Would you take double pay or a day off......

[startingagain]

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?

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.