Personal Tax allowance - HMRC Error

71peyman71

Hi all,
I am coming back to this for some advice. 

I just checked my personal tax account on HMRC and noticed that indeed my income last year was 110K. This is because we were all paid out some shares last summer and in addition to bonus, the 110K is accurate. 

This means that I have fallen into the tax trap, where my tax free allowance is affected. 

I am wondering what horror of a tax bill I will have coming my way. Can anyone give me an idea? My basic salary is 70K. But going forward, I am intending to pay 40% into my pension as salsac in order to bring my taxable income down to basic rate.

Thanks

Dazed_and_C0nfused

Based on your post you will lose £5,000 of your Personal Allowance but you also need to factor in any other taxable income (even if taxed at one of the 0% rates).

Have you calculated your adjusted net income get for 2021:22 as it's that that will determine your actual Personal Allowance.

71peyman71

Dazed_and_C0nfused said:

Based on your post you will lose £5,000 of your Personal Allowance but you also need to factor in any other taxable income (even if taxed at one of the 0% rates).

Have you calculated your adjusted net income get for 2021:22 as it's that that will determine your actual Personal Allowance.

Thanks. I don't have any other taxable income. Everything is PAYE.
Do I need to complete a self-assessment form?