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Week1/Month1 Tax & Bonus

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In August I was popped onto a week1/month1 tax code and been paying a little more tax as a result. I get that it runs for the rest of the tax year.
However I'm due to receive an annual bonus in what would be the 1st April pay day. Am I about to get spanked for a load more income tax than I would be if I was on a normal tax code?

Comments

  • Nomunnofun1
    Nomunnofun1 Posts: 689 Forumite
    500 Posts Name Dropper
    M3Cobb said:
    In August I was popped onto a week1/month1 tax code and been paying a little more tax as a result. I get that it runs for the rest of the tax year.
    However I'm due to receive an annual bonus in what would be the 1st April pay day. Am I about to get spanked for a load more income tax than I would be if I was on a normal tax code?
    Who can say without knowing? :

    Your old tax code
    your new tax code
    the reason for the change
    your taxable earnings 
    your bonus

  • eskbanker
    eskbanker Posts: 37,282 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    M3Cobb said:
    In August I was popped onto a week1/month1 tax code and been paying a little more tax as a result. I get that it runs for the rest of the tax year.
    However I'm due to receive an annual bonus in what would be the 1st April pay day. Am I about to get spanked for a load more income tax than I would be if I was on a normal tax code?
    Tax codes drive the PAYE deductions but don't actually affect your tax liabilities as such, so once the full year position is established then any over- or underpayment can/will be resolved then.
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