High rate tax

[rodders]

Might be a dumb question, but just want to be clear in my head.

I've done my self assessment and I owe £1k. I can either pay it off or adjust my tax code for 2023/24

If I did the latter, they will lower my tax allowance so I pay them more back.

But then, in essence, as my tax allowance is lower, I'll hit high rate tax sooner and pay more @ 40%

Or am I wrong, it will just all work itself out and be fine?

 

[rodders]

pay it off
then increase your pension contribution so you're not paying 40%

I have increased it, but I don't want to put all of it in, as I want some now. I know its better long term, but money now is also good.

 

[rodders]

Self assessment due to claiming child benefit. I owe £584 of that back and it seems even though I'm on PAYE, I am £500 short in tax as well. So £1k total to repay.