Tax help

[slinxy]

Might just have a word with finance in January and have them sacrifice 1.1k per month of my jan-april wages into my pension.

Jan till March…. That’s what I’ve done, I’ve doubled my pension contributions for the next three months.

It’s a good time to do it with NI dropping 2% and like most people I tend to by my council tax in 10 months.. so there’s no council tax to pay for in Feb and March.

I live of savings for those months if needed… my bonus will be going straight to my pension.

The only issue is that I get my payrise in March, work should give me a clear 4 weeks notice.. so I can rejig it before I get paid.

 

[crazyDAJT]

What bugs me, is that I have to self declare to HMRC that I earn over 50k... which they already know. So that they can force me to pay a £900 lump sum in tax... to repair tax credits.. which they knew I'd have to... and could have spread it across the year...

If you do your tax return before a certain point (dec or jan I think) you can choose for them to recover that much via your tax code (reduction in personal allowance)

So it gets paid in PAYE at source.

 

[Diagro]

If you do your tax return before a certain point (dec or jan I think) you can choose for them to recover that much via your tax code (reduction in personal allowance)

So it gets paid in PAYE at source.

I'd rather not do a tax return at all tbh

 

[Deleted User 298457]

If you do your tax return before a certain point (dec or jan I think) you can choose for them to recover that much via your tax code (reduction in personal allowance)

So it gets paid in PAYE at source.

Only if its less than 3k

 

[crazyDAJT]

Only if its less than 3k

But @Diagro said he owes approx £900 as a valid way to approach this.​

I'd rather not do a tax return at all tbh

it takes like 15-20 mins unless you tax arrangements are complex. But welcome to the stupid complex tax system of the UK.