Advice,,,pls

[alanmc]

the only down side being if ur under pensionable age ie 40s your pension will suffe as ur pensionable earnings are a lot less

[steven100]

Working less hours has it's pros and cons. I've got a 16 hour contract working 2 days. I walk out with after deductions £150 a week. But saving for holidays is a nightmare.

[dvbuk55]

Working less hours has it's pros and cons. I've got a 16 hour contract working 2 days. I walk out with after deductions £150 a week. But saving for holidays is a nightmare.

Working 2 days a week is a permanent holiday steve

[wacko74]

Working less hours has it's pros and cons. I've got a 16 hour contract working 2 days. I walk out with after deductions £150 a week. But saving for holidays is a nightmare.

Working 2 days a week is a permanent holiday steve

That's just the way I look at it.. I'm not very materialistic and not into holidays, so just having the free time to potter around the house and go for walks on the on the hills or beach is more than adequate compo for the loss of earnings.

[Rory]

He will have earned that by now? Its near the end of the tax year

Yes but you pay tax across the year not separately on each pay packet. Check you pay packet today the tax paid figure for the week will be less than (or around) 10%, not the basic rate of 20%.

So how does that work when I work 45 hours one week, 24 the next, 32 the one after and so on?

How can they predict my annual earnings for that tax year and tax me accordingly when it changes so much?

[mickeymacca]

If you move out of the 20% tax bracket (very unlikely for a postie) for a week or 2 you will be taxed at that rate and adjustments will be made at the end of the year. ie a tax rebate. Its not gonna be an issue on 45 or 65 hours a week tbh

[fishtank]

Buy downs like voluntary redundancy only occur when there are surplus hours in an office,usually following a revision.
This is very rare now as most offices heading into a revision deliberately carry vacancies to save the business money..

[mickeymacca]

Actually not sure how clear that is rory:
basically evrything you earn up to £180odd is yours (not including Nat Ins)
everything over that you pay 20% tax on up until you reach about £800 (roughly) and then you pay 40% on everything over that amount

annually up to 9440 0 tax
9440 - 41450 20%
41450 + 40%

hope thats clear mate

[Lincox]

The simplest way to explain for weekly pay is that each week you are allowed to earn 1/52nd of your annual tax free allowance before you pay tax. Each person may have a different tax free allowance depending on personal circumstances. Your personal tax free allowance is shown on The Notice of Coding form that you receive each year from the Inland Revenue. For most people this year it will be £9440. So divide that by 52 for your weekly allowance which is £181.05. Any earnings above this figure will be taxed at 20%. So if you earn £281.05p in a week you would pay tax of £20.00
If you earn £381.05 you will pay £40.
I have not gone into higher rate tax for the simple reason, Posties do not earn sufficient to pay higher rate tax.