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Taxing a bonus payment
markjordan
Posts: 1 Newbie
in Cutting tax
Hi, anyone help.
I received a nice bonus last month (10K) and was taxed a lot more than my normal 22%. This was a one off bonus, and I wondering how the money I am owed will be paid to me, will I receive the money in dribs & drabs over this financial year or will it be resolved in my next pay packet.
I received a nice bonus last month (10K) and was taxed a lot more than my normal 22%. This was a one off bonus, and I wondering how the money I am owed will be paid to me, will I receive the money in dribs & drabs over this financial year or will it be resolved in my next pay packet.
0
Comments
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This is probably because the 10K has taken you over the 40% bracket - if you stay under the bracket come year end and you are on a cumlitive tax code then this will rectify itself.
HTH:heartpuls baby no3 due 16th November :heartpulsTEAM YELLOWDFD 16/6/10"Shut your gob! Or I'll come round your houses and stamp on all your toys" The ONE, the ONLY, the LEGENDARY Gene Hunt :heart2:0 -
lol Al Mac - how do you make it sound so simple - my post looks like gobbledegook and I was trying to say the same thing :eek:
how to make tax more taxing - ask tigtag
:heartpuls baby no3 due 16th November :heartpulsTEAM YELLOWDFD 16/6/10"Shut your gob! Or I'll come round your houses and stamp on all your toys" The ONE, the ONLY, the LEGENDARY Gene Hunt :heart2:0 -
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it works this way...
assuming your bonus was paid in april 07?
just for example if your normal pay was 2k per month
then in april you would pay a massive amount of tax on the 12k gross being
about £4,000
but the next month you only pay a very little £85
and tax continues at that until month 8 when you start paying
a bit more and then it settles for about 321.0
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