Two things: The Queen was not harmed in the making of this video. Yes, I know I put too much milk in my tea.

@arlefsuarez

2 жыл бұрын

Hi, do you have a video how ISA and Pension Scheme affects Income tax?

@michaelelder1043

5 ай бұрын

She’s deed now

@ThatFinanceShow

5 ай бұрын

@@michaelelder1043 I didn’t kill her to be clear!

i just learned how to calculate tax in less than 10mins because of you.. i have been struggling for months...thank you

@ThatFinanceShow

2 жыл бұрын

That’s amazing Chinedu! I’m so glad it helped.

Brilliant video! The sublte uses of witty humour and clear use of examples makes it more interesting and successful to learn

@ThatFinanceShow

2 жыл бұрын

So glad it helped thanks for watching

This is very useful information! It was explained very clearly. Thank you!

@ThatFinanceShow

3 жыл бұрын

Thank you! 😃

Are there any other taxes to look out for or is it just Income tax you will have to pay within the UK?

That website at the end was a god emperor recommendation, thank you!

Say you get your salary from an employer who already deducts PAYE and then you earn interest form a savings account too, do you pay the savings interest seprately or do you add it to the income earned from your salary and then pay tax for that full amount?

so, do I subtract the personal allowance first before checking which bracket I'm in?

Thank you so much for breaking it down into a way it was easier to understand

Very clear explanation! Thank you!!

@ThatFinanceShow

3 жыл бұрын

Thank you Mikee! Appreciate that. Glad the terrible dad jokes and dodgy analogies didn’t get in the way.

Does your tax calculator have a section for adding benefits like PIP & Pension credit?

What a minute, do different rules not apply to people who live in scotland??

brilliant video really clear to understand thank you

Nicely explained, enjoyed the video

@ThatFinanceShow

3 жыл бұрын

Thanks Neil, appreciate the comment.

Great video mate! Liked and subbed 👍

@ThatFinanceShow

Жыл бұрын

Thanks a lot!

I'm here in the philippines, someone want to send money for me from UK.. May I ask, should I pay any tax?

Thanks for the information! it's very clear and easy to understand. the calculator website is useful, i like it a lot! But may I ask how can I apply the tax refund?

@ThatFinanceShow

2 жыл бұрын

Glad you found it helpful. What tax refund do you mean?

Nice! Great video and content

@ThatFinanceShow

3 жыл бұрын

Hi thanks Joyce, really appreciate the comment 🙏🏻

Awesome video tom!

Great video on taxes bro , a topic not enough people have a good grasp on and really like your video style too! New like & sub 👏🏾👍🏾

@ThatFinanceShow

3 жыл бұрын

Thanks dude! Appreciate that.

I get paid weekly and, with overtime, I will be creeping over the £50000 barrier on week 49. What will I pay in the remaining weeks? Will it affect how much tax I pay the following year?

@ThatFinanceShow

2 жыл бұрын

Hi Peter, sounds like you’re about to enter the 40% bracket so you’ll pay tax at 40% on anything over the threshold.

succinctly explained!

Nicely done mate!

@ThatFinanceShow

3 ай бұрын

Thanks a lot!

Could someone explain one thing for me please? Why is it when I check my payslips from the beginning of the financial year (those within the personal tax allowance) do I see tax deductions?

@ThatFinanceShow

Жыл бұрын

Because it’s averaged out over the year, so in January you get 1/12 of your personal allowance.

Thanks for the video! 6:24 Just wondering, for people earning £60,000, isn't it 20% on £37,500 (£12,571 to £50,270 instead of £50,000 - £12,500) (Basic Rate = £7,500)? Thank you in advance!

@Maloukaxo

4 ай бұрын

I want to be notified when you get the answer

thank you, this was very funny and it helped a great deal

@ThatFinanceShow

9 ай бұрын

Glad it helped!

Hi, please I have a question, I got my first job in the uk in July and I wasn’t taxed for the first 3 months, but got taxed this month of October, what does this imply? Was I supposed to be taxed yet?

@jess.lockeretz

7 ай бұрын

good question

Great video! Would be nice to see a similar video on how extra jobs change things, and more about capital gains tax :)

@ThatFinanceShow

2 жыл бұрын

Thanks Ben, hope to do some more tax content soon! Thanks for watching and commenting.

Great video i found it great to watch and im on apple music looking for additional rates new album Tax Tax Tax

@ThatFinanceShow

3 жыл бұрын

Hahahahaha!!!

Thank you, well explained

So in other words try and get your employer to pay you £12,500 a year and the rest is cash in hand.

How did you get to the number 37,500£? When 60k-12,500£ is 47,500£?where did the remaining 10k on the 60k salary come from ?

I’m struggling to see why I have to pay tax though, Education in the country is shit, housing is shit, the roads are shit, Trainline is shit. Everything the tax money goes towards is just shit

@spacecowboy6222

3 ай бұрын

Oh and the NHS is also shit

Thanks for sharing about music as it was interesting.

@ThatFinanceShow

2 жыл бұрын

Hope it helped and thanks for watching!

Tom, what is the best way to maximise your earnings with taxes?

@ThatFinanceShow

2 жыл бұрын

Hi not too sure I fully understand the question?

@sport231

2 жыл бұрын

@@ThatFinanceShow How do I explain, as income increases the tax also increases. Is it better to have high income job or having a business (is the tax lower owing a business) or owing few properties and renting them out? Which option out there has the best bang for its buck.

@ThatFinanceShow

2 жыл бұрын

@@sport231 as your income increases you pay more tax overall but you’re always better of earning more money because of how the bands work. There are opportunities to pay lower tax through a Ltd company business structure but you have to pay corporation tax on profits too. All in all, working for yourself usually has better tax planning opportunities than being employed.

@sport231

2 жыл бұрын

@@ThatFinanceShow Thanks Tom, so does that mesn being self employed is better than being employed, what are tax planning opportunities and which careers is the best to get into in terms of working for yourself? Sorry for so many questions.

is it £37,500 or £47,500? I did £60,000 - a personal allowance of £12,500 and got £47,000. I'm not good at maths and I'm trying to do an assignment where I calculate tax, is there a written formula I can use?

@letswalk3985

7 ай бұрын

Its 37500 because we are deducting 12500 from the first band which is 50000 50000-12500 =37500 But I don't know what he did with the 200k one, where did the 112500 come from ? I'm not that good with maths either btw 😆

Wait you say when you receive 200.000 you'll lost your personal allowance that is 12.500, but after you say that on higher rate taxes will cut a 45.000 on your 112.500, but again you said that the higher rate is from 50.000 to 150.000 if you do 150.000 - 50.000 you get 100.000 then you do 100.000 * 40% that should be 40.000 tax not 45.000 I don't get it why you took 112.500 and not 100.000 did you add the personal allowance to higher rate ? I thought only 100.000 of the 150.000 are taxed with 40% rate and never more how you've got that extra 12.500 pounds on the higher rate please explain ?

Could you explain where students lie and any advice, thanks a bunch video helped a lot.

@ThatFinanceShow

3 жыл бұрын

Hi Bilal thank you, glad it helped, what about students do you need to know?

That was great. Loved the band reference explanation and props for the Reel Big Fish bit, but that mug of tea... 😐

@ThatFinanceShow

3 жыл бұрын

Thanks! I know I know, look I was under pressure trying to make it and film it and it all got too much!

Why wouldnt you put tax and Ni in the same video. Its essentially the same thing

Hello my contract is 37 hours per week but I wanted to 40 hours overtime every week how much tax gonna be please anyone help me my pay rate 10.19

@ThatFinanceShow

2 жыл бұрын

Hi there, so the total income you receive (normal salary + overtime) will all be taxed according to those tiers discussed in the video. The amount you earn in overtime will sit on top of your normal income (so added on top) and it will all be taxed according to which bands they fall into. You'll pay nothing on the amount within your personal allowance, 20% on the basic rate tax band and if the total figure pushes you into the higher rate tax band you'll pay 40% on this portion. Hope that helps.

Can someone explain to me the last example please?

@SirPeregrinTook

8 ай бұрын

What do you need explaining?

Dear Sir, If you do not mind, I would like to ask for information regarding the tax refund when leaving the UK. To be more precise, how much tax would I be entitled to claim in the event I worked full time for four months in this tax year and decided to leave the UK in march 2023. The total payment on P45 is £9657,06 and my income tax is £957,40. Thank you

@letswalk3985

7 ай бұрын

What do you do bro 😮

Do you offer financial advice? on a personal level?

@ThatFinanceShow

Жыл бұрын

Hi Tracey, yes I do. Feel free to drop me an email thatfinanceshow@gmail.com

I loved the Elizabeth jokes

@ThatFinanceShow

10 ай бұрын

They haven’t aged very well now she’s died 🫣🫣🫣

Skip to 2:40 for the actual start of the video

If you earn £200,000 . As you explained there are no personal allowances yet you only tax £37,000 @ 20 percent. Yet the first applicable bracket would be £50,270 ? Shouldn’t it be 20 percent on the £50,270 ?

@SirPeregrinTook

8 ай бұрын

Unfortunately it doesn't work like that. You are still taxed at 20% on 37,700 and then you are taxed on 40% on the abatement of the personal allowance

@aims__8785

6 ай бұрын

​​@@SirPeregrinTookSo that first 12500 is taxed at 40%? I don't really understand where he got the £112, 500 figure from

@SirPeregrinTook

6 ай бұрын

@aims__8785 I think it is easier if you think of it as the £12,500 tax free allowance is being taken away from you because the person has a good income. The abatement of the personal allowance works by reducing your personal allowance by £1 for every £2 you earn over £100,000. So once you reach £125,000 (using rounded figures), you lose your personal altogether. Therefore, you're still taxed at 20% on £37,500, the next £112,500 is taxed at 40% (which is equals £150,00 total) and so the next £50,000 is taxed at 45%. The tax rules have changed now. The additional rate I.e. 45% is now on earnings over £125,000. Please note I am just using rounded figures for ease.

@aims__8785

6 ай бұрын

@SirPeregrinTook Ohh so this vid is outdated. That must be why I was confused. I was comparing the maths in this video with the current tax brackets

Comparing the US versus the UK see who's easier.

Thats why we all came here😂 daaaamn guys daaamn

Examples are all good but might have been useful to just show the brackets in plain numbers before diving into scenarios. Good video though cheers..!!!

@ThatFinanceShow

Жыл бұрын

Thanks for the tips!

Thanks brother, very useful for people moving to UK. So your statement at 06:57 is not correct. People earning over 200k might definitely be watching these videos.😅

Good video thanks! I managed to take a massive hit this past tax return, all I ever thought was "20%... 20%" not taking into account national insurance and my student loan 😕😭

@ThatFinanceShow

Жыл бұрын

Taxes and death, the only 2 things we can be sure of eh! 😂

@stevebrooks1331

Жыл бұрын

@@ThatFinanceShow indeed! I wanted death when I saw how badly I miscalculated my tax 🤣

Do people under 21 not pay tax

@ThatFinanceShow

Жыл бұрын

They do yes

*His Royal

So high the tax payments in Uk

@ThatFinanceShow

2 жыл бұрын

Thanks for watching!

Habibi, come to Dubai

Less jokes more straight to the point info, I had to force myself to watch all this.

@ThatFinanceShow

2 жыл бұрын

Oh you poor thing, forced to watch! Was someone holding you in your chair with matchsticks under your eyelids? My thoughts with you at this difficult time.

@dreghorn007

2 жыл бұрын

@@ThatFinanceShow That's a boys response to criticism. No wonder you haven't even got 2k subs after 11 month's. Grow up dude, good luck.

@ThatFinanceShow

2 жыл бұрын

@@dreghorn007 I have no issue with well thought through constructive criticism, I’m always trying to improve. But to come here and tell me you had to force yourself to watch is not constructive. I’m putting content out here at my time and expense, free information to help people so for you to stumble by and have a pop is bizarre and unnecessary.

@dreghorn007

2 жыл бұрын

@@ThatFinanceShow Did have to force myself. No jokes. No clips. No 5 seconds long cutscenes between info. No one comes to a financial channel for comedy. There's your criticism.

@nikitaphillips1758

2 жыл бұрын

@@dreghorn007 eh.. I found it very beneficial! I find the comedy makes the content easier to absorb. So speak for yourself

I wish we learnt this in school 😂😂😂😂

@ThatFinanceShow

Жыл бұрын

You and me both!!

Should've studied accountancy. Oh wait, my mathematical skills aren't up to par

@ThatFinanceShow

Жыл бұрын

That’s what calculators are for !!

@SirPeregrinTook

8 ай бұрын

And Excel!

just get to the point

One thing that really annoys me about having to pay tax is how some of that money goes into things that are just going to cause me problems. For example, all of the roadworks in the country are paid for with the money of British taxpayers and yet roadworks cause a lot of problems for people. In what sense does it make having to pay for something that makes your life more difficult?

UK. IS A CORPORATION. DO YOU LIVE IN A CORP.....S

Due to the unecessary blasphemy on the video I will not subscribe to your channel

@ThatFinanceShow

Жыл бұрын

Thanks for watching anyway Michelle!

@michellea9857

Жыл бұрын

@@ThatFinanceShow your welcome, God bless you 🙏

Just tell us, stop trying to be funny

You are not funny bro

@ThatFinanceShow

4 ай бұрын

I agree