Some advice as PAYE regarding higher tax bracket

seaneylad

Hello

Just after some advice, first time for me.

I am a PAYE employee in a company and have just gone over the 50k higher tax bracket, April is close so it wont be a great deal over. My tax code is 1264L, will i be taxed 40% automatically over the 50k mark as i am PAYE (which will be the easiest way) or will it get looked at come the end of the financial year  and will they mess around with my tax code or bill me?

Thanks 

Dazed_and_C0nfused

You will pay higher rate tax through your March payslip on any taxable salary which exceeds £50,149.

HMRC will review the tax paid after the end of the tax year and if there is any further adjustment necessary will send you a calculation and a refund of any excess tax deducted or tell you how to pay any tax owed.

If it is less than £3,000 and you are still earning decent wages then any tax owed will normally be collected through your 2021:22 tax code although you could pay it direct to HMRC if you really wanted to.

seaneylad

Great thanks for the quick response and clear info