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stiofan
Joined: 24 Jul 2007
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 Posted: Sun Jan 27, 2008 4:02 pm Post subject: uk tax question, too much? |
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hi guys, ok , I get 2.3 million a wonth.
I pay 58000 income tax
6000 residence tax
55000 medical tax
104.500 national insurance !!
does this sound right? I heard that uk citizens are exempt from certain taxes. Am I paying too much NI. Should I be paying any at all?, thanks....stiofan |
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stevieg4ever
Joined: 11 Feb 2006
Location: London, England
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| Posted: Sun Jan 27, 2008 4:30 pm Post subject: |
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we are exempt form certain taxes but you have to declare it with the inland revenue before hand I think.
That does look a lot to me, I believe my deductions come up to 140K or something like that and I earn close in the region to what you are earning. |
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stiofan
Joined: 24 Jul 2007
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| Posted: Sun Jan 27, 2008 7:17 pm Post subject: |
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| do you know if we can claim any money back whilst in korea but before we return home...cheers |
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Capo
Joined: 09 Sep 2007
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| Posted: Sun Jan 27, 2008 7:26 pm Post subject: |
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national insurence = pension?
ur paying too much for that one the rest look ok, we can't claim back pensaion they transfer to our state pension in the uk |
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maddog
Joined: 08 Dec 2005
Location: Daegu
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| Posted: Sun Jan 27, 2008 9:14 pm Post subject: |
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| Capo wrote: |
national insurence = pension?
ur paying too much for that one the rest look ok, we can't claim back pensaion they transfer to our state pension in the uk |
Really? That's about what I'm paying and I earn the same amount.
It's the utilities that kills me. 172K for January.
MD |
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Dome Vans
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| Posted: Sun Jan 27, 2008 9:32 pm Post subject: |
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Strange that about deducting tax. I earn 2.4. I didn't even need to say that I was tax exempt for the first two years. They already seemed to know, and I didn't need any proof of anything for it.
They take 55,000 for health insurance and 95,000 for pension. That's it. So comes to about 150,000 each month. My utilities and rent are paid for by the school. Sweet.
I'd be interested to find out what agreement the British government has regarding the pension. If it does go towards the British state pension that'd be great, but not too sure if it does. |
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maddog
Joined: 08 Dec 2005
Location: Daegu
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| Posted: Sun Jan 27, 2008 9:45 pm Post subject: |
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| Dome Vans wrote: |
I'd be interested to find out what agreement the British government has regarding the pension. If it does go towards the British state pension that'd be great, but not too sure if it does. |
There's an agreement in place, but I'm fairly convinced that transfer of your Korean pension to your UK national insurance isn't automatic. I just dug out the link:
http://wiki.galbijim.com/Korean_pension_plan
MD |
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Dome Vans
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| Posted: Sun Jan 27, 2008 9:58 pm Post subject: |
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| maddog wrote: |
| Dome Vans wrote: |
I'd be interested to find out what agreement the British government has regarding the pension. If it does go towards the British state pension that'd be great, but not too sure if it does. |
There's an agreement in place, but I'm fairly convinced that transfer of your Korean pension to your UK national insurance isn't automatic. I just dug out the link:
http://wiki.galbijim.com/Korean_pension_plan
MD |
Excellent cheers for that MD. Good stuff. Would hate to think that it was a blackhole. Would have preferred the Canadian/American system whereby the pension is like a savings account.
But then again we don't pay for re-entry permits. Swings and roundabouts. |
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stiofan
Joined: 24 Jul 2007
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| Posted: Sun Jan 27, 2008 9:58 pm Post subject: |
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| Capo wrote: |
national insurence = pension?
ur paying too much for that one the rest look ok, we can't claim back pensaion they transfer to our state pension in the uk |
yeah sorry it was national pension...anyways...
as far as i've been told i cant claim that money back before I leave( cos im from the uk) so looks like its money gone down the river, bah!...
thanks guys for the reponses.....stiofan |
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Dome Vans
Guest
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| Posted: Sun Jan 27, 2008 10:06 pm Post subject: |
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| stiofan wrote: |
| Capo wrote: |
national insurence = pension?
ur paying too much for that one the rest look ok, we can't claim back pensaion they transfer to our state pension in the uk |
yeah sorry it was national pension...anyways...
as far as i've been told i cant claim that money back before I leave( cos im from the uk) so looks like its money gone down the river, bah!...
thanks guys for the reponses.....stiofan |
Stiofan, think Maddog was onto something with that link. If you scroll down. The Aussie and Saffies, was just money down the river, but from June 2008 they will bring in the lump sum scheme. But they'll transfer money over when you finish in Korea into your credit system in England.
I've not paid pension, NI or tax in England for 5 years, so will be interesting to see what happens with that. The whole pension thing in England is a shambles anyway. |
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stevieg4ever
Joined: 11 Feb 2006
Location: London, England
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| Posted: Mon Jan 28, 2008 12:05 am Post subject: |
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according to galbijim it seems like it carries over to whatever pension scheme we have back in blighty. I wonder how we go about ensuring that this is actually happens.
Incidentally I havent received any of my pay slips so far. Might have to enquire about that one because I thought you needed some kind of declaration from the Inland Revenue but possibly according to DV. |
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stiofan
Joined: 24 Jul 2007
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| Posted: Mon Jan 28, 2008 2:21 am Post subject: |
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[quote[/quote]
I've not paid pension, NI or tax in England for 5 years, so will be interesting to see what happens with that. The whole pension thing in England is a shambles anyway.[/quote]
i'm about the same maybe longer, i've only been on the dole when im back in the uk because im only usually there for a few months at a time to see the folks/friends before heading off somewhere again, hence why I dont think i'll see the money.... |
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Dome Vans
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| Posted: Mon Jan 28, 2008 2:50 am Post subject: |
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Stiofan wrote:
| Quote: |
I've not paid pension, NI or tax in England for 5 years, so will be interesting to see what happens with that. The whole pension thing in England is a shambles anyway.
i'm about the same maybe longer, i've only been on the dole when im back in the uk because im only usually there for a few months at a time to see the folks/friends before heading off somewhere again, hence why I dont think i'll see the money.... |
I don't have any plans to settle back there ever. So the same as you just passing through and visiting.
I have the image of trying to claim money and them sitting there and saying
"and just where the f*** have you been?"
"Can I have some money, please?"
And then just them laughing at me until I leave.
I'm amazed you can get dole because they generally go off your NI contributions from few years back. It's well hard to get anything out of them without bending over backwards, so I always decide not to bother. |
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stevieg4ever
Joined: 11 Feb 2006
Location: London, England
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| Posted: Mon Jan 28, 2008 4:28 pm Post subject: |
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the government agencies create red tape as a means of getting members of the public to back down and thus saving them millions of pounds in payments in the process. the local councils know exactly how much income every brit has and exists for no other purpose then to find new ways of extracting as much money from your disposable income as they humanly can.
the government has made the uk into a place where no one can afford to live within their means. criminals the lot of them.
| Dome Vans wrote: |
Stiofan wrote:
| Quote: |
I've not paid pension, NI or tax in England for 5 years, so will be interesting to see what happens with that. The whole pension thing in England is a shambles anyway.
i'm about the same maybe longer, i've only been on the dole when im back in the uk because im only usually there for a few months at a time to see the folks/friends before heading off somewhere again, hence why I dont think i'll see the money.... |
I don't have any plans to settle back there ever. So the same as you just passing through and visiting.
I have the image of trying to claim money and them sitting there and saying
"and just where the f*** have you been?"
"Can I have some money, please?"
And then just them laughing at me until I leave.
I'm amazed you can get dole because they generally go off your NI contributions from few years back. It's well hard to get anything out of them without bending over backwards, so I always decide not to bother. |
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GB
Joined: 14 Jan 2008
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| Posted: Mon Jan 28, 2008 5:51 pm Post subject: |
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Guys...I've been here for nearly 2 years. I have paid tax (Korean 5% tax) all the time...is that right?
If we are British should we not get taxed?
Also do we have to declare any of our earning here to the Inland revenue back in Blighty? I haven't...I've had the attitude of "screw em".
Any advice? |
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