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Gap year tax back?

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benjami
Nearly there...



Joined: 14 Nov 2007
Karma :
PostPosted: 12:50 - 17 Apr 2009    Post subject: Gap year tax back? Reply with quote
Hi,

Heard on the grapevine (hence why i'm not so sure that its true) that as i'm on a gap year, and have been accepted into uni, that I can claim back any tax i've paid?

Is this true? Or just a load of bullshit?

Cheers in advance!
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carvell
Scuttler



Joined: 05 Sep 2003
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PostPosted: 13:08 - 17 Apr 2009    Post subject: Reply with quote
People like to think that students don't pay tax. It's a myth.

Regardless if you're a student or not, if you earn over the threshold (currently £6,475) then you have to pay tax.
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benjami
Nearly there...



Joined: 14 Nov 2007
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PostPosted: 13:10 - 17 Apr 2009    Post subject: Reply with quote
Fair enough, just the answer I was looking for Karma
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Itchy
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Joined: 07 Apr 2005
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PostPosted: 13:19 - 17 Apr 2009    Post subject: Reply with quote
Depends on if there is any overlap , in that if you worked but were taxed as normal HMRC assumes that your job will last the tax year and thus divide the personal allowance between 12 months.
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benjami
Nearly there...



Joined: 14 Nov 2007
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PostPosted: 13:38 - 17 Apr 2009    Post subject: Reply with quote
Ah, so in September when I go to uni, i'll fill in a P50 and see if I get anything back?
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Itchy
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Joined: 07 Apr 2005
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PostPosted: 13:45 - 17 Apr 2009    Post subject: Reply with quote
benjami wrote:
Ah, so in September when I go to uni, i'll fill in a P50 and see if I get anything back?


I'm assuming you work now and will continue to work till September when you start university, your £6475 is subdivided into 12 pieces hence you get £538 tax free each month. HMRC will consider your job to last till April ie the end of the tax year and thus subdivide your personal allowance as above by 12. But you need to do some adjustment at the end of the year ie gross income vs personal allowance total.

But since you jack the job in and presumably don't work for the rest of the tax year (April 2010) you'll have the personal allowance unclaimed, as a rough example:

You earn £1000 a month
Your personal allowance is £538 a month
Net taxable = £462
~ 20% = £92.4 tax a month.

Hence £12000 PA
Your PA = £6475
net taxable = £5525
~ 20% = £1105 ---> about £92ish a month.

(forget NIC btw).

But if you jack it in in september

You earn £1000 a month
Your personal allowance is £538 a month
Net taxable = £462
~ 20% = £92.4 tax a month.

But annualise it jacking it in after 6 months

Hence £6000 PA
Your PA = £6475
net taxable = £0
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Spain 2008France 2007Big one 2009 We all die. The goal isn't to live forever, the goal is to create something that will. In the end, your life will flash before your eyes. Make sure it is worth watching.
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carvell
Scuttler



Joined: 05 Sep 2003
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PostPosted: 13:48 - 17 Apr 2009    Post subject: Reply with quote
Wot he said.

Easy way to work out if you're owed some money is to look at your P45 (which you get when you leave a company). On that, it tells you how much tax you've paid and how much you've earned.

Put the amount you earned gross into www.listentotaxman.com and make sure you've not paid too much tax, which you will have done if you've left half way through the year. Fill in the P50 and you'll get a nice cheque in the post.
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benjami
Nearly there...



Joined: 14 Nov 2007
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PostPosted: 14:52 - 17 Apr 2009    Post subject: Reply with quote
I'm currently underemployed. Lost my weekday job about 3 weeks back, but still work a saturday shift.

Should hopefully be getting something to do in the week soonish, so when I jack both jobs in and go to uni i'll send off a form and with any luck get some beer money.

Thanks Thumbs Up
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Clanger
Stirrer



Joined: 27 May 2004
Karma :
PostPosted: 15:11 - 25 Apr 2009    Post subject: Reply with quote
After I came back from travelling and started work again, the tax man gave me a nice fat cheque. So I presume it'll be the same for you too. Thumbs Up
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Old Thread Alert!

The last post was made 16 years, 354 days ago. Instead of replying here, would creating a new thread be more useful?
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