FOAK: tax changes

anyone know anything about tax changes in the 10/11 tax year?

we get a bonus from work and we've been offered the option to take 75%
of last years bonus in this tax year (ie payable in March) with a
second payment in May.[1]

anyone any idea? they have a information session about this Tuesday
but I'm offsite. As I'm going to be paying maximum tax on it in either
tax year I don't see the difference but I'm guessing there's something
changing government wise. Last year it was about 8K after tax.

[1] as they don't know the company performance figures yet they cant
work out the final figures.
--
Adie
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UKRM FAQ: http://www.ukrm.info/faq/

YZF-R1 : FZ1N : RD350LC
(anyone would think I was partial to Yamahas)
keeper of the FAQ for my sins
MRO#11 BOTAFOF#7 BOTAFOT#130 DIAABTCOD#17 MIB#24 YTC#16
BOB#15 ex-UKRMMA#22 BOMB#11

 

I don't think your employer got caught under the financial services
bonus tax, but you want to talk to SWK about that. IIRC there's also the
issue with the 50% top rate band but I think that was partially
determined by previous years income or somesuch shit.

Unless you're banking on not getting any bonus next year I can't really
see how it would make much of a difference.

 

Have a read of this

http://www.hmrc.gov.uk/rates/it.htm

and get out your calculator [1]

[1] or slide rule if you prefer.

 

as far as I can see its only if you earn more than 100K then its about
the same. well apart from national insurance that is.

I don't see any loss in getting it in this tax year and to me its
better in my bank than theirs.
--
Adie
(replace spam with nickname to reply)

UKRM FAQ: http://www.ukrm.info/faq/

YZF-R1 : FZ1N : RD350LC
(anyone would think I was partial to Yamahas)
keeper of the FAQ for my sins
MRO#11 BOTAFOF#7 BOTAFOT#130 DIAABTCOD#17 MIB#24 YTC#16
BOB#15 ex-UKRMMA#22 BOMB#11

 

Absolutely. And if you're going to save it and you two haven't used up
this year's cash ISA allowances you can stick it in there.