“Earning £120k is Not Good”: UK-based Lady Explains How Tax Deductions Work on High-Income Earners

• A lady in the UK said earning a high amount of money per calendar month does not mean that one is doing well in the country
• According to the lady, anyone earning around £120,000 (N199 million) in the UK has a lot to lose, including tax exemption
• She said to be truly financially free in the UK, one has to earn around £150,000 (N249 million) so as to still have money left after tax

A UK-based lady said there are so many things income earners in the UK lose once their salary reaches £120,000.

This is why the lady said earning £120,000 may not be the best for a UK resident since the person would be classified as a high-income earner.

The lady said earning a higher amount does not mean taking home a higher amount in the UK. Photo credit: TikTok/@astoldbydrhunnay and Getty Images/Bloomberg.Source: UGC

Being classified as a high-income earner means the person would lose many things, including a tax-free allowance of £12,500 and child benefits.

Earning £120k means the person would pay for some of the things they were considered not to pay for in the past.

The lady, @astoldbydrhunnay noted that the harder one works in the UK to make more money, the less money they take home.

She said she now understands how the UK financial system works and that people are better off earning less than £100,000 since earning more means paying more tax.

She captioned the video:

“£120,000 is the worse salary you can earn in the UK.”

Watch the video below:

Reactions as lady explains UK salary system

@sei2023 said:

“How do you earn 120k as a doctor?”

@Gibril said:

“Hell, you can contribute up to £60k into your pension and get tax relief on this.”

@Eguono Love said:

“The monthly take-home pay for £120k is still more than the home pay 100k, so what is the issue?”

Lady sacked from a job that pays N70k

Meanwhile, a Nigerian lady who got a job with a real estate company has been relieved of her appointment after a disagreement.

The lady shared her story on TikTok, saying for all the jobs she did at the company, she was placed on a monthly salary of N70,000.

Jimmy Julia said trouble started when she was asked to come to work on a Saturday, and she refused.

Source: TheTalk.NG

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