From P60 to 5/4/2013:
Tax deducted: 38111.20
Final tax code:558L
I hope this is helpful and answers your question.
If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
Is the 1st instalment to this year avoidable as breaching the £100k level is dependant on whether I get a bonus or not?(paid around July so wont know if I reiceve one or the value if I do receive until then)
Also is there a payment plan that I can work out with IR? If yes is it also available next year if I take that option for 12/13 & find myself in the same position post bonus payment 13/14?(ie. you only get the option once)
Part of my periodic pay is £444.76 cash for car (replaced company car scheme) is there any reduction option on that fact?
Steve, thank you for your reply. When completing your tax return you can elect to reduce your payments for 2013-14 to nil or submit a form SA303 - Claim to reduce payments on account. You can download the form here
You can certainly agree a payment plan with HMRC. You should be aware of interest and penalties payable if you don’t pay your tax on time
More information on this can be found here
The link to HMRC for payment support service is here
Periodic payment for car is deemed remuneration and chargeable to income tax at marginal rates.
When completing your tax return you can elect to reduce your payments for 2013-14 to nil or submit a form SA303 - Claim to reduce payments on account
I'm online on my assessment now & I don't see this facility - please advise where this is & do I insert teh £1118 figure you previously outlined as a 1 st contribution to 13/14?
Does marginal rate indicate a reduced tax rate not applied to my circumstances outlined - of yes how is this achied?
Steve, thank you for your reply...please accept my apologies for delay in responding. I was with a client. Please refer to notes on Page TCSN 23 covering Claim to reduce payments on account here
If your remuneration including bonus and car allowance puts you into 40% tax rate band then there is nothing you can do to reduce it other than to forgo the allowance.
need to find out re payment plan options & cant get through so may have a query after that....?