langers1974

Hello, Looking for advice on the new self assessment thresholds being over 150k now. I have a salary of 123k plus a potential 15% bonus (paid in March 25) Should I declare my actual salary (123K) with bonus - I will go into a 45% tax bracket and "if" I get the bonus, I should only pay the correct tax on the month I receive it (March 25) and not for the remaining 11 months (which would be 123K) so still being in the lower tax bracket (40%) So, what I'm trying to say is if I declare total earnings, its not a reflection on my actual wages on a monthly basis. Or do I need to do this now the thresholds have increased? Any help/advice would be greatly appreciated. Thanks

Thanks for the reply. How does this now work with the new self assessment rules being over 150k now. Also, If I declare my actual salary (123K) with bonus - I will go into a 45% tax bracket and "if" I get the bonus, I should only pay the correct tax on the month I receive it (March 25) and not for the remaining 11 months (which would be 123K) so still being in the lower tax bracket. So, what I'm trying to say is if I declare total earnings, its not a reflection on my actual wages on a monthly basis. Thanks

Hello! New to this community and I would like to pose a question about salary declaration. I have a basic salary of £123,500 and I have to file a self assessment every year, On the self assessment it asks for your estimated salary for the year ahead. I have submitted this as £123,500. I am also on a 15% yearly bonus and this could potentially increase my yearly earnings to $138,000 a) Do I need to declare my salary on my self assessment with a "potential" bonus or just my basic salary? b) If I get this bonus (not guaranteed) this will be taxed too with at the time when this get paid (March 2025) c) If I declare that my salary is a potential £138,000 and I don't get this, I'll be taxed at 45% for the year ahead. Any advice would be greatly appreciated. Kind Regards,