arjsutherland
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Earnings over £100k PAYE & Self Assessment
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.