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Help on Tax
AFC_Fanatic
Posts: 1 Newbie
Hi, can anyone help me with working out if I have been over taxed on my Bonus?
I earn less than £27000 and have just received a bonus of £4500.
When I received my pay slip My Tax Code was 647L M1 (M1 not seen before on my previous payslips) and tax of £1858.66 NI £380.69 and Student Loan of £494 (usually £82). :eek:
This seems a bit high and wondering if I am entitled to anything back and how?
Can anyone help?
I earn less than £27000 and have just received a bonus of £4500.
When I received my pay slip My Tax Code was 647L M1 (M1 not seen before on my previous payslips) and tax of £1858.66 NI £380.69 and Student Loan of £494 (usually £82). :eek:
This seems a bit high and wondering if I am entitled to anything back and how?
Can anyone help?
0
Comments
-
Yes it is way too high - the M1 in your tax code is the problem, this means the usual cumulative process in PAYE isn't followed and you'll be taxed as if you get the bonus every month! Ask your employer/tax office where the M1 has come from. But you might need to wait till the end of the year to get the tax back.0
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