Tax On Bonus

storm_fan

Hi! Dont know if anyone can help I'm just looking for some advice.

I've just recieved my first ever annual bonus, and am really shocked at the amount of tax i've paid. can anyone let me know if its right (and if not what to do!!)

My details are as follows:

Annual salary £22,950 (time at this employer = 9 months - since May. Previous employer was virtually same wage, so I figure in the 12 months i've earned just under £22,950)

Other payments = £17 a month uniform allowance for the past 3 months

Bonus = £1011

Tax paid = £414

My tax code is 776L after successfully claiming uniform cleaning allowance for several years.

Can this really be right!?!?

thanks in advance!

noh

Looks to be correct.
I am assuming the £414 is the total amount you paid this month ie it is not just the extra tax due to receiving the bonus.

storm_fan

nope - thats the tax i've paid on my bonus which was paid seperately today.

on the 28.03.12 i got paid my salary and paid
£256.40 income tax and
£159.30 national insurance


:-(

storm_fan

sorry forgot to add the £61 student loan paid out of my salary as well

agrinnall

I was a bit surprised but it is in fact correct (according to http://www.thesalarycalculator.co.uk/salary.php).

In the month that the bonus is paid you pay approximately an extra £200 tax, £120 NI and £90 student loan repayment, which all adds up to £410.

storm_fan

well that sucks for me i guess! i guess it just narks me that ive paid £476.70 out of my salary and then three days later £414 out of my bonus.

thanks for looking though, i dont know much about tax and ive never worked in a place that gives bonuses. shame i dont have as much of it to enjoy as i'd hoped..........was really hoping this was an error i could challenge!

westy22

Tax narks us all - just concentrate on enjoying the £597 that you have kept