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  • Filled out tax return and I owe money but my tax code has already been adjusted.

    In the 2022-2023 tax year I earned £30,000 in bonuses, paid in 3 lots of £10,000. As a result my tax code was altered so the extra tax could be collected. On my personal tax account when I look at my PAYE income tax calulation it says "You did not pay enough income tax for a previous tax year, you owe £3733" and "To collect this we have reduced your personal allowance by £8295. This means you will pay more tax until 5th april 2024 so we can collect the £3733 owed". I also received a letter to inform me that I needed to fill out a tax return. On completing the tax return I was informed that I owed to pay £3885 in tax and gave me instructions on how to pay. I am assuming because the tax I owe is already being collected by the change to my max code that I don't need to pay the £3885 bill but wanted to confirm this by posting here.
  • RE: How to declare bonus?

    Hello, no it has not updated. My previous salary was set to be £140,000 before the bonus and now I've checked my personal tax account it's still set to be that. Should I update it to be £150,000?
  • How to declare bonus?

    Hello, I was paid a bonus this month of £10k. What is the best way to inform the HMRC of this bonus? Can I just update my estimated earnings for this year in my personal tax account? Then once I have done this when April 2024 comes around I can go in and reduce my estimated earnings for the next tax year back down 10k?
  • Pay rise given as salary bump plus quarterly bonus

    Hi, I've recently been approved for a pay rise from £100,000 a year to £140,000 year. This will be paid to my in the following way: My salary has been increased to £120,000 a year and then I will receive 4 guaranteed bonuses of £5000 each business quarter. My question is how do I inform HMRC about this and what my options are? Do I tell HMRC that my pay has been increased to £140k or do I need to explain the intricacies of how it is paid? If it's the former then will that mean I will be paying a disproportionate amount of tax on a normal month where I don't get any bonus to account for the 4 months where I do get the bonus?