B98
Joined: 3/28/2024
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RE: I chose to pay my tax bill via my PAYE tax code I received a text asking me to pay my tax bill.
Hello all! I just got my month 12 pay slip from work. Please tell me, am I actually paying more tax by using tax code to pay off my SA bill? My tax code was changed to 694L, so any of my income above £44,640 will be taxed at 40% while with the standard tax code (1257L), 40% rate won't kick in until income is above £50,270. Thanks! -
RE: annual bonus tax implications
Hello, I have just received my pay from work today for this month (March) and I am very confused here. My annual salary is £43,500 (only started from 1 Jan 24, it was £41,000 before). I received a £1,140 profit share from work this month. The extra income tax that I have paid for this month is £455.60. I asked the payroll team at work for help and they told I am now in the 40% rate band. How can that be please? Let's forget about my annual salary was on £41,000 between Mar 23 and Dec 23, £43,500 + £1,140 = £44,640. It is nowhere near to the £50,271 (40% tax band). Seeing March is the last month of the financial year, have I missed something here? Many thanks!