Can anyone help with this? Tax & Bonus

Mrs_Egg

Would anyone be able to advise if this is correct? Because of all the various deductions I can't seem to work it out correctly on the online sites.


Tax code 332L w1m1

Salary 31500
Bonus 7500


Month 9 Payslip:
Monthly Pay 2625
Bonus 7250
Total: 9875.00

Tax 3208.26
National Insurance 1155.84
Student Loan (Type 1) 735.00
Childcare Voucher 243
People's Pension 231.17
Total 5573.27

Take home pay: 4301.73

Month 9
Taxable gross pay: 9632.00
Employer national insurance £1329.22
Employer pension £288.96
Net Pay £4532.90

Year to date
Taxable gross pay £28688
Tax £6408.86
Employee national insurance £2475.36
Employer national insurance £2839.49
Student Loan £1399.00
Employee pension £459.85
Employer pension £574.20

Any ideas, I'm completely lost but it seems a lot?

Darksparkle

You should ask HMRC to take you off the w1/m1 tax code and put you on a cumulative code.

MichelleUK

As Darksparkle has mentioned, your problem is your tax code. You should only be a basic rate tax payer but your tax code means that your tax is calculated on a month only basis, hence you have paid a lot of tax at 40%.

Once you have a proper cumulative tax code, you will get the overpaid tax back. It looks like you have overpaid over £1300 tax this month.

Mrs_Egg

They have taken me off from my original tax code in month 4 and changed me to this w1m1 tax code when I changed company car. I shall give them a ring and see what they can do.