You won't get 1500k lump sum

[rambo1]

That's right you will not get anything like £1500 lump sum.

1. It is taxable

2. It is the very beginning of the new tax year

On the week you get paid out the £1500 lump sum + wages HMRC will assume you are now earning around £2k per week and will heavily tax you assuming that is your weekly gross for the new finacial year going forward.

They will deduct £500+ from that phat weeks payout.......

Then you will scream.......and rant down the phone.

Then for the next 5-6 weeks you will pay low or zero tax until you claw back that initial savage deduction.........

So you will eventually pocket the £1500 lump sum but YOU WILL NOT recieve it in anything like one lump. #CaveatEmptor

Ermm. So? That's how tax works. You have a misleading topic heading there.

[k979aaa]

That's right you will not get anything like £1500 lump sum.

1. It is taxable

2. It is the very beginning of the new tax year

On the week you get paid out the £1500 lump sum + wages HMRC will assume you are now earning around £2k per week and will heavily tax you assuming that is your weekly gross for the new finacial year going forward.

They will deduct £500+ from that phat weeks payout.......

Then you will scream.......and rant down the phone.

Then for the next 5-6 weeks you will pay low or zero tax until you claw back that initial savage deduction.........

So you will eventually pocket the £1500 lump sum but YOU WILL NOT recieve it in anything like one lump. #CaveatEmptor

Ermm. So? That's how tax works. You have a misleading topic heading there.

Don't forget your pensionable pay is based on final salary ie 60/60ths

[redIen]

But isn’t this the same scenario if we get any back dates pay?
Either way, I’ll take the money now.

Absolutely, it is what Maggie would have wanted.

[Cedar_Room]

But isn’t this the same scenario if we get any back dates pay?
Either way, I’ll take the money now.

Absolutely, it is what Maggie would have wanted.

Great post Filthy Len. Proving once more that you’re anything but a banter account - please keep up the good work

[CRIBMAD]

I’m waiting on Filthy Lens feedback on this. They’ll know the score!

How much are we getting? Simon & Ricky wouldn’t sell us a pup,right?

FILTHYLEN lmfao love it !

[scotchy1962]

But isn’t this the same scenario if we get any back dates pay?
Either way, I’ll take the money now.

Absolutely, it is what Maggie would have wanted.

You still here Red, surprised you can be bothered to talk to us, we are overpaid and lazy according to you, and if i remember correctly a certain CEO said something similar at some stage in this dispute. The mask has well and truly slipped now and i know you think you are a very smart person, perhaps you are just a very sad individual who should get out more often. I apologise if i am completely wrong about all this, maybe you are just misunderstood, but i somehow think i am probably right.

[RobertT]

The normal rate of income tax and NICs on £1500 is likely to be around £500 anyway, for a basic rate taxpayer.

Although it'll vary with the individual to some degree, due to other earnings.

So £1500 in my pay packet one week will have £500 tax and NI deducted? I get quite confused by income tax. We dont get taxed on the first £12500 we earn, is that correct? But i assume they spread that out over the year so . . . basically i dont get it

In simple terms, the first £240 we earn each week is free from income tax and NIC's.

After that, income tax is paid at 20% until you earn over £50,270 for the year, you're then taxed at 40% over that limit.

NIC's are paid at 12% on earnings from £240 to £967 per week, and at 2% from then on.

As I said it will vary with the individual, but I would expect to lose approximately a third of the £1,500 to the taxman.

We've had bonuses in the past of fairly similar amounts, such as from the Colleague Share scheme, which didn't incur a higher rate of tax initially.

[RobertT]

Don't forget your pensionable pay is based on final salary ie 60/60ths

Pensionable pay for section A, B & C members is actually based on pay in 2014, which has been increasing with RPI inflation since, rather than with actual pay rises.
Take a look at week 52 payslip, it told you your pension contributions were increasing, despite not getting a pay rise. They actually increased on week 1(this week)!

[k979aaa]

The normal rate of income tax and NICs on £1500 is likely to be around £500 anyway, for a basic rate taxpayer.

Although it'll vary with the individual to some degree, due to other earnings.

So £1500 in my pay packet one week will have £500 tax and NI deducted? I get quite confused by income tax. We dont get taxed on the first £12500 we earn, is that correct? But i assume they spread that out over the year so . . . basically i dont get it

In simple terms, the first £240 we earn each week is free from income tax and NIC's.

After that, income tax is paid at 20% until you earn over £50,270 for the year, you're then taxed at 40% over that limit.

NIC's are paid at 12% on earnings from £240 to £967 per week, and at 2% from then on.

As I said it will vary with the individual, but I would expect to lose approximately a third of the £1,500 to the taxman.

We've had bonuses in the past of fairly similar amounts, such as from the Colleague Share scheme, which didn't incur a higher rate of tax initially.

If 5% going forward into wage rather than £1500 which would you have?

[redIen]

But isn’t this the same scenario if we get any back dates pay?
Either way, I’ll take the money now.

Absolutely, it is what Maggie would have wanted.

You still here Red, surprised you can be bothered to talk to us, we are overpaid and lazy according to you, and if i remember correctly a certain CEO said something similar at some stage in this dispute. The mask has well and truly slipped now and i know you think you are a very smart person, perhaps you are just a very sad individual who should get out more often. I apologise if i am completely wrong about all this, maybe you are just misunderstood, but i somehow think i am probably right.

Well I had a very good run. I wanted to see what you lot were like and now I know. Ha ha.

[smok3y666]

The amount of people literally jizzing over getting £1500 which will be taxed is nuts. How easily brought some people are.

[k979aaa]

But isn’t this the same scenario if we get any back dates pay?
Either way, I’ll take the money now.

Absolutely, it is what Maggie would have wanted.

You still here Red, surprised you can be bothered to talk to us, we are overpaid and lazy according to you, and if i remember correctly a certain CEO said something similar at some stage in this dispute. The mask has well and truly slipped now and i know you think you are a very smart person, perhaps you are just a very sad individual who should get out more often. I apologise if i am completely wrong about all this, maybe you are just misunderstood, but i somehow think i am probably right.

Well I had a very good run. I wanted to see what you lot were like and now I know. Ha ha.

Wind us up all you want the joke is on you for you are the joke what pile of s**t would employ you again if ever!

[RobertT]

The normal rate of income tax and NICs on £1500 is likely to be around £500 anyway, for a basic rate taxpayer.

Although it'll vary with the individual to some degree, due to other earnings.

So £1500 in my pay packet one week will have £500 tax and NI deducted? I get quite confused by income tax. We dont get taxed on the first £12500 we earn, is that correct? But i assume they spread that out over the year so . . . basically i dont get it

In simple terms, the first £240 we earn each week is free from income tax and NIC's.

After that, income tax is paid at 20% until you earn over £50,270 for the year, you're then taxed at 40% over that limit.

NIC's are paid at 12% on earnings from £240 to £967 per week, and at 2% from then on.

As I said it will vary with the individual, but I would expect to lose approximately a third of the £1,500 to the taxman.

We've had bonuses in the past of fairly similar amounts, such as from the Colleague Share scheme, which didn't incur a higher rate of tax initially.

If 5% going forward into wage rather than £1500 which would you have?

A 5% increase to my basic wage of £467 per week is an extra £1,214 per year, which would be pensionable as well as part of my pay going forward.

I would usually say I'd take the 5%. But as I'm planning on leaving soon, this time I'd take the £1,500.

[milly]

The amount of people literally jizzing over getting £1500 which will be taxed is nuts. How easily brought some people are.

Why wouldn't it be taxed?
It helps the Government pay for 10% rises for OAP's and benefit recipients, it'll be your turn one day to receive the old age Pension.

[k979aaa]

By the way he deleted his pervious posts so an agent provocateur he/she was called it three months ago! Bet the person is going to bitch me off now as he knows our beliefs intentions but as ever do I care about fiction!