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Posted Thu, 12 Jan 2023 10:51:35 GMT by TaxHelp76
Hello, I earn ~£65k per year. I have a tax code of 1257L. My wife collects Child Benefit for 2 children and i submit a Tax return to pay this back due to my salary over £50k. We do this so she claims her National Insurance stamp. She doesn't earn over £12k. I also got a large bonus this year ~£80k which will take me over £125k limit for keeping my £12,500 tax band. I need to work out what my Tax return will be? How can i work this out? I will pay child benefit back but how can i work out now what extra tax i will owe? My bonus has been taxed already through PAYE. Than you
Posted Tue, 17 Jan 2023 14:11:25 GMT by HMRC Admin 32
Hi,

You can estimate your tax bill here.

Estimate your Income Tax for the current year

Thank you.
Posted Tue, 17 Jan 2023 17:27:19 GMT by TaxHelp76
This doesn't work for me for the reasons stated in my post. I already tried.
Posted Fri, 27 Jan 2023 12:19:30 GMT by HMRC Admin 20
Hi TaxHelp76,

If you have already received the bonus, the PAYE system tries to amend your tax code in order to remove your Personal Allowance and to try and collect any shortfall of tax before the end of the year.
If you use the tool to estimate your tax before and after the bonus, you will be able to see the expected amount of tax for you to pay this year.

Thank you.

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