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| *The Commerce Journal>>>United Kingdom Taxes |
Weekly paid Income tax question? |
I am paid weekly through an agency (UK), and my tax is deducted on PAYE. One week, I didn't get my timesheet through in time for payroll, so instead I will be paid for that week's work the following week. The answer from "Whatever" is correct PROVIDED THAT your tax code number is NOT on a week 1 basis (you should be able to check your tax code number from your last payslip). You are, you will be taxed on the full earnings of that week even thought it is for two weeks work. However, it shouldn't really make much difference because it will be round about the same as adding up the tax you would have been paid over two weeks had you been paid on time. You will be no better or worse off! You may well end up paying more national insurance this way. Brianfro omitted to mention that it will all come out in the wash, and you will get a tax rebate at the end of the year if you've overpaid. And IF you complete a tax return at the year end. PAYE (Schedule E tax) is based on a receipts basis, you are taxed on when you are paid the money, not for the period in which it is earned. Therefore if you had no pay in one week, that week's allowances and lower rate band will also be carried forward, and you will have double allowances in the week you are paid. |
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| Atlanta Other - Business & Finance Other Taxes United States Taxes United Kingdom Taxes Spain Taxes Singapore Taxes Mexico Taxes Ireland Taxes India Taxes Germany Taxes |
| Related information |
The date stated on the slip as being the pay date, the slip is just to inform you of your salary and deductions. ...this guy broke the code ... Oh wow, you make a lot of money!!! can you support me!!? ...If you are resident in the UK, you pay tax on your worldwide income. The income from Ebay arises in the UK in any case if you are based here and sending out goods from her - it doesnt matter where ... Yes, the UK has tax brackets. 10%, 22%, 40%, and different rates for capital gains. Check out Her Majesty's tax assessor's website... ...1402.50/55=25.50 ...The actual amount for 2007/08 is 拢34600, after personal allowances. ...They also get info from Electoral registers, the internet, banks and building societies, insurance companies, ships brokers, Valuation rolls, etc, etc ... |
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