 09 at 19:12

and you need 10 million in the bank to live there iirc.

Kano

Member

Registered: 29th Aug 04
Location: Fife
User status: Offline

5th Jun 09 at 20:03

quote:
Originally posted by DizzyRebel
and you need 10 million in the bank to live there iirc.

Don't talk garbage..

sand-eel

Member

Registered: 15th Mar 07
Location: carluke/braidwood--IRNBRULAND
User status: Offline

5th Jun 09 at 20:14

I think there will be a lot of people that defo will not have £10M in the bank.

--DAN--

Member

Registered: 3rd Feb 03
Location: Bottesford. Drives;3 Series
User status: Offline

5th Jun 09 at 20:14

quote:
Originally posted by sand-eel

quote:
Originally posted by BluKoo
And no speed limit either is there?

Just in town

Everywhere now but the police are very generous!

saj_123

Member

Registered: 6th Jan 09
Location: Berkshire
User status: Offline

5th Jun 09 at 21:21

quote:
Originally posted by Skylined

quote:
Originally posted by sand-eel
Right i'm going to life in the isle of man, 10% tax

cyprus is 5% iirc

warmer as well

Dubai is 0% Even warmer there.

sand-eel

Member

Registered: 15th Mar 07
Location: carluke/braidwood--IRNBRULAND
User status: Offline

5th Jun 09 at 21:29

Its not completely tax free, there are certain zones that are to promote commerce etc.

dannymccann

Member

Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline

5th Jun 09 at 21:32

165000
less P.A (6035)
158065

34800 @ 20% = 6960
123265 @ 40% = 49306

= £56266 Tax
Net Pay = 165000 - 56266 = £108734

If I have worked it out correctly

sand-eel

Member

Registered: 15th Mar 07
Location: carluke/braidwood--IRNBRULAND
User status: Offline

5th Jun 09 at 21:35

I'm sure if you make that much your personal allowance is thrown out the window.

Matt L

Member

Registered: 17th Apr 06
User status: Offline

5th Jun 09 at 23:37

08/09 on 150k you would get £94,467.85

09/10 on 150k you would get £94,811.15

edit: roughly depends on if they are over 65 and the tax code.

[Edited on 05-06-2009 by Matt L]

Tommy L

Member

Registered: 21st Aug 06
Location: Northampton Drives: Audi wagon
User status: Offline

6th Jun 09 at 01:28

£103,661.15 after tax

shocking

Eck

Premium Member

Registered: 17th Apr 06
Location: Lundin Links, Fife
User status: Offline

6th Jun 09 at 01:28

LMAO John I knew you'd be in here judging by your other pished replies

mwg

Member

Registered: 19th Feb 04
Location: South Lakes
User status: Offline

6th Jun 09 at 09:05

quote:
Originally posted by Hammer

quote:
Originally posted by Kevxx
yeah exactly, ask Cosmo how he scams it

He'll own a share of the company meaning he can withdraw dividends.

What does that mean exactly? Not clued up on all this.

I've always wondered how the directors at my work would get around tax as they will earn a reasonable amount. Plus a few hundred k in profit? Never really known how it works

CORSA NUT

Member

Registered: 3rd Aug 01
Location: Wirral
User status: Offline

6th Jun 09 at 11:14

Surely you'd just ask to be paid £149,000 to avoid the high bracket

BluKoo

Member

Registered: 8th Apr 02
Location: Stonehaven (Scotland)
User status: Offline

6th Jun 09 at 11:16

quote:
Originally posted by CORSA NUT
Surely you'd just ask to be paid £149,000 to avoid the high bracket

According to http://www.listentotaxman.com/ you would only take home £93,877.85 if that was the case.

Fraser Young

Member

Registered: 26th Dec 02
Location: Dundee City Drives: 58 Impreza WRX
User status: Offline

6th Jun 09 at 11:25

quote:
Originally posted by CORSA NUT
Surely you'd just ask to be paid £149,000 to avoid the high bracket

The larger tax bracket at 50% is only on earnings above that amount though as any progressive taxation system works. So there would be no advantage to your strategy you would effectively be taxing yourself 100% on the excess 16k rather than 50%.

John

Member

Registered: 30th Jun 03
User status: Offline

6th Jun 09 at 11:30

quote:
Originally posted by Eck
LMAO John I knew you'd be in here judging by your other pished replies

Hammer

Member

Registered: 11th Feb 04
User status: Offline

6th Jun 09 at 11:34

quote:
Originally posted by Matty G

quote:
Originally posted by Hammer

quote:
Originally posted by Kevxx
yeah exactly, ask Cosmo how he scams it

He'll own a share of the company meaning he can withdraw dividends.

What does that mean exactly? Not clued up on all this.

I've always wondered how the directors at my work would get around tax as they will earn a reasonable amount. Plus a few hundred k in profit? Never really known how it works

Whenever you own a share of a company and it makes a profit or surplus it can either be re-invested or apportioned to its shareholders through dividends. They still get taxed but it's 10% up to a certain amount and you can give them in 6 monthly cycles (or at least the company i worked for did anyway). The reason being the company has already paid tax on the profits.

Root

Member

Registered: 28th Dec 08
User status: Offline

6th Jun 09 at 11:44

I wish I took home £165 before tax

unfortunately it's like £7.2k but I don't pay any tax.

mwg

Member

Registered: 19th Feb 04
Location: South Lakes
User status: Offline

6th Jun 09 at 11:46

quote:
Originally posted by Hammer
Whenever you own a share of a company and it makes a profit or surplus it can either be re-invested or apportioned to its shareholders through dividends. They still get taxed but it's 10% up to a certain amount and you can give them in 6 monthly cycles (or at least the company i worked for did anyway). The reason being the company has already paid tax on the profits.

Thanks

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