This discussion is now closed.
Check out other Related discussions
- Welcome to Money & Finance
- English Helpful Threads Index
- Declaring income to HMRC
- Edexcel IGCSE - ICT Practical Paper
- Where can I find cash-in-hand jobs?
- WELCOME to the Official De Montfort University 2024 Applicant Thread!
- Pff2 form, student finance wales
- Edexcel A Level Economics A Paper 2 (9ECO 02) Unofficial Markscheme
- Cardiff Dentistry 2025 Entry
- Plymouth Dentistry 2025 Entry
- Bristol Dentistry 2025 Entry
- Sheffield Dentistry 2025 Entry
- Leeds Dentistry 2025 Entry
- QUB Dentistry 2025 Entry
- Manchester Dentistry 2025 Entry
- Dundee Dentistry 2025 Entry
- UCLAN Dentistry 2025 Entry
- Liverpool Dentistry 2025 Entry
- Glasgow Dentistry 2025 Entry
- Taxes Question
Tax - TSR guide and questions thread
Scroll to see replies
Not other than the basic concepts.
It should be much simpler.
It should be much simpler.
Go HERE and enter £90 as your gross yearly income and you'll see you need not pay any tax.
Therefore what will happend is that at the end of the financial year (unless you get another job in the current financial year which takes you over the £7,475 allowance) you will get a cheque from the tax man for the money that was taken off you.
That's my understanding of it!
Therefore what will happend is that at the end of the financial year (unless you get another job in the current financial year which takes you over the £7,475 allowance) you will get a cheque from the tax man for the money that was taken off you.
That's my understanding of it!
Thanks for posting Schleigg- so I don't have to lament my missing £18.20!
Basically, you've been taxed emergency tax. It's a basic rate of 20% of everything you earn, and it can happen if you start a new job if they've not been given a P45 from any previous jobs.
You will get the tax back, you'll either need to apply for it back, or you can wait it out. I did wait over two years for £25 back though, but I got 9p interest!
You will get the tax back, you'll either need to apply for it back, or you can wait it out. I did wait over two years for £25 back though, but I got 9p interest!
This happened to me; by the looks of things you have been put on emergency tax because;
a) Your employer has not processed your P45/46 yet, so you are assigned a tax code (namely emergency tax code)
b) Your employer has done it wrong.
Your tax code should be 747l; anything else is basic rate (BR) or emergency tax. Same things kind of.
You can either check with your employer to see if they have processed the paperwork properly or you can ring up Inland Revenue (which I had to do). Make sure you know your employer's tax reference though; it should be on your payslip.
Any tax you have been paid (that you should not have) will either be paid in the new tax year in April, or will be returned in your next payslip in two/three weeks. (Mine was returned in my next payslip after that time frame but that was back in December; as it is close to the new tax year they may just send you out a cheque in April instead.
After they have your proper tax code you will no longer pay tax until needed. NI contributions occur if you earn over a certain amount in a week/month regardless, separate to tax which you are exempt from until you reach your allowance for the year.
a) Your employer has not processed your P45/46 yet, so you are assigned a tax code (namely emergency tax code)
b) Your employer has done it wrong.
Your tax code should be 747l; anything else is basic rate (BR) or emergency tax. Same things kind of.
You can either check with your employer to see if they have processed the paperwork properly or you can ring up Inland Revenue (which I had to do). Make sure you know your employer's tax reference though; it should be on your payslip.
Any tax you have been paid (that you should not have) will either be paid in the new tax year in April, or will be returned in your next payslip in two/three weeks. (Mine was returned in my next payslip after that time frame but that was back in December; as it is close to the new tax year they may just send you out a cheque in April instead.
After they have your proper tax code you will no longer pay tax until needed. NI contributions occur if you earn over a certain amount in a week/month regardless, separate to tax which you are exempt from until you reach your allowance for the year.
Original post by Alarae
This happened to me; by the looks of things you have been put on emergency tax because;
a) Your employer has not processed your P45/46 yet, so you are assigned a tax code (namely emergency tax code)
b) Your employer has done it wrong.
Your tax code should be 747l; anything else is basic rate (BR) or emergency tax. Same things kind of.
You can either check with your employer to see if they have processed the paperwork properly or you can ring up Inland Revenue (which I had to do). Make sure you know your employer's tax reference though; it should be on your payslip.
Any tax you have been paid (that you should not have) will either be paid in the new tax year in April, or will be returned in your next payslip in two/three weeks. (Mine was returned in my next payslip after that time frame but that was back in December; as it is close to the new tax year they may just send you out a cheque in April instead.
After they have your proper tax code you will no longer pay tax until needed. NI contributions occur if you earn over a certain amount in a week/month regardless, separate to tax which you are exempt from until you reach your allowance for the year.
a) Your employer has not processed your P45/46 yet, so you are assigned a tax code (namely emergency tax code)
b) Your employer has done it wrong.
Your tax code should be 747l; anything else is basic rate (BR) or emergency tax. Same things kind of.
You can either check with your employer to see if they have processed the paperwork properly or you can ring up Inland Revenue (which I had to do). Make sure you know your employer's tax reference though; it should be on your payslip.
Any tax you have been paid (that you should not have) will either be paid in the new tax year in April, or will be returned in your next payslip in two/three weeks. (Mine was returned in my next payslip after that time frame but that was back in December; as it is close to the new tax year they may just send you out a cheque in April instead.
After they have your proper tax code you will no longer pay tax until needed. NI contributions occur if you earn over a certain amount in a week/month regardless, separate to tax which you are exempt from until you reach your allowance for the year.
Just to clear up one point here - there are lots of perfectly valid tax codes. In terms of terminology, this isn't "emergency tax"; the "emergency tax" code is actually "747L" (see here: http://www.hmrc.gov.uk/incometax/emergency-code.htm), though otherwise your explanation covers what's likely to have happened. Common tax codes that indicate a problem along these lines are "BR" (basic rate) and "0T" (indicating a personal allowance of zero).
Orangecake - at this point in time, with less than a week left in the tax year, it may well be that you won't be paid again until the new tax year (i.e., after 5 April 2012), so it wouldn't be possible for a refund of any overpaid Income Tax to be via the payroll system. Contacting HMRC (at your local tax office) would be the best way to proceed - they may already have all of the information that they need to process a refund, but if not they'll be able to explain what more they'll need, which could include the end-of-year form P60 that employers should issue by May at the latest.
I'd also recommend speaking to your employer to ensure that you're moved onto the correct tax code if you're continuing in employment there into the new tax year. For 2012/13 I'd expect that to mean a code of "810L" if this is your only job.
when exactly in april do I reclaim back tax. Or will a cheque be sent in the post to me.
Hi All,
I was wondering if you might be able to advise me on how working two part-time jobs would affect my tax.
Job One: £15,000 per annum.
Job Two: £7700 per annum.
Total: £22,700 per annum.
Please could anyone advise me on how I will be taxed? (Assuming that the £15,000 is my 'main job' and the lower income one is the 'sub-income' job).
Thank you!
I was wondering if you might be able to advise me on how working two part-time jobs would affect my tax.
Job One: £15,000 per annum.
Job Two: £7700 per annum.
Total: £22,700 per annum.
Please could anyone advise me on how I will be taxed? (Assuming that the £15,000 is my 'main job' and the lower income one is the 'sub-income' job).
Thank you!
Original post by firestar101
when exactly in april do I reclaim back tax. Or will a cheque be sent in the post to me.
The end of the tax year is 5 April 2012, so any time after that should be fine for tax year 2011/12. A refund *may* be processed automatically, but I'd recommend that you look to take active steps yourself, especially if you want a refund of any overpayment quickly.
Original post by Illusionary
The end of the tax year is 5 April 2012, so any time after that should be fine for tax year 2011/12. A refund *may* be processed automatically, but I'd recommend that you look to take active steps yourself, especially if you want a refund of any overpayment quickly.
How would I go about getting a repayment. Do I phone them up.
Original post by firestar101
How would I go about getting a repayment. Do I phone them up.
Yes, that would be the first thing to try. If they don't already have all the information that they need to process a repayment, they should be able to tell you what more is needed.
Original post by kyleball
Hi All,
I was wondering if you might be able to advise me on how working two part-time jobs would affect my tax.
Job One: £15,000 per annum.
Job Two: £7700 per annum.
Total: £22,700 per annum.
Please could anyone advise me on how I will be taxed? (Assuming that the £15,000 is my 'main job' and the lower income one is the 'sub-income' job).
Thank you!
I was wondering if you might be able to advise me on how working two part-time jobs would affect my tax.
Job One: £15,000 per annum.
Job Two: £7700 per annum.
Total: £22,700 per annum.
Please could anyone advise me on how I will be taxed? (Assuming that the £15,000 is my 'main job' and the lower income one is the 'sub-income' job).
Thank you!
The 'main' job should be taxed as per normal, with your full personal allowance of income that you can earn without paying Income Tax being allocated to that job. For 2011/12, the standard allowance is £7,475; for 2012/13, it increases to £8,105 - these would give a tax code of "747L" and "801L" respectively.
For the second job, a zero personal allowance would normally be allocated (you only have one allowance for each tax year, regardless of how many sources of income you have). You'd likely then end up with a tax code of "BR" or "0T" and all of the income from that job would be taxed at the basic rate of 20%.
Assuming that you're employed throughout the year, that treatment should end up with you paying (very nearly) the correct amount of Income Tax in total. You can arrange with HMRC to split your personal allowance between the jobs if you prefer, but it doesn't look like that would be of any great benefit to you here.
Let me know if anything's unclear there or you've got any other questions.
Basically, my friend was taxed for a Christmas temp job at Tescos last year, it was full time, but seeing as it was only a temp should she have been taxed??
Her situation isn't exactly straight forward. For the majority of that year she was on JSA (which counts towards your taxable income). She had £50 a week from them. However in the summer she got a bar job, it was only a part time, flexible job, 4-8 hours a week mainly.
She still claimed JSA though, but they deducted the amount of dole she recieved dependent on how many hours and so how much money she earned.
So if for one week she earned £30 from her job she'd only get £20 job seekers.
whilst she worked at Tescos she obviously signed off but she still worked at the bar about once a week.
She's still liable for a tax refund right? It's weird because she was taxed a lot, she would have had £1320 without tax, but she ended up having £700 odd! That seems a bit excessive anyway.
Am I right in thinking she can have that back? It's just she's struggling for money at the minute and is so clueless with this sort of thing, she didn't even know you could have a tax refund.
Her situation isn't exactly straight forward. For the majority of that year she was on JSA (which counts towards your taxable income). She had £50 a week from them. However in the summer she got a bar job, it was only a part time, flexible job, 4-8 hours a week mainly.
She still claimed JSA though, but they deducted the amount of dole she recieved dependent on how many hours and so how much money she earned.
So if for one week she earned £30 from her job she'd only get £20 job seekers.
whilst she worked at Tescos she obviously signed off but she still worked at the bar about once a week.
She's still liable for a tax refund right? It's weird because she was taxed a lot, she would have had £1320 without tax, but she ended up having £700 odd! That seems a bit excessive anyway.
Am I right in thinking she can have that back? It's just she's struggling for money at the minute and is so clueless with this sort of thing, she didn't even know you could have a tax refund.
Most likely explanation is that she didn't hand in her P45 so she was put on a basic rate of tax pay and consequently, she should be able to claim this back from inland revenue.
Original post by Dekota-XS
Most likely explanation is that she didn't hand in her P45 so she was put on a basic rate of tax pay and consequently, she should be able to claim this back from inland revenue.
Okay, thanks!
If the P45 wasn't handed in, was a P46 completed? The tax allowance for 2011-12 was £7475
Original post by EffieFlowers
Basically, my friend was taxed for a Christmas temp job at Tescos last year, it was full time, but seeing as it was only a temp should she have been taxed??
Her situation isn't exactly straight forward. For the majority of that year she was on JSA (which counts towards your taxable income). She had £50 a week from them. However in the summer she got a bar job, it was only a part time, flexible job, 4-8 hours a week mainly.
She still claimed JSA though, but they deducted the amount of dole she recieved dependent on how many hours and so how much money she earned.
So if for one week she earned £30 from her job she'd only get £20 job seekers.
whilst she worked at Tescos she obviously signed off but she still worked at the bar about once a week.
She's still liable for a tax refund right? It's weird because she was taxed a lot, she would have had £1320 without tax, but she ended up having £700 odd! That seems a bit excessive anyway.
Am I right in thinking she can have that back? It's just she's struggling for money at the minute and is so clueless with this sort of thing, she didn't even know you could have a tax refund.
Her situation isn't exactly straight forward. For the majority of that year she was on JSA (which counts towards your taxable income). She had £50 a week from them. However in the summer she got a bar job, it was only a part time, flexible job, 4-8 hours a week mainly.
She still claimed JSA though, but they deducted the amount of dole she recieved dependent on how many hours and so how much money she earned.
So if for one week she earned £30 from her job she'd only get £20 job seekers.
whilst she worked at Tescos she obviously signed off but she still worked at the bar about once a week.
She's still liable for a tax refund right? It's weird because she was taxed a lot, she would have had £1320 without tax, but she ended up having £700 odd! That seems a bit excessive anyway.
Am I right in thinking she can have that back? It's just she's struggling for money at the minute and is so clueless with this sort of thing, she didn't even know you could have a tax refund.
As above, it sounds like yes, an Income Tax refund should be due here - provided that your friend's total income for the year to 5 April 2012 was below her 'personal allowance' (£7,475 for most people, for 2011-12). A refund may be processed automatically by HMRC, but I'd suggest that she contact her tax office in case there are any issues. The tax office should be able to advise if they need any further information to be able to process a refund.
Original post by EffieFlowers
She's still liable for a tax refund right? It's weird because she was taxed a lot, she would have had £1320 without tax, but she ended up having £700 odd! That seems a bit excessive anyway.
Hi all,
I was wondering if somebody could answer a few questions about registering for gross interest for me?
I was recently browsing my online banking service when I came across the option. I Googled it, and tried to figure out from the HMRC website whether I was eligible to register for it - the reason being is that it sounds like I could be getting 20% extra interest (as in, the bank will stop taking 20% of the current interest they take) in my pocket.
I saw this somewhere: "You are entitled to register for gross interest if your total income is less than your personal allowance."
According to the HMRC website my personal allowance is £8,105. I am a student, and do not earn anything near £8,105 a year and my only income is my student loan.
My question is, do you think I am eligible to register for this?
Thanks!
I was wondering if somebody could answer a few questions about registering for gross interest for me?
I was recently browsing my online banking service when I came across the option. I Googled it, and tried to figure out from the HMRC website whether I was eligible to register for it - the reason being is that it sounds like I could be getting 20% extra interest (as in, the bank will stop taking 20% of the current interest they take) in my pocket.
I saw this somewhere: "You are entitled to register for gross interest if your total income is less than your personal allowance."
According to the HMRC website my personal allowance is £8,105. I am a student, and do not earn anything near £8,105 a year and my only income is my student loan.
My question is, do you think I am eligible to register for this?
Thanks!
Yes. being a student is irrelevant though. You should be able to do this through your bank.
Related discussions
- Welcome to Money & Finance
- English Helpful Threads Index
- Declaring income to HMRC
- Edexcel IGCSE - ICT Practical Paper
- Where can I find cash-in-hand jobs?
- WELCOME to the Official De Montfort University 2024 Applicant Thread!
- Pff2 form, student finance wales
- Edexcel A Level Economics A Paper 2 (9ECO 02) Unofficial Markscheme
- Cardiff Dentistry 2025 Entry
- Plymouth Dentistry 2025 Entry
- Bristol Dentistry 2025 Entry
- Sheffield Dentistry 2025 Entry
- Leeds Dentistry 2025 Entry
- QUB Dentistry 2025 Entry
- Manchester Dentistry 2025 Entry
- Dundee Dentistry 2025 Entry
- UCLAN Dentistry 2025 Entry
- Liverpool Dentistry 2025 Entry
- Glasgow Dentistry 2025 Entry
- Taxes Question
Latest
Last reply 1 minute ago
Official University College London Applicant Thread for 2024Last reply 5 minutes ago
Can I do economics degree without a level maths?Last reply 21 minutes ago
Official Cranfield University Applicant Thread for 2024Last reply 24 minutes ago
How to choose unis in UCAS application for CS undergraduate course?Last reply 35 minutes ago
Why does he act different with me do I make him shy or what ?Last reply 1 hour ago
Got my crush's number 2 days ago and no reply yet. What could be the reasons?Posted 1 hour ago
GB News set to axe 40 jobs after channel posts heavy lossesLast reply 1 hour ago
Rwanda bill likely to be stalled at least till April after seven defeats in the LordsPosted 1 hour ago
Sunak rejects offer of youth mobility scheme between EU and UKLast reply 1 hour ago
Bank Of england degree apprenticeship 2024Trending
Last reply 2 days ago
I think I have a Cifas Marker on my name , can I still open any banks ?Last reply 2 weeks ago
Has anyone had their student finance paid into their partners or parents bank?Last reply 1 month ago
Introduction to UK Financial regulations and professional integrity SCAMTrending
Last reply 2 days ago
I think I have a Cifas Marker on my name , can I still open any banks ?Last reply 2 weeks ago
Has anyone had their student finance paid into their partners or parents bank?Last reply 1 month ago
Introduction to UK Financial regulations and professional integrity SCAM
