loukea0
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RE: annual bonus tax implications
Hi, I have a salary of £36,500 and am due to receive an annual bonus in August of £8000. I have just received my payslip and my total pay has been taxed £3,353 where I normally pay about £355 in income tax. How will I receive this money back? This bonus only birngs my annual income to £44k and doesnt take me over any higher tax bracket. Also, how is your mandatory student loan payments taken in to account? As these have taken 10x what they normally take? Even if I receive a complete NI tax rebate I will still be paying well over what I should on income tax for 1 bonus payment per year?