You are reading a single comment by @Howard and its replies.
Click here to read the full conversation.
London Fixed Gear and Single-Speed is a community of predominantly fixed gear and single-speed cyclists in and around London, UK.
This site is supported almost exclusively by donations. Please consider donating a small amount regularly.
Howard
Grumpy_Git
Indeed.
Variable pay (bonuses, on-call payments, etc) mess with the calcs.
And at the end of the (tax) year you've then got P11D related things (various BIK things), plus stuff like the high-income child benefit charge, etc.
PAYE gets it mostly right if you're in the job for the whole tax year, but there's still a chunk of work to do each year. If you join/leave part way through then all bets are off, also if you've brought in previous wages/taxes via a P45.
IM(limited)E tax codes tend to represent the year just gone, which may not be what the year ahead will look like.