I've very rarely had to claim overtime previously so I'm not entirely familiar with how it works.
Following a transfer and a reduction in contracted hours I've now accrued over 60 hours (!!!) overtime over the last 4 weeks, which due to usual RM incompetence NONE of which has yet been paid.
At this rate I'm going to be getting 4 figure weekly wage slip on the week when this does eventually get paid, so my question is am I going to get hammered for tax and if so is there anything I can do about it?
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Owed Overtime Tax Situation?
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wacko74
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TrueBlueTerrier
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Owed Overtime Tax Situation?
you will pay basic tax on ALL earnings beyond your tax free threshold, up to the next band.
So you will pay tax on the 60 hours OT and the tax should be the same if you get it in 10 x 6, 1 x 60 or 2 x 30.
So you will pay tax on the 60 hours OT and the tax should be the same if you get it in 10 x 6, 1 x 60 or 2 x 30.
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