Tax Help

jjuk26

Hi Guys, i think i have paid to much tax on a recent bonus/payout.

I work for Eaga who have just been bought out by Carillion.

At Eaga we were partners and had a partnership trust called the EPT, when Eaga was sold the funds were to go to the partners so we thought. The EPT decided to carry on and a lot of partners were angry so they gave us all a payout from the kitty fund.

£6000 cash
£3000 shares

The shares are put in a fund and will become tax free.

The cash was added to our wages.

Basic Salary £2346.50
Ept Bonus £6000
Meal Allowance £58
OT £976.71

Total £9381.21
Deductions £3576.74
Net Pay £5804.47

Tax(code 392T) £3014.66 to date
NI £468.22
Pension £93.86

Have i paid the right amount of tax?
Should i have paid tax on the payout?

Thanks for any help.

JJ

jjuk26

Anybody Plz

Thanks

JJ

antrobus

Background here.
http://www.nebusiness.co.uk/business-news/latest-business-news//tm_headline=eaga-workers-succeed-in-cash-payout-demands%26method=full%26objectid=28345177%26siteid=51140-name_page.html

Is this £6,000 taxable?

Yes.

Have you paid the correct amount of tax?

I'd think so. The problem is that because PAYE works on a cumulative basis, if you receive a significant bonus payment early on in the tax year, then you always end up paying what looks like too much tax to when you actually receive the bonus. However, over the next couple of payroll months you will end up having less tax deducted than appears to be normal, so the whole position will even itself out by the end of the tax year.