Question on bonuses

throughtherain

Hi all, hope there is somebody knowledgable who wouldn't mind answering this question for me!

For the last 3 years I have received a bonus each October. The bonus has been about £1,500. Other than this bonus, my pay has been the same each month (excepting increases due to salary increases each year).

My question is - is there a chance I am owed a tax rebate? The reason I ask is that when the tax is calculated on the bonus month, do they assume I earn that much over the year? Or is it taken into account in following months?

I'd really appreciate any advice as a rebate would be gratefully received!

Many thanks.

CLAPTON

if your tax code is correct then your tax will be correct by the year end

any exceess tax paid in the month of your bonus will automatically be repaid in the subsequent months


if you wish to post up your yearly totals (say from your P60) then we can check them but if the tax code is right then your tax will be right

Any

throughtherain wrote: »

Hi all, hope there is somebody knowledgable who wouldn't mind answering this question for me!

For the last 3 years I have received a bonus each October. The bonus has been about £1,500. Other than this bonus, my pay has been the same each month (excepting increases due to salary increases each year).

My question is - is there a chance I am owed a tax rebate? The reason I ask is that when the tax is calculated on the bonus month, do they assume I earn that much over the year? Or is it taken into account in following months?

I'd really appreciate any advice as a rebate would be gratefully received!

Many thanks.

No, given your situation and the time of the tax year (middle) the bonus has been paid, you shouldn't have overpaid any tax (as long as tax code is correct). Everything would have been dealt with over the year..

But as Clapton says, post up P60 figures and tax code (or PM them) and we can check for you.