Bonus paid in January but emigrating - Tax implications?

R

River

Registered User
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153
Hi,

My company pays bonuses at the end of January for the previous year. As its the start of the tax year, we get hit pretty hard on tax. Last year I remember paying 56% to the revenue on bonus received (5 figure sum).

I am planning on emigrating to the UK for work reasons at the start of next year with the same company I work for now. I will likely be gone 3 years.

My question is whether I would be better off waiting until the bonus is paid while I'm working in Ireland so that my income at the end of the year shows a figure that would command a much smaller PAYE tax burden.

Or would a double tax treaty or pro rata of credits / band mean any benefit is diminished?

Any advice appreciated.

thanks
R
 
River said:
Hi,

My company pays bonuses at the end of January for the previous year. As its the start of the tax year, we get hit pretty hard on tax. Last year I remember paying 56% to the revenue on bonus received (5 figure sum).

I am planning on emigrating to the UK for work reasons at the start of next year with the same company I work for now. I will likely be gone 3 years.

My question is whether I would be better off waiting until the bonus is paid while I'm working in Ireland so that my income at the end of the year shows a figure that would command a much smaller PAYE tax burden.

Or would a double tax treaty or pro rata of credits / band mean any benefit is diminished?

Any advice appreciated.

thanks
R
Click to expand...


Not being smart here, but with the money you're talking about the best bet is probably to get a professional tax advisor - the potential savings could dwarf the fee
 
Interesting... I wonder is it only the first three months of income that are not assessed in the UK?
 
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