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Hi my name is Lyanne and I’m the managing director of Wilds. The coronavirus outbreak is having a huge impact on everyone at the moment and we are trying to provide as much support as we can during this time. Have a look at our coronavirus updates on the website and contact us if we can help with anything else.

 

Bonus’s, Tax Codes & Personal Tax Accounts

It is recommended that employees who receive bonuses should check their personal tax accounts to prevent wrong tax code numbers being issued resulting in overpayments in tax.

HMRC’s systems may interpret irregular payments such as bonuses as recurring. They may then include the amounts in estimated income for the year. This could then result in the issue of an incorrect tax code number.

If you have received bonus’s or one off payments you should check the estimated in come employment figure in your personal tax account and this should be correct as necessary.

If you have any concerns or questions, please forward us extracts from the personal tax account and we will help you to interpret the information.

 

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