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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Any Tax UK professional I finishing my job by the end

Customer Question

Any Tax UK professional
I finishing my job by the end december
I will receive a redundancy payment package( years that I work)
total > £122- company will take income tax ( 45%) + NI employee
In Addition in January I will received a Shares Payment ( around £50K) after company will take income tax ( 45%) + NI employee
and in March I will received a bonus Payment ( around £30K) after company will take income tax ( 45%) + NI employee
Question After company pay UK income tax ( 45%) + NI employee
do I have to pay any other tax for payments that I will received in January and March?
Thanks
Submitted: 11 months ago.
Category: Tax
Expert:  TonyTax replied 11 months ago.
Hi. You don't tell me how much you earn annually or whether you complete a self-assessment tax return each year. However, I would make the following points: 1 The highest rate of income tax in the UK is 45%. As your employer appear to be intent on deducting tax from your redundancy payment, the shares payment and the bonus payment at 45%, you cannot by definition have any more tax to pay on those. 2 If you don't complete an annual self-assessment tax return, it would be a good idea to ask HMRC for a P800 tax calculation so that you can check your overall tax position for 2015/16. Assuming you don't take another job before the start of the 2016/17 tax year on 6 April 2016, you may have some unused personal allowance which could leave you overpaid, at least on your salary, to the date you leave your job. I hope this helps but let me know if you have any further questions.
Customer: replied 11 months ago.
Hi Tony
thanks
I make 125K + bonus total at the end of year around 220K
yes I make a self assessment
What is a P800 tax calculation?
I don't have to pay Capital gain of anything
?
JP
Expert:  TonyTax replied 11 months ago.
A P800 is a tax calculation sent to those who don't complete self-assessment tax returns. As you do, it is irrelevant. You should complete your tax return for 2015/16 and that will give you a tax calculation (SA302) which will summarise your tax position for the year. As the "profit" on the shares (the difference between their value and the sum if anything you paid for them and the amount on which you will pay income tax and NIC) will be subjected to tax and NIC, the shares base cost will be their value on the day that they are exercised/taxed. That cost will be the sum if anything you paid for them and the amount on which you will pay income tax and NIC, ie the value on the day of vesting or exercise. I suspect they will all be sold so that the tax and NIC can be funded and, if that is the case, there will be no CGT buit you will need to report the disposal.

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