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Posted Fri, 05 May 2023 21:46:51 GMT by arjsutherland
I have a question about completing a self assessment for the first time. I am PAYE and my new (sole) salary is just over £100k, total earnings (with stocks and bonus minus pension sacrifice) putting me above the higher rate band of £125k. I completed a self assessment for 22/23 (because of my salary is over £100k), and I received a £4k tax bill, which i believe was down to my tax code (1059T) reflecting my salary, but not total earnings for the year. So my question is how can I avoid a surprise self asssessment tax bill for 23/24? 1. Get an accountant 2. Update my tax code to OT? 3. Increase my pension sacrifice to reduce my taxable income? 4. 1&2,3? 5. 1&2,3 & something else I havent thought about?! Any help would be gratefully recieved.
Posted Thu, 11 May 2023 16:06:35 GMT by HMRC Admin 20
Hi arjsutherland,

You can update your estimated income through the Personal Tax Account.
While this won't guarantee that you pay the correct amount of tax it does allow your tax code to be altered during the year to try and collect the correct tax as we go.

Thank you.

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