53rd week

A question about : 53rd week

I just recieved notice from my emplorer that 2004/5 will be a 53 week pay year. Does anyone know how / if this affects CTC.
Regards

X

Best answers:

• Let me reply to myself to clarify my point (First time posting. Sorry).
  I worked out my income for this year based on my basic times 52 weeks. I've now earned approx. Ј370 more than I thought which pushes the limits for my daughters EMA and means I'll get less CTC next year. My actual question therefore is, if I tell the IR that I had 53 weeks pay 2004/5 will they take it into account assessing for 2005/6 or ignore one weeks pay.
  I also had an extra weeks expences so really gained very little out of this.
  Regards
  X
• I would guess that they'll take it into account for the next assessment... not sure... I wonder if many people have fallen into that one?
• This might work out OK for you, if I've understood you correctly.
  Your P60 for this year will show Ј370 more income than you have declared and this higher figure is the one you'll put on your renewal form. But as long as this plus any other pay rises you've had since last year don't total more than Ј2,500, you won't lose any of the money you've received this year.
  They will include the extra Ј370 in setting your provisional award for next year (when you send your renewal form). But you won't lose that CTC. You can either phone them up and give them a revised 2005/06 estimate, or wait until after April 2006 when you renew and you'll get a refund (assuming you haven't had any other pay rises).