4 ms·

Thank you for this comment. I moved into the 100k bracket 3 years ago, and have just hit 125k this Jan. I am the sole earner in our house, wife can't work and

Thank you for this comment. I moved into the 100k bracket 3 years ago, and have just hit 125k this Jan. I am the sole earner in our house, wife can't work and have a 12 year old boy. And I've been trying (and failing) to work out why it seems like more than 40% of my earnings are taken as tax. And why I need to do tax returns as I've always been PAYE with no other income sources.

alias_neo 4y ago
The bad news for you, is that in 4 days[0], the 45% threshold will lower to the ~£125k mark, so your next pay rise will be particularly hit hard. [0] https://archive.vn/TJyWe https://archive.vn/TJyWe
- Popcorn3865 4y ago
  Ha. I joined the workforce the year after final salary pensions were shutdown. My slightly older peers are all on track for early retirement. I will never be able to retire. I considered contracting just as IR35 was introduced. My slightly older peers who - literally - got rich and paid no taxes enjoy much better lifestyle than me. So this makes sense, that as I claw my way to higher income, it's taken away by the system. All the while having record house prices, plummeted pension performance and now cost of living/inflation. What a horrible game.