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  • FIRST POST
    • gillet3000
    • By gillet3000 12th Feb 18, 2:31 PM
    • 2Posts
    • 1Thanks
    gillet3000
    Going over personal allowance last month
    • #1
    • 12th Feb 18, 2:31 PM
    Going over personal allowance last month 12th Feb 18 at 2:31 PM
    Hi there,

    I have only been working since October and am yet to pay any income tax due to the fact my tax code is 1150L. I will go over the personal threshold of 11,500 on payday at the end of March and I am wondering if I will be charged for all the tax in that month for the whole of the year so far? Or will I only be taxed on the extra amount over 11,500?

    Any help would be much appreciated as this might be a bit of a shock if all is paid in one go.

    Thanks!
Page 1
    • vacheron
    • By vacheron 12th Feb 18, 2:43 PM
    • 831 Posts
    • 764 Thanks
    vacheron
    • #2
    • 12th Feb 18, 2:43 PM
    • #2
    • 12th Feb 18, 2:43 PM
    You'll only be taxed on the amount in excess of your personal allowance, so if at the end of March you have earned 11,600 you will be taxed 20% on 100 (20)

    Don't forget that the financial year ends in march, so in April you will have an new allowance of 11,850.
    The rich buy assets.
    The poor only have expenses.
    The middle class buy liabilities they think are assets.
    Robert T. Kiyosaki
    • gillet3000
    • By gillet3000 12th Feb 18, 2:50 PM
    • 2 Posts
    • 1 Thanks
    gillet3000
    • #3
    • 12th Feb 18, 2:50 PM
    • #3
    • 12th Feb 18, 2:50 PM
    Thanks Vacheron, that is a relief!
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