Bonus tax?

No_class

Hi, just wondering if anyone can clear up a query I have relating to a bonus I am due to receive and how much tax I am likely to pay?

The bonus will be for roughly £47000, my salary is £1207 a month and my tax code is 944L.

This is a one off bonus and my wages will be back to normal after this payment

andyuk01

I assume the £1207 is gross (monthly) not net in which case your salary is £14484

The month you get the bonus you will receive

£48207 gross
£26440 net

You tax will be £20534 and NI £1232

To pre-empt the next question you'll get the overpaid tax back either through the course of the tax year or as as lump sum at the end

No_class

Thanks. I've seen a couple of posts relating to this type of query. Some quite varied in answers eg either 40% tax on all of the bonus or 20% up to the threshold and 40% the rest, a tad confusing..... In saying that Most lead to the same conclusion that once my pay has gone back to normal I may be entitled to a rebate or would get it back through my payslip.

It doesn't help that my employers haven't explained anything to us but then again, they are being generous with the bonus, so I can't complain.

No_class

Sorry....yes that is my gross pay.

CLAPTON

you will get the excess tax back through your salary without any action on your part.