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Tax Code 443L Earnings £40882-High Rate Tax?
philng
Posts: 833 Forumite
I am due to receive a £2000 annual bonus in my salary 18/3 which will make my Gross earnings for 2010/11 Tax Yr £41000. My tax code is 443L. Will this mean I will pay higher rate tax for this year & if so can I avoid this by paying a lump sum in to my pension before 5th April?
Thank you.
Thank you.
0
Comments
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No you will not be in the higher rate tax band unless you have other income in addition to that stated.
You start paying 40% tax when your total income in 2010/2011 exceedes your tax free allowance by more than £37400.
So in your case your income above £41830 will be subject to 40% tax.
http://www.hmrc.gov.uk/rates/it.htm0
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