Overpaid On Payroll - Can I Reduce My Salary

[cojak]

As we're only half way through the tax year (well, just over) that's one heck of a miscalculation to have made.

How about you just don't pay yourself for the rest of this tax year?

This.

[northernladuk]

Being frank, do we actually want the rest of the story given that he is a tax avoiding (term not suitable for a professional forum)..

Totally this. Most of the OP's posts aren't even true so when he posts a situation that might even be half truth you know there is a lot behind it we don't really want to know or deal with.

[eek]

I suspect we've got 1/2 the story and maybe it affects more than one person, or maybe it's not for this tax year.

Being frank, do we actually want the rest of the story given that he is a tax avoiding (term not suitable for a professional forum)..

[WTFH]

As we're only half way through the tax year (well, just over) that's one heck of a miscalculation to have made.

How about you just don't pay yourself for the rest of this tax year?

I suspect we've got 1/2 the story and maybe it affects more than one person, or maybe it's not for this tax year.

[ladymuck]

As we're only half way through the tax year (well, just over) that's one heck of a miscalculation to have made.

How about you just don't pay yourself for the rest of this tax year?

[eek]

In my opinion, as long as you can justify the reduction in salary it should be fine. I think its possible to update previous payslips and when next RTI is done, it will take YTD figures with the reduction.

Just because a system is there to allow mistakes to be rectified doesn't open up the system to be abused.

Given that the salary has been paid - any change is now a complete lie rather than an innocent submission screw-up (especially as the person paid is the person 100% responsible for payroll submissions)

[northernladuk]

In my opinion, as long as you can justify the reduction in salary it should be fine. I think its possible to update previous payslips and when next RTI is done, it will take YTD figures with the reduction.

I assume he's taken too much salary so it's pushed him over a tax bracket so I really don't think HMRC will see that as valid justification.

[JHamp82]

In my opinion, as long as you can justify the reduction in salary it should be fine. I think its possible to update previous payslips and when next RTI is done, it will take YTD figures with the reduction.

[WTFH]

Hello fellow contractors

It looks like I have taken a lot more i salary then I had expected and the tax figures are very high - Am I able to correct a RTI paye submission and resubmit them? Or can I somehow have a negative salary one month?

I have the money to pay the company back so thats not an issue

Its more to do with the RTI submission to HMRC and whether that can be adjusted as year end approaches?

Any help much appreciated - Accountant said no !

Oops.

But are you a contractor or not?
Are you drawing funds as salary from your old Ltd?
Has someone tracked down taxes in UK v taxes in CH and isn't happy?

[eek]

Hello fellow contractors

It looks like I have taken a lot more i salary then I had expected and the tax figures are very high - Am I able to correct a RTI paye submission and resubmit them? Or can I somehow have a negative salary one month?

I have the money to pay the company back so thats not an issue

Its more to do with the RTI submission to HMRC and whether that can be adjusted as year end approaches?

Any help much appreciated - Accountant said no !

Accountant is right - you can't...

[NowPermOutsideUK]

Hello fellow contractors

It looks like I have taken a lot more i salary then I had expected and the tax figures are very high - Am I able to correct a RTI paye submission and resubmit them? Or can I somehow have a negative salary one month?

I have the money to pay the company back so thats not an issue

Its more to do with the RTI submission to HMRC and whether that can be adjusted as year end approaches?

Any help much appreciated - Accountant said no !