Can I claim tax back on my bonus??

Posted 2nd Apr 2016Available: National

Last months pay in march i recieved company bonus can I claim tax back on that???

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28 Comments

2nd Apr 2016

What makes you think you can claim tax back on a bonus ?

If you are taxed under PAYE then you will have paid tax surely.......

If you are self-employed you will include it under earnings......

2nd Apr 2016

No you can't claim it back

2nd Apr 2016

As above with the possible exception if the months wages put you into the higher rate tax bracket (for that pay packet) then you may be eligible for a partial rebate.

2nd Apr 2016

GAVINLEWISHUKD
As above with the possible exception if the months wages put you into the … As above with the possible exception if the months wages put you into the higher rate tax bracket (for that pay packet) then you may be eligible for a partial rebate.

I've never heard that before

2nd Apr 2016

You've had a bonus what more do you want, your not a banker are you, they seem to get their cake and eat it

2nd Apr 2016

How much was it lol ?

2nd Apr 2016

How much was it lol ?

2nd Apr 2016

Not on a bonus you can't. If it had been a gift then you don't pay tax

2nd Apr 2016

You can't make a claim to get your tax back specifically for your bonus, HMRC doesn't allow it. Contact your Tax Office to see whether you need to fill out a self-assessment at the Tax Year End for 2015-2016... which happens to be around now (April 5th). Generally, you can opt for a refund if overpaid tax over the whole year; this may be taken as cash or, adjusted through your 2016-2017 personal tax allowance.

2nd Apr 2016

Splodger101
You can't make a claim to get your tax back specifically for your bonus, … You can't make a claim to get your tax back specifically for your bonus, HMRC doesn't allow it. Contact your Tax Office to see whether you need to fill out a self-assessment at the Tax Year End for 2015-2016... which happens to be around now (April 5th). Generally, you can opt for a refund if overpaid tax over the whole year; this may be taken as cash or, adjusted through your 2016-2017 personal tax allowance.

Have you TRIED filling on those self assessment forms!!!! Was doing all right 'till the last few pages...unbelievable as for claiming tax back.How can a bonus be an"expence"?

oO

2nd Apr 2016

why should you get tax back on a bonus - it is still earnings ?

EliTom

2nd Apr 2016

depends on your tax code.

Although if due tax back it would be on your whole yearly earnings & not just a bonus.

What is your tax code?

2nd Apr 2016

YouDontWantToKnow
depends on your tax code.Although if due tax back it would be on your … depends on your tax code.Although if due tax back it would be on your whole yearly earnings & not just a bonus.What is your tax code?

Exactly as said above.

You potentially will have overpaid tax if, through the PAYE system, you have a non cumulative tax code. This can generally be identified if you have a M1 or W1 after your tax code.

That would indicate that your tax was calculated on a non cumulative basis and then there is the potentiol for your tax to have been too high due to the bonus etc.

I would look at your whole earning for the year, including your bonus, and manually work out what you should have paid in tax. If you have paid too much then give hmrc a call. If you have not paid to much, unfortunately that tax you paid on the bonus was correct.

Bonuses are just wages.

3rd Apr 2016

thanks for the reply people.....it was just a 1 off bonus as the company did really well in terms of profits....we all got £800 each on bonus....i just thought i could claim tax on it

3rd Apr 2016

Yes, I do actually complete Self Assessments and you obviously do not understand where I was coming from.. did i say 'expence' (sic)...nope I didn't. Dependent on the Op's employment status and annual income sources, filling out a tax return can be as straightforward as putting in your name, address, employer details, annual gross/net pay and tax code. Not really that difficult is it - if I can do it I am sure anyone can... unless you have complex tax arrangements - but I doubt that the Op has going by this very basic question. oO

lancsman
Have you TRIED filling on those self assessment forms!!!! Was doing all … Have you TRIED filling on those self assessment forms!!!! Was doing all right 'till the last few pages...unbelievable as for claiming tax back.How can a bonus be an"expence"?oO

3rd Apr 2016

I get a bonus every year and get shafted on Tax and NI. You can't claim it back, it's still a taxable income.

11th Apr 2016

thanks

11th Apr 2016

gsj87
I get a bonus every year and get shafted on Tax and NI. You can't claim … I get a bonus every year and get shafted on Tax and NI. You can't claim it back, it's still a taxable income.

How do you get 'shafted'?

deleted1080215

11th Apr 2016

GAVINLEWISHUKD
As above with the possible exception if the months wages put you into the … As above with the possible exception if the months wages put you into the higher rate tax bracket (for that pay packet) then you may be eligible for a partial rebate.

Absolutely spot on. Those who voted down this, don't understand the tax system. Though to be specific, you should automatically get this balance in your next pay period.

Edited by: "deleted1080215" 11th Apr 2016

11th Apr 2016

ask old dish face cameron, he might know how not to pay tax oO

11th Apr 2016

mrty
Absolutely spot on. Those who voted down this, don't understand the tax … Absolutely spot on. Those who voted down this, don't understand the tax system.

It seems you dont understand either because it all depends on your tax code.

Edited by: "YouDontWantToKnow" 11th Apr 2016

11th Apr 2016

mrty
Though to be specific, you should automatically get this balance in your … Though to be specific, you should automatically get this balance in your next pay period.

Though to be specific you are incorrect again. It was paid in the final month of payroll for the year so it will not automatically be refunded in their next pay period.

deleted1080215

11th Apr 2016

YouDontWantToKnow
Though to be specific you are incorrect again. It was paid in the final … Though to be specific you are incorrect again. It was paid in the final month of payroll for the year so it will not automatically be refunded in their next pay period.

Ok, a one in twelve chance you are correct, IF it was paid in the final period of the tax year. Even in that case, it would automatically (unless you have a complicated tax situation) be rectified by HMRC within a short period of time.

I'm not getting into a big discussion,splitting hairs etc, as I'm sure we could go on all night with rare variables and pedantic baiting.

deleted1080215

11th Apr 2016

YouDontWantToKnow
It seems you dont understand either because it all depends on your tax … It seems you dont understand either because it all depends on your tax code.Pedantic! No it does not depend on your tax code,for if you read the posting I was replying to, it is fair to assume that you would be in a lower tax tier, and the bonus ( which may have to be massive) could take you ,for that month, into a higher tax tier. the next month,with the way averages work, would drop you back into the lower tier. Unlikely, but possible.

11th Apr 2016

mrty
Ok, a one in twelve chance you are correct, IF it was paid in the final … Ok, a one in twelve chance you are correct, IF it was paid in the final period of the tax year. Even in that case, it would automatically (unless you have a complicated tax situation) be rectified by HMRC within a short period of time.I'm not getting into a big discussion,splitting hairs etc, as I'm sure we could go on all night with rare variables and pedantic baiting.

So why don't you say that you were just wrong? Because you were & the person you quoted was too?

11th Apr 2016

mrty
No it does not depend on your tax code

Yes it does. If they are on a week 1 or month 1 tax code than they may be entitled to a tax refund.

Edited by: "YouDontWantToKnow" 12th Apr 2016

deleted1080215

12th Apr 2016

YouDontWantToKnow
[quote=mrty] No it does not depend on your tax code

It does not depend on your tax code, only your 'position' within that code. For example;
if the tax allowance was £12K pa ( hypothetical, because it makes illustration simpler). that would be £1K per calendar month.
The first month you earned £800, you would pay no tax.(Your tax allowance is £1K, you have earned £800)
The second month, you earned £800,you would pay no tax,(your tax allowance is now £2K, you have earned £1,600)
The third month you earned £800 plus £700 bonus. You would pay tax on £100. ( Your tax allowance is now £3K, you have earned £3,100).
The fourth month you earned £800. You would get a tax rebate ( Your tax allowance is now £4K, you have earned £3,900).
So, it is the position of the tax payer within their code. The only way this could not happen is if you were in the highest tax bracket. even if you were on week 1 or month 1 you would still be treated the same.

emporary tax codesRefunds may also be due when individuals are paying tax … emporary tax codesRefunds may also be due when individuals are paying tax on a Month 1 or Week 1 basis. These are emergency codes and should only be in place as a temporary measure until HMRC has the necessary information to issue a permanent code.

http://taxaid.org.uk/guides/taxpayers/tax-for-employees/refunds-for-employees

I say no more. I'm bored with this.

12th Apr 2016

YouDontWantToKnow
[quote=mrty] No it does not depend on your tax code

emporary tax codesRefunds may also be due when individuals are paying … emporary tax codesRefunds may also be due when individuals are paying tax on a Month 1 or Week 1 basis. These are emergency codes and should only be in place as a temporary measure until HMRC has the necessary information to issue a permanent code.

Yes it does.

And I am bored too. By the way I used to payroll 150 people in my business so you can google what you want.