[Tosh]

Last night, David of St Ives had two shandies and got all argumentative about tax level thresholds.

Anyway, he's bet a 100 quid (we shook on it in the presence of Shiner) that the 40% tax rate starts at 24 or 25K.

I reckon it's a lot higher!

So whose right, him or I?

[Sunshine Cleaning]

£33,300

Well done Tosh

[williamx]

DITTO

[Tosh]

I've just sent Dave a text telling him he's lost the bet and that I'll email him payment instructions.

Do you reckon he'll cough up?

[Count Phil]

It did use to be 25k. Inflation and the conservatives raised it. It jumped to 30k around the 1995 mark.

[Alistair@AWC]

Nearly Guys but the 40% tax bracket starts at £33,301

Although if he's been paying 40% for his earnings above 25k you should both be quids in especially when he reclaims his overpaid tax 

Alistair

[Paul Coleman]

Last night, David of St Ives had two shandies and got all argumentative about tax level thresholds.

Anyway, he's bet a 100 quid (we shook on it in the presence of Shiner) that the 40% tax rate starts at 24 or 25K.

I reckon it's a lot higher!

So whose right, him or I?

I was offered the opportunity for the bet as well but I really did not want to take his money from him.  If he wishes to donate a tenner to a charity of his choice in lieu of me refusing the bet he's welcome to do so.

Take a look at

http://www.bytestart.co.uk/content/taxlegal/9_15/personal-income-tax-rates.shtml

where it shows that the starting rate for 40% is £32,400.  However, take a closer look at those figures as they regard the £4,895 personal allowance as zero.  Therefore, you have to add £4,895 to that £32,400 which gives us £37,725.  I did say it was around £35,000 - £37,000 in the pub but wasn't sure of the exact figure but it was slightly higher than I thought.
Sorry Dave but at least I did what I felt was the right thing in not taking the bet.

[Tosh]

Sorry Dave but at least I did what I felt was the right thing in not taking the bet.

I wish I did the right thing and upped it to two-hundred-quid!

[Sunshine Cleaning]

Shiner

Those are figures for 05-06. You dont add your personal allowance to it, you pay 40% above £33300.

[poleman]

Last night, David of St Ives had two shandies and got all argumentative

I have to, spent the night in a bar with David (Windex) he cant hold his drink  not that I was going have a argument with him, he's a big lad 

http://www.hmrc.gov.uk/rates/it.htm

Andy

[Paul Coleman]

Shiner

Those are figures for 05-06. You dont add your personal allowance to it, you pay 40% above £33300.

It was indeed last years numbers I linked to.  Sorry about that.  However, I think that I may be right about the other bit if you take a look though. Maybe I've read it wrongly.
Take a look at

http://www.hmrc.gov.uk/rates/it.htm

The personal allowance is £5,225.
If you scroll down the page you will see another table.

It shows that the 10% tax rate applies from £0 -  £2,150  and 22% at
£2,151 - £33,300.  It looks to me that the £33,301 mentioned is the first £33,301 of taxable income i.e. £33,301 over and above the £5,225 personal allowance.  After all, no-one is taxed until they have earned £5,225 yet the 10% rate is shown as applying from £0.  The way I read it is that the 40% would not kick in until your profit margin hits £38,526 (£33,301 + £5,225).
Notice also that the table refers to "Taxable Bands Allowances" (my emphasis on "taxable").  I need to check this with my accountant.  It won't make a difference this year but if my plans work out, it may make a difference next year.

[Paul Coleman]

Last night, David of St Ives had two shandies and got all argumentative

I have to, spent the night in a bar with David (Windex) he cant hold his drink  not that I was going have a argument with him, he's a big lad 

http://www.hmrc.gov.uk/rates/it.htm

Andy

Same link as I've just quoted.  Posted mine before I saw yours Andy.

[Clive McDonald]

Dave was doing one of his wind ups.

[Moderator David@stives]

Tosh

I feel like a right prat , I had one of those I am absolutely convinced moments.

Its just as well i wasnt in the who wants to be a millionaire hot seat.

I am so annoyed with myself, because usually if i dont know about something i keep my mouth shut but on this occasion i dont know what the hell i was thinking of, maybe to many beers.

Anyway it was a pleasure to spend the night in your company so £100 was cheap.

Just send me the details of where to send the cheque and i will post it this evening.

Dave




































p.s

You little s***   

[Terry_Burrows]

 :oTosh seeing as we are best mates now if he dont cough up we go round and make him "£25 for you and £75 for me ,

just had a thought hes at Blackpool I feel some drinks coming on

[Russell Macdonald]

You should of seen him Terry trying to keep a low profile 

[Tosh]

You should of seen him Terry trying to keep a low profile 

Ahem!  I only kept my back to Terry, not 'cos I was scared (and trying to hide my slanty-eyes for fear of being recognised), but 'cos I was talking to David of St Ives.  Honest ( ).

It was quite a shocker when David grinned and shouted, 'Hey, Terry, have you met Tosh yet?' and pointed me out.  The bugger!!!

Tosh

I feel like a right prat , I had one of those I am absolutely convinced moments.

Dave,

mate you provided some class entertainment for us there; I love a bloke whose adamant he's right; particularly when he's blatantly wrong.

You can keep the hundred-quid also.  It was just a drunken bet; a bit of fun.  Honest.  I couldn't take it.  The next time we meet; just keep me in 'beer'!

Also tell Debbie I fancy her; you're a lucky bloke; though she probably could tell by the way she kept on having to wipe my drool from her trousers.

[Terry_Burrows]

  Tosh if you dont want the dosh I will David thats it your at the bloody bar first at blackpool

[Tosh]

Tosh if you dont want the dosh I will David thats it your at the bloody bar first at blackpool

Terry, since you're a Southerner, Dave won't have to buy you too many beers will he?

Before you're sick-all-over-the-place and have to be taken to bed!

I know what you 'Shandy Drinkers' are like.

Puffs the lot of you!

[Neil Williams]

Glad thats sorted, perhaps now you can check your e-mails.

Anyway it was a pleasure to spend the night in your company so £100 was cheap.

Dave