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Where Taxpayers and Advisers Meet

Overtime/bonus

McNasty
Posts:1
Joined:Mon Jan 08, 2018 5:35 pm
Overtime/bonus

Postby McNasty » Mon Jan 08, 2018 6:52 pm

I have the opportunity to do some overtime and take up some bonus/incentive payments at work, however I am on the boarderline of having to pay back tax credits if I earn more this year.

My employer has stated that we have up to 4 months to claim for the overtime, meaning if I do the work now I can claim it in April's pay.

From a tax perspective would this count as earnings for this tax year (when I did the work) or next years (when I received the pay)?

Obviously I don't want to make money just to pay it back in tax credit repayments.

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: Overtime/bonus

Postby bd6759 » Mon Jan 08, 2018 10:19 pm

Depends on your contract of employment which will stipulate when you become entitled to earnings.


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