P45 pay entries
Options
radiohype
Posts: 2 Newbie
in Cutting tax
I was comparing the amount in 'Total pay to date' in Box 7 of a P45, from this year 23-24, with the amount shown in my final pay slip and noticed the value in the pay slip which correlates with the P45 value is actually the 'Taxable pay' in the pay slip. Isn't this incorrect and the amount shown in the P45 should be the 'Total pay' shown in the pay slip ie the gross amount. I entered the Taxable pay in the gross amount of my Self Assessment before checking against my pay slip; I shall have to change value to gross amount in self assessment. My suspicion was confirmed when I saw was due a substantial tax refund in my self-assessment calculation which as the employment was PAYE, was not expected.
0
Comments
-
HMRC are interest in taxable pay.
Is the higher amount before net pay pension contributions are factored in?1 -
Thanks, I think you may be correct as I did make company pension contributions. However I have now managed to contact my previous employer and they have confirmed that I should use the total gross pay shown in my final pay slip for my Self-Assessment payment entry; this value would have been shown in my P60 if I was to get one. So ignore P45 values.0
-
radiohype said:Thanks, I think you may be correct as I did make company pension contributions. However I have now managed to contact my previous employer and they have confirmed that I should use the total gross pay shown in my final pay slip for my Self-Assessment payment entry; this value would have been shown in my P60 if I was to get one. So ignore P45 values.
0 -
radiohype said:Thanks, I think you may be correct as I did make company pension contributions. However I have now managed to contact my previous employer and they have confirmed that I should use the total gross pay shown in my final pay slip for my Self-Assessment payment entry; this value would have been shown in my P60 if I was to get one. So ignore P45 values.0
-
What date is your P45 issued to?0
Categories
- All Categories
- 343.7K Banking & Borrowing
- 250.2K Reduce Debt & Boost Income
- 449.9K Spending & Discounts
- 235.8K Work, Benefits & Business
- 608.9K Mortgages, Homes & Bills
- 173.3K Life & Family
- 248.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards