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 Post subject: Question about bonuses and tax
PostPosted: Thu Sep 18, 2008 5:47 pm 
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Im in for a tasty bonus next month, but i know im going to get 23% took off me by that theiving git (The Tax Man). If i speak to the laws that be higher up in the company about Vouchers for 100% of the amount im going to get, it wont cost them any more and i will be getting 100% what im entitled to. Is this a viable option to cut out the tax man?


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 Post subject: Re: Question about bonuses and tax
PostPosted: Thu Sep 18, 2008 6:11 pm 
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Naw, its benefit in kind and you'll be taxed just the same. By the way, if your bonus is that tasty, you might be in for 40% tax.


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 Post subject: Re: Question about bonuses and tax
PostPosted: Thu Sep 18, 2008 6:12 pm 
No. A decent viable option is holidays in lieu of bonus pay if your company will go for it. I did that and went and worked at festivals where I got paid 'tax paid.' This was cash in hand and the festival company picked up the tax and ERS. I.e. I got paid twice for the same day.

If you can't find a way of doing that, it's still better to have a lie in and an afternoon on the piss on full pay. Then again a bonus is a bonus, don't look at the top line, look at the bottom line.

Hope that's confusing enough, glad to help!! :wink: :grin:


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 Post subject: Re: Question about bonuses and tax
PostPosted: Fri Sep 19, 2008 12:23 am 
Matty_Robson's_Chin wrote:
Im in for a tasty bonus next month, but i know im going to get 23% took off me by that theiving git (The Tax Man). If i speak to the laws that be higher up in the company about Vouchers for 100% of the amount im going to get, it wont cost them any more and i will be getting 100% what im entitled to. Is this a viable option to cut out the tax man?


Greedy Get!!!! :evil: :evil:

:laugh: :wink: :laugh:


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 Post subject: Re: Question about bonuses and tax
PostPosted: Fri Sep 19, 2008 10:52 am 
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Posts: 73
Don't forget about your NI contribution as well....

bbolt

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 Post subject: Re: Question about bonuses and tax
PostPosted: Fri Sep 19, 2008 11:03 am 
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Quote:
you might be in for 40% tax.

That figure might only be applicable if you are in high tax bracket because of your yearly earnings.
Ask your company to give it as a gift or a loan(that you never pay back), thats the only way around the tax payment l can think of.

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 Post subject: Re: Question about bonuses and tax
PostPosted: Fri Sep 19, 2008 11:30 am 
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Location: The people's democratic illegal republic of Catalonia
Just pay your taxes like a good boy.

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