Help with taxes

[Canyoudigityesyoucan]

I started a new job on 3 Jan 23.

Although I got my last pay from my previous role on 31/12/22, because I get a quarterly bonus, I’m still due to be paid by my old business on 31/1/23 (no salary, just pure bonus)

I therefore don’t have a P45 but have submitted a new starter checklist with my new role. I’ll get my P45 likely after I’ve had my bonus.

Question is: how bad will the tax be given I don’t have a P45 and have only submitted new starter form and am technically being paid by two places?

Will I pay emergency tax on the new salary and normal (higher rate) on the bonus?

You’ll have you usual tax code applied to bonus from old job and BR code applied to new salary so 20% tax deducted.

@Morph22010 thank you! You made that sound so simple….

To clarify as just read back and not totally clear, 20% from new job I mean. What’s deducted from bonus will depend on your tax code and earnings in year so far.

once your old job has issued p45 hmrc will automatically issue a new tax code to your new employee and your tax to date will then right itself when that’s applied to next salary

Thanks- think I get it.

so for bonus expect to pay tax based on my normal tax code (as in the same tax code I had for December’s pay from my old job

But for my new job I’ll actually pay less tax as it will be at basic rate of 20% instead of the higher rate I pay as I earn over the threshold….

Yes but then it will catch up and you’ll pay the higher rate tax when your tax code is amended