Will I get cash back??

[sleepdodger]

... From the tax man?
I'm on mat leave, and today got my annual (non gauranteed) bonus :-) but lost half of it in tax as it pushed me to 40% tax category (if I earned that each month iyswhm) however from next month will only be on smp so clearly my overall annual salary Inc the bonus would be nowhere near 40% territory, so will I get some of the tax back (clutch at straw) and will it be at end of year eg cheque or each month a bit more in payslip?
Thanks

yes if you have overpaid you will get it back at the end of the tax year

You will pay far less tax now that you are on SMP but you will have to make a claim to get the overpaid tax back. If you're still in paid employment between now and April 2012 (and if you are on SMP that counts) a self-assessment tax form submitted next May once you get your P60 might be the easiest way. If you stop being in paid employment completely between now and the end of the tax year you could make a claim now (see the HMRC website for details on how to do it).

Sleepdodger, I am assuming you are being paid through PAYE and if this is the case, you should not need to fill in a self assessment form and will get the overpayment back through normal payroll.

Under PAYE your tax should be calculated on an ongoing basis and the calculation backdated to the start of the tax year every payment period. So in your next month's pay, your income for the current tax year will be offset against your pro-rata'd allowances and any overpayment due at that date returned in that months payment and so on for subsequent months. It is this calculation that meant you were assumed to be a higher rate taxpayer because of your bonus this month and therefore the tax deducted in the first place iyswim!

How quickly you get it back will depend on how quickly and by how much your income falls. It is unlikely you will need to fill in a self-assessment form given what you have said and the fact that by the end of the tax year you should have already had your overpayment returned. Enjoy your mat leave!