Overtime mix up & Tax codes

[bunchofkeys]

Just noticed that the overtime i worked in Jan 2020 has not been paid, a total of 58 hours outstanding (as a FTC)
I will be looking to obtain the payment asap, however my concern now is that i will be paid in the tax year of 2020/2021 instead of 2019/2020.
So I'm assuming the extra payment will bugger up my tax free allowance?

Is there a way that i can receive the payment due, but without it altering my current tax code?
It was 1250L at the end of the last financial year, where it is now something different.

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Hi MODs
Please could you leave this in the Finance section, as i am asking a question that is related to Tax codes.
The payment will be made to me, but i would like to know if there is an efficient way of receiving it.
Thanks

Edited by bunchofkeys on Sunday 3rd May 17:40

[Scootersp]

I don't think your tax code will have changed this year.

Were you near or over the 40% tax rate last year and/or projected for this year?

[bunchofkeys]

Scootersp said:

I don't think your tax code will have changed this year.

Were you near or over the 40% tax rate last year and/or projected for this year?

Payslip already shows a different tax code for this year, as I'm easily in the 40% for this year, without the missing o/t.
Previous year, i would have been in the 40% rate, but it was calculated from Jan 2020 to April 2020, so 1250L.

Edited by bunchofkeys on Sunday 3rd May 17:59

[Scootersp]

If you are/were in the higher tax band both years I don't think you'll lose as the overtime would be charged at the same rate regardless?

[bunchofkeys]

Ah ok, looking at the brackets, the extra overtime won't push me into the additional bracket for this financial year.
I was thinking along the lines of maximising the allowance from last year, and if there was away to do so, given when it should have been paid.

But if that's not possible or it's really not worth the hassle, then i will just look to obtain the outstanding payment and carry out as usual.
Thank you for the help.

[edc]

The tax code and the marginal tax rate are different things.

You could have a 1250 code and earn £25k or £85k.

You will pay income tax based on your earnings for the year in each payroll month or period.

[Countdown]

If you were in the 40% tax bracket for both years the only thing you might need to think about is whether the extra money this year pushes you into the Child Benefit High Income charge.

https://www.gov.uk/child-benefit-tax-charge

[bunchofkeys]

Countdown said:

If you were in the 40% tax bracket for both years the only thing you might need to think about is whether the extra money this year pushes you into the Child Benefit High Income charge.

https://www.gov.uk/child-benefit-tax-charge

I never even thought of this!
Does it still apply to divorced parents, and one has pretty much full custody (not me).