Mumsnet Talk

for working bank holidays over Christmas?? Not sure what to do? I have to work a couple of bank holidays over christmas. The double money sounds nice but worried that i will lose most of it in tax etc.,?
What would you do?

Depends how much you need the money or if you'd value the time off more.

Only you know that.

Yes....thats the trouble. I need the money but the time off would be good too....Oh decisions decisions!!

As a general rule, time off.

Ask for both

That'd be nice Trillian If only!

Think i'll go for a day off in the new year

It sounds to me like you have the choice of working 1 day and being paid for two, or working one day, and getting one off which is not a bank holiday. Personally with a choice of paid for two days or given one day off I would probably take the double pay. But only you know which you would like most.

Thanks for your comment lurkingdad I think i maybe confused!! I think it is just double time or a day off not both, iyswim!

If that is the case, i will check, i am having the day off cos surely i will lose alot in tax?

I don't know about tax credits and things like that, but remember you don't "lose" when you pay tax, it just reduces your income.

For example if you earn £50 a day and pay tax at 20% you pay £10 tax, but still take home £40. If they pay you double then the tax bill is doubled to £20, but the amount you take home is also doubled to £80. You haven't lost more money, you have earned more money, just paid the same proportion in tax.

So you have a choice of being paid £80 for a £40 day of work. Or taking a day off at another time for which you will be paid £40. You save £10 in tax but loose £40 of income.

Also this could be different if it pushes you over a tax threshold or into paying NI. But you never lose money by getting more, just maybe have a larger proportion skimmed off by the government.