We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

How much tax will I pay?

Palpal
Palpal Posts: 11 Forumite
Seventh Anniversary First Post Combo Breaker
Hi guys,
Typically my work has messed up a bonus and my overtime, so it’s all going to hit the same month!
So End of this month I’ll be getting;
1825 basic pay
825  -bonus
300 - overtime 
so less than 3000 or around that mark. Normally I’m only getting 1825 (before tax) .
was wondering how much tax I’d get? Or if there’s anything I need to do not too pay too much? I’ve actually done another 160 in overtime, but am
not putting it through until next month because I feel I might get taxed more!
appreciate your replies 
many thanks

Comments

  • No more than you would have paid if your overtime had been paid on time as you are a basic rate taxpayer. You haven’t told us your tax code but, if 1257L, your tax will be £380.50. Your NIC will be 258.36. I make that a take home of 2311.14.
  • Palpal
    Palpal Posts: 11 Forumite
    Seventh Anniversary First Post Combo Breaker
    edited 5 May 2021 at 8:19PM
    Many thanks for this
    top man! 
    Tax code 1232L? 
    Sorry I didn’t add this
  • Palpal
    Palpal Posts: 11 Forumite
    Seventh Anniversary First Post Combo Breaker
    I’ve read that that means I get medical insurance, which is true.would it be best to put the £160 through this month? As I wouldn’t get tax a higher percentage?
    many thanks 
  • Dazed_and_C0nfused
    Dazed_and_C0nfused Posts: 18,143 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    Palpal said:
    I’ve read that that means I get medical insurance, which is true.would it be best to put the £160 through this month? As I wouldn’t get tax a higher percentage?
    many thanks 
    A tax code could be 1232L for literally millions of reasons.
    Another £160 isn't going to make any difference, you will still be taxed at 20% on anything above £1,027/month.
    Only if you average nearly £4,200/month would you move to paying some tax at 40%.
  • If your tax code is 1232L add about £4 to the figure fur tax that I previously mentioned.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.1K Banking & Borrowing
  • 253.6K Reduce Debt & Boost Income
  • 454.3K Spending & Discounts
  • 245.2K Work, Benefits & Business
  • 600.8K Mortgages, Homes & Bills
  • 177.5K Life & Family
  • 259K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.