How to declare bonus?

Hello, I was paid a bonus this month of £10k. What is the best way to inform the HMRC of this bonus? Can I just update my estimated earnings for this year in my personal tax account? Then once I have done this when April 2024 comes around I can go in and reduce my estimated earnings for the next tax year back down 10k?

Hi James F,

As your payment will have been paid as part of your salary, this should automatically update on our system. you can check your personal tax account to make sure and update if necessary.

Thank you.

Hello, no it has not updated. My previous salary was set to be £140,000 before the bonus and now I've checked my personal tax account it's still set to be that. Should I update it to be £150,000?

Hi James F,

Yes, to ensure your tax code is correct for the remainder of the year.

Thank you.