Pay periods not fully aligned with the tax year
Discussion
I have a zero hours minimum wage job where I'm paid by the hour, but I'm paid monthly.
Around the end of the tax year, my pay periods look like this:
19th Feb - 17th March - Paid on 25th March - Pay period 12
18th March - 14th April - Paid on 25th April - Pay period 1 for 24/25 tax year.
For working out how much to take from my pension without paying 40% tax, should I be only worrying about any earnings during pay period 12, or do I need to worry about most of the earning in pay period 1 for 24/25?
My current thinking is that the 23/24 tax year ends with pay period 12, and any earnings from 18th March -> 5th April count as being earned in the 24/25 tax year - although I'm not 100% comfortable with that.
Around the end of the tax year, my pay periods look like this:
19th Feb - 17th March - Paid on 25th March - Pay period 12
18th March - 14th April - Paid on 25th April - Pay period 1 for 24/25 tax year.
For working out how much to take from my pension without paying 40% tax, should I be only worrying about any earnings during pay period 12, or do I need to worry about most of the earning in pay period 1 for 24/25?
My current thinking is that the 23/24 tax year ends with pay period 12, and any earnings from 18th March -> 5th April count as being earned in the 24/25 tax year - although I'm not 100% comfortable with that.
Gassing Station | Finance | Top of Page | What's New | My Stuff


