Zap_Brannigan Posted May 7, 2010 Posted May 7, 2010 I found this take - home salary calculator for the UK. For an annual salary of 42000 pounds (3.5k monthly), the take home is nearly a thousand pounds lesser. Is this accurate ? I am used to horrible tax rate in US, but goddamn UK seems to be high too? Is there a chance to reduce it if you own a home and have to pay mortgage on it ? How good is Cambridge area to live?
Gunner_Mania Posted May 7, 2010 Posted May 7, 2010 Check on http://listentotaxman.com/ It should provide you with a fairly accurate figure. Take home being less than 1000 pounds lesser sounds correct. Yes UK tax rates are high too. I know there are some tax savings methods like saving in an ISA etc, but I don't know if taking out a mortgage reduces your tax. I suspect it doesn't, but may be somebody like Soods or Jadoo or CG may be able to give you a more accurate answer. Cambridge - You can meet our friend azarimanka :woot:
Zap_Brannigan Posted May 7, 2010 Author Posted May 7, 2010 Check on http://listentotaxman.com/ It should provide you with a fairly accurate figure. Take home being less than 1000 pounds lesser sounds correct. Yes UK tax rates are high too. I know there are some tax savings methods like saving in an ISA etc, but I don't know if taking out a mortgage reduces your tax. I suspect it doesn't, but may be somebody like Soods or Jadoo or CG may be able to give you a more accurate answer. Cambridge - You can meet our friend azarimanka :woot: Thought so. Thank you for the reply. Who is Azarimanka ? That bloke who spoke down upon everyone and got himself banned?
Gunner_Mania Posted May 7, 2010 Posted May 7, 2010 Thought so. Thank you for the reply. Who is Azarimanka ? That bloke who spoke down upon everyone and got himself banned? lal. Yeah. Kept saying he studied at Cambridge all the time. As a general idea www.upmystreet.co.uk gives you a good idea about a fair few things.
CricketGirl Posted May 7, 2010 Posted May 7, 2010 no tax has nothing to do with mortgages etc! but there are ways of evading tax in a legit way like working as a ltd company instead of an employee and offsetting expenses against tax etc! but i'm not the expert mr CG is so i leave it to him to sort out! :giggle:
Zap_Brannigan Posted May 7, 2010 Author Posted May 7, 2010 no tax has nothing to do with mortgages etc! but there are ways of evading tax in a legit way like working as a ltd company instead of an employee and offsetting expenses against tax etc! but i'm not the expert mr CG is so i leave it to him to sort out! :giggle: Thats not really an option. I will be working for a fairly big corporation. I am talking with a couple of people, one in cambridge, the other in farnham. The take home really worries me as its a bit less than what i am used to but I really want to live in a quieter place. Anyway, I wont be making any final decisions for another couple of months, Maybe even wait a little more to get better options.
Sooda Posted May 7, 2010 Posted May 7, 2010 Yeah take home might be about that much, cost of living though, may well be lesser than what it is there... so you may well be saving a reasonable amount in comparision As for Cambridge- yes nice place to live. Good looking town and quietish too.
punjabi_khota Posted May 7, 2010 Posted May 7, 2010 Europe is obviously super worse w.r.t. taxes compared to US. I dont see why UK will be an exception, although france,germany etc tax the **** out of you more.
The Outsider Posted May 7, 2010 Posted May 7, 2010 no tax has nothing to do with mortgages etc! but there are ways of evading tax in a legit way like working as a ltd company instead of an employee and offsetting expenses against tax etc! but i'm not the expert mr CG is so i leave it to him to sort out! :giggle: I don't own a home, but as far as I know a certain part of your mortgage payment in the US (I think the amount you pay as interest) is tax deductible. Re: OP, I've lived in Germany for a few months and the cost of living is generally higher in Europe than in the US. I don't think UK would be much different. Though the other benefits like vacation time, retirement benefits, free health care etc. kind of make up for it.
Don Posted May 7, 2010 Posted May 7, 2010 I am currently living in Cambridge right now doing a masters. Its a beautiful town but quite swamped with tourists all the time. I am a student so i dont mind students but the whole town is full of students so everything is geared towards enhancing student life. Having said that this area has traditionally attracted academics to settle down or retire after their ventures so if you live just outside you can enjoy the core of traditional Cambridge but at the same time have a quiet life. *core of traditional Cambridge means going punting on the river cam, listening to orchestra at the west road concert hall, enjoying a new collection at the Fitzwilliam museum
Gunner_Mania Posted May 7, 2010 Posted May 7, 2010 I don't own a home, but as far as I know a certain part of your mortgage payment in the US (I think the amount you pay as interest) is tax deductible. This is also true in India. The interest on your mortgage is tax deductible.
Serani Posted May 7, 2010 Posted May 7, 2010 Wouldnt know as I dont pay tax, however just saying Cambridge is the kind of place that rates itself and is generally quite a boring place from my view.
Recommended Posts