I leave my current job at the end of next and the accounts dept have said I will receive 2 weeks normal pay, plus 4 weeks holiday pay so an extra 2 weeks.
The total value of this will put me into the higher rate tax bracket - do I get taxed on my usual tax rate, or the higher tax rate even though my basic salary is below the higher rate threshold?
Questions And Answers
Am I taxed at higher rate?
asked by Dipesh Shinde posted 3 Years ago at 13:21
1-1 of 1 Answers
Andrew Diver answered 2 Years ago at 17:37, last modified: 2 Years ago at 14:56You will be taxed at the higher rate as this is how tax codes work allocating your rates and allowances evenly across the year on a monthly or weekly basis.
This would be adjusted for you when you start your new job and provide the P45, or alternatively register for job-seekers allowance.
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