tag:blogger.com,1999:blog-7156218446024820676.post1682531075799034608..comments2023-05-17T10:38:12.901+00:00Comments on TaxBuzz for the Tax Advice Network: 50% tax rate announced in Budget 2009 but 2 years on and the self employed haven't paid it yetMark Leehttp://www.blogger.com/profile/11524316185528362603noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-7156218446024820676.post-32775270019069244822011-04-18T05:18:11.715+00:002011-04-18T05:18:11.715+00:00A small percentage of the taxpaying population ear...A small percentage of the taxpaying population earn higher than £150k and will be subject to the 50% rate.Mark Leehttps://www.blogger.com/profile/11524316185528362603noreply@blogger.comtag:blogger.com,1999:blog-7156218446024820676.post-6671241200996579792011-04-18T04:09:43.045+00:002011-04-18T04:09:43.045+00:0050% Is such a scary tax rate, thank goodness that ...50% Is such a scary tax rate, thank goodness that no one has paid such a high rate.<br /><br />Is the rate likely to be applicable to many in the future?Michael Shekellhttp://australiantaxadvice.com.au/noreply@blogger.comtag:blogger.com,1999:blog-7156218446024820676.post-31814013110232736592011-04-06T10:52:07.889+00:002011-04-06T10:52:07.889+00:00Mark, re last point. Agreed, but if income falling...Mark, re last point. Agreed, but if income falling (but still expected over £150,000 for 10/11) then reduced payments on account calculations in January 2011 would have taken account of 50% rate - not uncommon in current market but perhaps not affecting many. <br /><br />That being said your point that the majority of self-employed, etc. haven't paid 50% tax yet valid.David Peirsonnoreply@blogger.comtag:blogger.com,1999:blog-7156218446024820676.post-76117924874098843912011-04-05T12:36:25.257+00:002011-04-05T12:36:25.257+00:00David
Re your final para, as I noted in the blog p...David<br />Re your final para, as I noted in the blog post, the increased tax will only be payable by the s/e etc as part of the balancing liability for 2010/11.Mark Leehttps://www.blogger.com/profile/11524316185528362603noreply@blogger.comtag:blogger.com,1999:blog-7156218446024820676.post-90013978745869668162011-04-05T12:21:53.846+00:002011-04-05T12:21:53.846+00:00Thanks David. I've edited the post to clarify ...Thanks David. I've edited the post to clarify my comments. Fair point.Mark Leehttps://www.blogger.com/profile/11524316185528362603noreply@blogger.comtag:blogger.com,1999:blog-7156218446024820676.post-32387372455850261042011-04-05T11:31:32.560+00:002011-04-05T11:31:32.560+00:00Sounds like a Daily Mail story waiting to happen.Sounds like a Daily Mail story waiting to happen.TaxTeddyhttp://www.taxteddy.netnoreply@blogger.comtag:blogger.com,1999:blog-7156218446024820676.post-78406069105517693482011-04-05T11:29:07.795+00:002011-04-05T11:29:07.795+00:00Mark, I think you're partly wrong here. Quite ...Mark, I think you're partly wrong here. Quite a few people will have paid 50%.<br /><br />The legislation did collect 50% via PAYE from 6/4/10 where the taxable income was over £150,000. <br /><br />The coding problem affects (mainly) people who get a second salary where the first one takes them past the £150,000 level. The second one 'should' therefore all be at 50% but HMRC only had code D0 available, so only 40% collected at source. From tomorrow we'll have code D1 and all will be well ...<br /><br />Plus, many people will have had to take account of 2010/11 income rates when calculating payments on account in January 2011.David Peirsonnoreply@blogger.com