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Reducing the burden of Gordon

 
#1 Reducing the burden of Gordon
17/08/2007 14:28

Anon and on and on....

Hi People,

I'm about to start a new job with a tier 1.5(ish) consultancy and will be just into the 40% tax band. I was wondering if anyone had any tips to improve my quality of life versus that of the taxman. The bases I have covered already:

- Pension contributions (but I only want to put in enough to get the matched contributions from my employer)

- Buy extra holiday (reducing my overall salary, this should reduce the amount of money I pay 40% on)

- Buy a bicycle through the tax free scheme (This is good in year one, but I don't know how many bikes I need).

- I heard there might be a tax free computer scheme?

Anymore ideas much appreciated.

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#2 RE: Reducing the burden of Gordon
17/08/2007 14:38

Hmmmm to Anon and on and on.... (#1)

Not sure what you are asking. Am I right in thinking you want to get out of the 40% tax bracket?? Seems odd since your gross salary will need to be lower.

YOu might be on 40% tax but you only get taxed 40% on anything above the threshold, the rest is taxed at normal rate. So if you are only just into the 40% bracket you won't really notice the higher tax at all.......I wouldn't have thought anyway.

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#3 RE: Reducing the burden of Gordon
17/08/2007 14:52

Anon and on and on.... to Hmmmm (#2)

Hi Hmmmm,

What I'm essentially asking is: are there any other ways to spend money pre-tax.

The example with the bike, I get a benefit worth up to £500 to me. Since it doesn't attract tax or NI in real terms it only costs me up to £295.

Are there any similar tax efficient spending schemes?

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#4 RE: Reducing the burden of Gordon
17/08/2007 15:01

The Rock to Anon and on and on.... (#3)

You could reduce the burden of Gordon by emigrating

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#5 RE: Reducing the burden of Gordon
17/08/2007 15:12

JJ to The Rock (#4)

Charity donations get full 40% relief.

Or a SIPP contribution.

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