bullet1747 Posted December 22, 2015 Report Share Posted December 22, 2015 It is wot it says a bonus Quote Link to comment Share on other sites More sharing options...
grrclark Posted December 22, 2015 Report Share Posted December 22, 2015 Because in my case, I am taxed at a higher bracket regardless of my situation, there is no 'bonus' to being self employed and I am a single income household. The fact that people in jobs where you get paid extra for.....doing your job start moaning about it being taxable is ridiculous. I think we are at cross purposes, I simply said it is when you appreciate how much the taxman takes because you see it as a single lump sum, it's not that I disagree with the paying of tax. As an aside I think you are being way too simplistic in how you describe a bonus, undoubtably in some businesses the bonus culture is really all gravy, however for many the bonus is damn near exploitation in holding people's feet to the fire in order to achieve a reasonable income. I'm self employed too. Quote Link to comment Share on other sites More sharing options...
billytheghillie Posted December 22, 2015 Report Share Posted December 22, 2015 Being healthy is all the bonus I need BB That is the best reply so far money is no good without your health! Quote Link to comment Share on other sites More sharing options...
955i Posted December 22, 2015 Report Share Posted December 22, 2015 I agree. Being self employed, am i right in saying that you also have to pay some tax up front? I some banking roles you can put a few more noughts in there Yup, 50% in January which is my quietest time of year. Due to circumstances I have had to be on an agreement with them since I started, this year been paying £1256 a month. Now add the mortgage, loans and credit cards I was left with by the ex and I have to earn around £3k to break even I think we are at cross purposes, I simply said it is when you appreciate how much the taxman takes because you see it as a single lump sum, it's not that I disagree with the paying of tax. As an aside I think you are being way too simplistic in how you describe a bonus, undoubtably in some businesses the bonus culture is really all gravy, however for many the bonus is damn near exploitation in holding people's feet to the fire in order to achieve a reasonable income. I'm self employed too. Sorry, misunderstood you Quote Link to comment Share on other sites More sharing options...
shaun4860 Posted December 22, 2015 Report Share Posted December 22, 2015 When I was at Warburtons they took a percentage of net profit and shared it amongst the workforce, It was dependant on length of service. New starters got 1/2 share, up to 5 years 1 share and so on up to a maximum of 2 shares, It used to be tax free, then it went to the first £1000 was tax free, then it changed to it all being taxed, It was paid on the 15th of December which was nice, When I left in 2008 and on my wages 1 share was £1k so my bit was £1500 It was very nice of them Quote Link to comment Share on other sites More sharing options...
Jega Posted December 22, 2015 Report Share Posted December 22, 2015 Bonus ? what bonus ,the shower i work for are usually looking for ways to get rid of us as cheaply as possible . Quote Link to comment Share on other sites More sharing options...
norfolk dumpling Posted December 22, 2015 Report Share Posted December 22, 2015 In my old life (retired 9yrs now) used to get a good bonus and shares - best was £5000 of which HMRC took £2k (I was a 40% tax payer). Also got shares each year and walked away with £20k worth when I retired. Got a good pension - not a former banker - but now I get excited when I get winter fuel payment and my buss pass. I really feel for those who only get state pension but I suppose we all make our own luck and I did make good use of my 6 GCE's and a reasonably good grasp of mathematics. Quote Link to comment Share on other sites More sharing options...
fern01 Posted December 22, 2015 Report Share Posted December 22, 2015 We all must work harder next year so we can contribute more to those who are less fortunate than us. In my old life (retired 9yrs now) used to get a good bonus and shares - best was £5000 of which HMRC took £2k (I was a 40% tax payer). Also got shares each year and walked away with £20k worth when I retired. Got a good pension - not a former banker - but now I get excited when I get winter fuel payment and my buss pass. I really feel for those who only get state pension but I suppose we all make our own luck and I did make good use of my 6 GCE's and a reasonably good grasp of mathematics. It is true to say the harder you work the luckier you tend to become. Quote Link to comment Share on other sites More sharing options...
AVB Posted December 22, 2015 Report Share Posted December 22, 2015 It is wot it says a bonus For some people it is but others it is a major part of annual compensation. In banking bonus are calculated on annual performance (but sometimes not paid until 5 years later). Hence the big job culls normally happen just before Christmas so that you don't have to pay a 'bonus' to those unfortunate ones. Quote Link to comment Share on other sites More sharing options...
fse10 Posted December 22, 2015 Report Share Posted December 22, 2015 The company i work for give all staff three bonus's a year which amounts to a months wage plus i get a target based bonus once a year but they normally set at a level they know we will not fully hit so only get part of it. Still trying to get a new gun out of it but SWMO tells me what i can use it for . Quote Link to comment Share on other sites More sharing options...
keg Posted December 22, 2015 Report Share Posted December 22, 2015 The company i work for give all staff three bonus's a year which amounts to a months wage plus i get a target based bonus once a year but they normally set at a level they know we will not fully hit so only get part of it. Still trying to get a new gun out of it but SWMO tells me what i can use it for . You and me both! Any bonus i get gets paid straight into teh joint account SWMBO is very generous though, i get to buy a " treat". This has been rifles in the past but daughter is about to sit common entrance exam so any cash will be spoken for if she passes. Quote Link to comment Share on other sites More sharing options...
AVB Posted December 22, 2015 Report Share Posted December 22, 2015 You and me both! Any bonus i get gets paid straight into teh joint account SWMBO is very generous though, i get to buy a " treat". This has been rifles in the past but daughter is about to sit common entrance exam so any cash will be spoken for if she passes. Ah what you need is your secret 'boys' account. I have an account that I put a chunk of my bonus into. It funds shooting, women etc. Mind you I was nearly found out when we had to go through the finances with the bank for a mortgage. Managed to bluff my way out of it. Phew Quote Link to comment Share on other sites More sharing options...
Monkey Nuts Posted December 23, 2015 Report Share Posted December 23, 2015 I got a middle finger (English for sweet FA) Quote Link to comment Share on other sites More sharing options...
keg Posted December 23, 2015 Report Share Posted December 23, 2015 Ah what you need is your secret 'boys' account. I have an account that I put a chunk of my bonus into. It funds shooting, women etc. Mind you I was nearly found out when we had to go through the finances with the bank for a mortgage. Managed to bluff my way out of it. Phew Thanks for that, married to a Chartered Accountant so she sees all but will find a way- cash only storage in cabinet! Quote Link to comment Share on other sites More sharing options...
Penelope Posted December 23, 2015 Report Share Posted December 23, 2015 (edited) Yep, taxed on £1050 bonus, but the £2k pay rise effective from January has softened the blow . Edited December 23, 2015 by Penelope Quote Link to comment Share on other sites More sharing options...
kennett Posted December 23, 2015 Author Report Share Posted December 23, 2015 I've got a 2%, almost as good! Quote Link to comment Share on other sites More sharing options...
Vince Green Posted December 23, 2015 Report Share Posted December 23, 2015 All income is taxable unfortunately. Unless you are a National of another EU country in which case you can opt to pay your tax in that country instead of in the UK. And of course they all do Quote Link to comment Share on other sites More sharing options...
numpty Posted December 23, 2015 Report Share Posted December 23, 2015 Was given a lovely days driven shooting as a thank you, far better than cash as that goes into the pot with no chance of spending it on something wasteful like shooting! Quote Link to comment Share on other sites More sharing options...
AVB Posted December 23, 2015 Report Share Posted December 23, 2015 All income is taxable unfortunately. Unless you are a National of another EU country in which case you can opt to pay your tax in that country instead of in the UK. And of course they all do Not sure that is correct. If they are non-res, non-Dom which means they are restricted to 90 nights, 180 days in the UK perhaps. Otherwise they would be classed as resident for tax purposes and pay tax here. Quote Link to comment Share on other sites More sharing options...
hoggysreels Posted December 23, 2015 Report Share Posted December 23, 2015 Private companies and they're Xmas bungs .. typical decadence Quote Link to comment Share on other sites More sharing options...
Vince Green Posted December 23, 2015 Report Share Posted December 23, 2015 (edited) Not sure that is correct. If they are non-res, non-Dom which means they are restricted to 90 nights, 180 days in the UK perhaps. Otherwise they would be classed as resident for tax purposes and pay tax here. Don't know, all I know is they all do it and have always done it, nobody actually knows how long they have been here anyway. Its EU law not British law. and they are called temporary workers I thought Non Doms were for people from outside the EU but again I don't think anyone checks up on them. Lots of buy to let landlords register as Non Dom but whether they are or not, who knows? Edited December 23, 2015 by Vince Green Quote Link to comment Share on other sites More sharing options...
Raja Clavata Posted December 23, 2015 Report Share Posted December 23, 2015 Ours is paid in March, 16% of base salary last year which was rather nice... Quote Link to comment Share on other sites More sharing options...
AVB Posted December 23, 2015 Report Share Posted December 23, 2015 Don't know, all I know is they all do it and have always done it, nobody actually knows how long they have been here anyway. Its EU law not British law. and they are called temporary workers I thought Non Doms were for people from outside the EU but again I don't think anyone checks up on them. Lots of buy to let landlords register as Non Dom but whether they are or not, who knows? You might be right on EU. However for non res you can't just claim it without scrutiny. I have been non res before when posted overseas and the amount of paperwork you need to provide is immense. You need to document your whereabouts and activities on a daily basis and be prepared to provide evidence of travel in/out of country. Trust me it is hassle. Perhaps HMRC just picked on me. Quote Link to comment Share on other sites More sharing options...
clakk Posted December 23, 2015 Report Share Posted December 23, 2015 a whole £20 in vouchers,this year mine n her indoors got me a £100 pro spanner set reduced to to £37 in the sale.last year a pro socket set,its free and that,s the main thing.700 employee,s 20 quid each its a big spend for one place. Quote Link to comment Share on other sites More sharing options...
grrclark Posted December 23, 2015 Report Share Posted December 23, 2015 a whole £20 in vouchers,this year mine n her indoors got me a £100 pro spanner set reduced to to £37 in the sale.last year a pro socket set,its free and that,s the main thing.700 employee,s 20 quid each its a big spend for one place. That's a good way to look at things In my last place we used to give everyone £30, not as a bonus simply a Xmas gift at the end of their last shift before the holiday. Some appreciated the gesture, but most grumbled that we were miserable ******* in only giving people £30. Truthfully we would have had less grief had we given nothing. Quote Link to comment Share on other sites More sharing options...
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