Will i pay higher rate tax next year?

Weewdy

My earning for year 2016-2017 will be approx 47/48000 due to a 6 month promotion at work. My earnings 2017/2018 will be around 38000. Wjat happens with regards to tax?

TheCyclingProgrammer

You'll pay higher rate tax this tax year, not next year.

xylophone

Had you considered a pension contribution this year to avoid higher rate tax?

CLAPTON

Weewdy wrote: »

My earning for year 2016-2017 will be approx 47/48000 due to a 6 month promotion at work. My earnings 2017/2018 will be around 38000. Wjat happens with regards to tax?

as long as your taxcode is correct, your tax will be correct

getmore4less

if the promotion is temporary then some of your income will be taxed less as it will still be 20% tax and only 2% NI rather than 12%.

[Deleted User]

Weewdy wrote: »

My earning for year 2016-2017 will be approx 47/48000 due to a 6 month promotion at work. My earnings 2017/2018 will be around 38000. Wjat happens with regards to tax?

Are the figures quoted before or after any company pension deductions?

Weewdy

The figures quoted are after my pension deduction.