Tax question ?

[Kemik]

Cos the are unbelievably gay.

From July to July any overtime we work is accrued and then payed to us in september, no idea why they do this they just do lol If i leave tomorrow they will pay it to me as they have to same as any holiday hours accrued but not taken.

I got 66 overtime hours roughly since july 10 to a week ago, but because a lot of people ask to be paid it early they said no. However my area manager decided the reason i wanted it was a good one so arranged for a company loan of the same amount to be lent me. But now they telling me i need to pay NI & Tax on this loan.

Tomorrow i am going in to get it so will be talking to the HR officer dealing with it and explaining how i shouldn't pay Tax & NI.

Sorry, didn't read the whole thread. If it relates to your employment income and is not an employee loan, you're actually getting a bit of benefit in terms of NIC if you get a huge lump sum in one month as NIC is calculated on the same period as you are paid, e.g. monthly. So, instead of monthly overtime NIC at 11%, you'll get some NIC at 11% and the rest at 1%. (This is assuming you're not a high earner). However, your personal allowance and tax bands are allocated on a monthly basis too so not 100% sure how it would affect your income tax for the month. You could always claim it back at the end of the tax year.