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Bonuses at work put me in higher tax bracket
lizlizliz
Posts: 21 Forumite
in Cutting tax
Hi
This probably has been asked before but can't find the answer anywhere. I have a salary which is in the lower tax band. However when I get a bonus through work (not that often, but happens!) my salary gets pushed up to the higher tax bracket. However I'm still in the lower tax bracket at the end of the year, salary + bonuses combined.
The question I have is do I have to reclaim this by sending off a letter and p60 asking for it back, or should it automatically be calculated I haven't earnt that much at the end of the year and it will be in my paycheck?
Thanks for any help
This probably has been asked before but can't find the answer anywhere. I have a salary which is in the lower tax band. However when I get a bonus through work (not that often, but happens!) my salary gets pushed up to the higher tax bracket. However I'm still in the lower tax bracket at the end of the year, salary + bonuses combined.
The question I have is do I have to reclaim this by sending off a letter and p60 asking for it back, or should it automatically be calculated I haven't earnt that much at the end of the year and it will be in my paycheck?
Thanks for any help
Proud to be dealing with my debts... October '08 - £1840 > July '09 - £0000
Now to save... or not... September '09 - £1800 > July '10 £0000
Weight Loss target 0/13lbs
Now to save... or not... September '09 - £1800 > July '10 £0000
Weight Loss target 0/13lbs
0
Comments
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The PAYE system is elegantly designed to ensure that you pay the correct tax by the end of the year, assuming you are still employed at the end of the year and are not on a week1/month 1 code.£705,000 raised by client groups in the past 18 mths :beer:0
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