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  • FIRST POST
    • iamjustjess
    • By iamjustjess 9th Apr 18, 12:59 PM
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    iamjustjess
    Payments Overlapping Financial Year Question
    • #1
    • 9th Apr 18, 12:59 PM
    Payments Overlapping Financial Year Question 9th Apr 18 at 12:59 PM
    I finished my job at the end of March. I was only there for half a year, and was a student before that, so didnít meet the tax threshold for earnings during the previous financial year.

    In that role I accrued holiday hours which I was unable to take (due to the needs of the service and lack of capacity in the team) and it was agreed I would be paid for these hours at the end of my contract.

    Given that my job ended and the holiday was accrued during the previous financial year, I feel like the payment should be counted against the previous financial year, even though it will be made and received in this financial year. (This would be advantageous to me as it will be several hundred pounds tax free, as even with this amount, it would still leave me under the £11.8k threshold!)

    Do I need to specify, when asking them to make the holiday pay payment, that I want them to make sure that it is counted against the previous financial years earnings? Or will they do this already?

    If they don't do this and the payment goes towards this financial years amount, am I able to get them to change it after the fact? I don't know why I should lose out just because they failed to pay me on time.

    Thanks in advance.
Page 1
    • sheramber
    • By sheramber 9th Apr 18, 1:23 PM
    • 4,512 Posts
    • 3,408 Thanks
    sheramber
    • #2
    • 9th Apr 18, 1:23 PM
    • #2
    • 9th Apr 18, 1:23 PM
    Tax is assessed when payment is made regardless of when it accrued so you cannot have it credited to a previous tax year.
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