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bonus tax
mp80
Posts: 214
Forumite
in Cutting tax
Hi
I'm getting a bonus this month on top of my regular salary
pro-rated through to the end of the tax year, assuming I don't get sacked, I'll fall foul of the regulations on taper personal allowance
I'm sacrificing a lot of my salary to pension as it is to get below the 100k, but would like the cash. YTD I have accrued 70k on my PAYE slips.
My question is, will the taper personal allowance apply immediately on this bonus period, or will I have to pay HMRC the net adjustment after completing a tax return which I believe I'll be obliged to do (i.e my tax code will stay as 110L?)
I'm getting a bonus this month on top of my regular salary
pro-rated through to the end of the tax year, assuming I don't get sacked, I'll fall foul of the regulations on taper personal allowance
I'm sacrificing a lot of my salary to pension as it is to get below the 100k, but would like the cash. YTD I have accrued 70k on my PAYE slips.
My question is, will the taper personal allowance apply immediately on this bonus period, or will I have to pay HMRC the net adjustment after completing a tax return which I believe I'll be obliged to do (i.e my tax code will stay as 110L?)
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