8 Year money

#3
DuncsGTi said:
I got mine today, £3097???????????????

2k tax cant be right surely?
That depends upon your tax code and your salary.

£2k + £3097 = £5097.

2000/5097 = 39.2%.

Assumption (dangerous thing...): you are a 40% taxpayer or this payment has just turned you into a 40% taxpayer.

Litotes
 
#4
To be fair I thought it would be about £3500-ish but thats still better then what people on the slightly older scheme got, mate received his t'other month and IIRC only got £1800.
 
#5
Dollsteeth said:
To be fair I thought it would be about £3500-ish but thats still better then what people on the slightly older scheme got, mate received his t'other month and IIRC only got £1800.
You'll get hit with super tax the month you receive the money as to the tax man it looks like you earn a huge salary but the following month you will pay considerably less tax which is in effect a reimbursement of what you over payed.

Confused? I was when it happened to me!
 
#6
Ok so just to clarify, the month I get the bonus the amount will be small due to higher then usual tax, but the next month my normal wage will be more because I will be taxed less? Is this correct?
 
#7
Litotes said:
DuncsGTi said:
I got mine today, £3097???????????????

2k tax cant be right surely?
That depends upon your tax code and your salary.

£2k + £3097 = £5097.

2000/5097 = 39.2%.

Assumption (dangerous thing...): you are a 40% taxpayer or this payment has just turned you into a 40% taxpayer.

Litotes
40% tax is from about £41k isnt it tho?

Im on £28400 basic so nowhere near 41k even with this bonus.
 
#8
dry your eyes princess at least you got a fucker
 
#10
A little urban myth which occasionally pops up suggests that the 3/5/8 year retention bonuses are deducted from our pensions later down the line. (Never heard this from a clerk though.)

Any truth in this?
 
#11
Not deducted from your Pension.

What I heard was that in the olden days when NOTENG was the norm and you could sign from 3/6/9 length of service, and you received Scale A/B/C rates of pay.

When OPEN engagement became the norm you could then get your 5 & 8 year money, which was basically the money you used to get for your Scale A/B/C rate of pay saved up and given as 1 lump sum.

No idea how they manage to roll all that up to £15000 at your 8 year point now though 8O
 
#12
Dollsteeth said:
Ok so just to clarify, the month I get the bonus the amount will be small due to higher then usual tax, but the next month my normal wage will be more because I will be taxed less? Is this correct?
Spot on
 
#14
daylightshrubbery said:
No idea how they manage to roll all that up to £15000 at your 8 year point now though 8O
I think some people are going to be very dissappoint with what they have left after tax from their 15k especially if they have done well and got promoted a few times, are on the higher payband and have just done a tour.
 
#16
Dollsteeth said:
Yeah about £9000 if they hit the higher tax band i think?
It would depend on how far over the band they go, but I also think people get stung for NI as well.
 
#17
It occured to me a couple of years ago (and my knowledge of Finance is poor so I stand to be corrected) that probably 99% of people have been charged F+A or other such things when they shouldnt have been which was taxed and then when we get the amount reimbursed that amount gets taxed too, is this right or wrong and if wrong where does that money go? Is there a massive money skim going on In Glasgow because I'm sure I am not the only bloke on here that never has the same wage two months in a row, its always a different amount so whats to say someone isn't taking a little bit from everyone?


Ive gone into conspiracy theory mode.......
 
#20
Dollsteeth said:
It occured to me a couple of years ago (and my knowledge of Finance is poor so I stand to be corrected) that probably 99% of people have been charged F+A or other such things when they shouldnt have been which was taxed and then when we get the amount reimbursed that amount gets taxed too, is this right or wrong and if wrong where does that money go? Is there a massive money skim going on In Glasgow because I'm sure I am not the only bloke on here that never has the same wage two months in a row, its always a different amount so whats to say someone isn't taking a little bit from everyone?


Ive gone into conspiracy theory mode.......
I don't quite get what you mean here.

You don't get taxed on charges made against you, so how do you think that your food and accom charges are taxed?

You get taxed on your taxable pay. Why the confusion?
 

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