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Posted Wed, 21 Feb 2024 09:11:35 GMT by
Hello, I earn £45,864 per annum. This year in March I am to get a £4,953 bonus. Knowing the threshold to get taxed at 40% is £50,271, and this total will bring me up to £50,817, what will be the tax for the month I get my bonus? I am thinking of asking a lower bonus so I get under the £50,271 mark. Thank you, 

Name removed admin .
Posted Thu, 22 Feb 2024 07:22:24 GMT by HMRC Admin 25
Hi titelalex972,
With your bonus being paid in your last wage of the tax year, you will most likely only be charged the 40% rate on the £546 you ultimately earned at the higher rate.
If you are overtaxed on your earnings, though, you would receive this back shortly after April, when we reconcile your pay and tax for the year.
Thank you. 
Posted Thu, 22 Feb 2024 08:44:59 GMT by titelalex972
Hello, Thank you for your answer. So does that mean I will pay 20% as usual plus 40% on that extra £546? Good to know that if I get over taxed it will go back to me after April.
Posted Mon, 26 Feb 2024 13:24:59 GMT by HMRC Admin 19

That's correct, though the figure of tax paid may differ slightly depending on other factors, such as adjustments to your code, other sources of income and so on.

Thank you.

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