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Posted Sat, 27 May 2023 22:17:46 GMT by Krissypea
Hello My annual and monthly income would normally remain in the 20% tax bracket ( 3600 a month/ 43000 a year ) , if I was to receive a bonus where my total income for that month only was 6100 , would I have to pay 40% tax on a portion of it ? Despite my total annual income still being below the threshold for the higher rate tax rate and therefore taxable at 20% ? Many Thanks
Posted Wed, 31 May 2023 15:22:04 GMT by HMRC Admin 25
Hi Krissypea,
You would likely pay 40% on that months payment.
 As your pay would fall back down to the lower level the following month, you would get a refund by way of paying less tax than you normally would.
Thank you. 

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