Boring tax question


#1

Got a bonus in my pay this month but for some reason my entire pay including bonus has been taxed at 40%
Is this an April thing?
Do I need to phone them up?
Where’s my money at?
1176L tax code if that means anything


#2

They have fucked up. If it was later in the year then maybe an adjustment if your bonus was taking you over the 40% threshold but in April… you’ve been fucked, pal.


#3

Because they’ll assume you’re now earning above the threshold. If you don’t breach the threshold you’ll get a reimbursement at the end of the year.


#4

At the end of the year? Fuck that noise that’s ages away


#5

you should be able to let HMRC know and they can do an adjustment within the PAYE year. I’ve been having multiple tax issues but found that they’re actually pretty quick and helpful to resolve things


#6

Yeah, they want that sweet sweet interest.


#7

Phone up work HR first or straight to HMRC?


#8

It’ll be next month if you fall back below the threshold


#9

Think you can request one before then


#10

That just means you get the standard personal allowance tax free (roughly £11760).


#11

Thanks m9s


#12

I don’t actually know, I’m just making most of that up tbh :woman_shrugging:


#13

phone up HMRC.


#14

On 1176L you start paying tax at £980 in April and go into 40% band at £3,855.

In May that will be double, so if your combined April/May earnings are below £7,710 at that time, any tax you’ve paid at 40% this month will be recalculated at 20% (effectively refunding you).


#15

Student loans have taken 500 bloody quid too, the cunts


#16

Yeah buy it’s broken down monthly.

So this month he’ll 931 and tax rest.

As long as you’re on a cumulative code in will sort it self put over the course of the next couple of months


#17

Yeah, I didn’t want to start talking any more in case I started talking bollocks, just wanted to reassure there was nothing odd about the tax code in that case.

Your/@SenorDingDong’s explanations are well put.


#18

Fucking hell, check out Mr 1%er here.


#19

If only! 40% mate


#20

Classic Tory assuming they’re part of the squeezed middle.