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Tax, I don't understand?

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Pie-Roe
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Joined: 05 Feb 2007
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PostPosted: 13:57 - 06 Jun 2008    Post subject: Tax, I don't understand? Reply with quote

Hello, quick one from me on tax.

I was recently working for a year at a company, then changed job.
My end of year from that company arrived.

My tax code was 527

I got 5833.63 in the year (not bad for a weekend job Smile)
I paid 289.23 tax.

By my reckoning, and my mum's friends reckoning. It should have been:

I went 563.63 over my free tax limit.
Therefore I should get taxed 20% on that. So thats 112.73

So as I paid 289.23, I *should* get 176.50 back.

Can anyone confirm this? and if so who do I contact? my local tax branch? Or my ex employers local tax branch?

Cheers
pyro
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psimpson
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Joined: 06 Jul 2007
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PostPosted: 14:09 - 06 Jun 2008    Post subject: Reply with quote

Yes I believe that that figure is correct because...

Total earnt = £5833.67 - Tax Free Allowance £5270 = £563.67
Taxable Pay = £563.67 * taxable rate of 20% = £112.734

Paid £289.23 in tax - tax due £112.734 = £176.496 (refund)

I believe that you should be due a refund...

You should have your end of year certificate which has instructions on how to claim for a tax rebate.

If not check out the HMRC website, there should be contact details for your local tax office, you will need your NI number.
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Itchy
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Joined: 07 Apr 2005
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PostPosted: 16:02 - 06 Jun 2008    Post subject: Reply with quote

no you should get it all back , come October there is a election bribe temporary + £600 in the personal allowance.

Thus you should have no tax to pay , however check your NI contributions if that particular year counts if you intend to retire in the UK that is.
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yambabe
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Joined: 12 Jul 2004
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PostPosted: 00:21 - 07 Jun 2008    Post subject: Reply with quote

What date did you start to work for that company, and did you have any taxable earnings from anywhere before that?

Looks like you are indeed due a rebate if that was your only earnings from April to April, and more than you think because last year the 10% starting rate was still in place for the first £2150 so that is what you should have been taxed at. (Itchy consider yourself slapped for getting that wrong!)

Also any idea why your tax code was 527 when the basic last year was 522? That will also figure in the calculation..............
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Pie-Roe
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Joined: 05 Feb 2007
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PostPosted: 07:52 - 07 Jun 2008    Post subject: Reply with quote

I'm only 17. Didn't have any taxable earnings for that year no. Only the year before. I filled out one of those forms to say it was my only job and I was in full time education, if that did it.
Pyro
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Pie-Roe
World Chat Champion



Joined: 05 Feb 2007
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PostPosted: 22:32 - 27 Jul 2008    Post subject: Reply with quote

I never did get around to claiming this, how do I do so?

And I've lost the document that says this stuff
Do I need it?

Pyro
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carvell
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Joined: 05 Sep 2003
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PostPosted: 22:55 - 27 Jul 2008    Post subject: Reply with quote

Yes, you do.

Find it before working out how to claim stuff back. It's probably your P60.
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