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Tax - TSR guide and questions thread

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Post on TSR and win a prize! Find out more... 10-04-2014
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    (Original post by linkdapink)
    I cant really help much on the changing stuff, but I do know you wont get your tax back until April unfortunatly!
    lol you are in York too?

    Anyway, that's irrelevant.

    Gap have taxed me too much :cry: and yeh on the wrong tax code. I don't mind about not getting the money back till April, I just want to know how...!
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    Hiya, goto your local inland revenue and ask them to heck your tax code. They will tell you what you should be on and how much you are due back....Also if they have over taxed you then you are not due any tax for the over taxed period. You should get all your tax back. Basically, if its still the same then it works better for you the longer they over tax you....That was the way it worked in 2004 when i was on the BR code, i got £650 back. I'm pretty sure its the same now.Let me know how you get on.....and dont leave it too long though cos im not sure how far back they will go
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    The same thing happened to me. I gave my employer my P45, and I got all my money back the next month (not April).

    (Original post by cbrown1980)
    Also if they have over taxed you then you are not due any tax for the over taxed period. You should get all your tax back.
    Rofl, no. He'll only receive the tax that is above what he should have paid. He won't get excused from paying the tax he rightfully owes. :rofl:
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    and go here http://www.hmrc.gov.uk/incometax/overpaid-thro-job.htm
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    (Original post by Pink Bullets)
    The same thing happened to me. I gave my employer my P45, and I got all my money back the next month (not April).



    Rofl, no. He'll only receive the tax that is above what he should have paid. He won't get excused from paying the tax he rightfully owes. :rofl:


    I did as it wasn't my fault. For the period that i was over taxed, i got afull refund of all the tax i had paid....but as i said, that was in 2004
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    (Original post by cbrown1980)
    I did as it wasn't my fault. For the period that i was over taxed, i got afull refund of all the tax i had paid....but as i said, that was in 2004
    How much did you earn in a year though??

    OP if you have a P45 just hand that into HR, or post it. If you don't then ask your manager for a P46. You should get it back the payday after they process it.
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    Hmm, The tax code you have been given is one for someone who has all their income taxed, is this a second job? Otherwise they are taxing you on all your income and not allowing you the allowance. Provide your P45 to your employer asap and the payroll department should straighten it out and refund the excess tax in your next pay check.

    As a note you should always provide your P45 to a company the day you start. If you do not have a P45 you should ask to complete the P46 straight away. This should ensure you go on the right tax code from day 1.
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    (Original post by *Sparkle*)
    How much did you earn in a year though??

    I was only in the job 6months so the tax was for the length of the employment. BR emergency tax used to be 22% aswell, now it seems to be 20%, i was on roughly £500 a month
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    (Original post by cbrown1980)
    I was only in the job 6months so the tax was for the length of the employment. BR emergency tax used to be 22% aswell, now it seems to be 20%, i was on roughly £500 a month
    You wouldn't owe tax at all then.
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    (Original post by *Sparkle*)
    You wouldn't owe tax at all then.
    Thanks but how is that?
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    (Original post by cbrown1980)
    Thanks but how is that?
    Unless I'm being really stupid (and that's a possibility I'm too tired to be on the internet lol) you only made £3000 in that job so you don't have to pay tax, unless you had another job at the time or you got another job in the same tax year that pushed you over your personal allowance and then you would have to pay.
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    (Original post by cbrown1980)
    Thanks but how is that?
    You get a yearly personal allowance of about £6000 on which you don't pay tax on.
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    (Original post by RosiePeriwinkle)
    Hmm, The tax code you have been given is one for someone who has all their income taxed, is this a second job? Otherwise they are taxing you on all your income and not allowing you the allowance. Provide your P45 to your employer asap and the payroll department should straighten it out and refund the excess tax in your next pay check.

    As a note you should always provide your P45 to a company the day you start. If you do not have a P45 you should ask to complete the P46 straight away. This should ensure you go on the right tax code from day 1.
    It's not a second job, but I left a job and started my new one almost immediaterly, and have only just received my P45 from my last job
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    (Original post by *Sparkle*)
    How much did you earn in a year though??

    OP if you have a P45 just hand that into HR, or post it. If you don't then ask your manager for a P46. You should get it back the payday after they process it.
    Does the tax I have overpaid get given back to me by being added to my normal earnings , or does it come under a special section on the payslip?
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    (Original post by *Sparkle*)
    Unless I'm being really stupid (and that's a possibility I'm too tired to be on the internet lol) you only made £3000 in that job so you don't have to pay tax, unless you had another job at the time or you got another job in the same tax year that pushed you over your personal allowance and then you would have to pay.
    Aah cos thats all i made in that tax year....i think i was unemployed for a good while before it and so that would make sense.I'm actually starting to wonder if i was even paid the correct amount now...i remember only having enough to paythe rent and my boyfriend paid the bills lol....hmmmmmm

    Ty for that
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    (Original post by Ernesto)
    Does the tax I have overpaid get given back to me by being added to my normal earnings , or does it come under a special section on the payslip?
    It'd be PAYE then a -ve number, and be added to your total, that's what mine was when I got my grand total tax refund of 35 pence!!!
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    (Original post by *Sparkle*)
    It'd be PAYE then a -ve number, and be added to your total, that's what mine was when I got my grand total tax refund of 35 pence!!!
    I don't understand? So the money doesn't go on your payslip as credit, rather as a deduction from tax you owe? That sucks!
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    (Original post by Ernesto)
    Hi I put this in General Discussions because the Money and Finance section seemed to be all about university finance, and this is about a job money issue.

    Okay, I started a new job last month and got paid today, I am basically on the wrong tax code - I earn over the personal allowance of £6457 so I am obviously eligible to pay some tax, but I am on tax code 'BR' and am thus paying 20% of my earnings on a zero allowance basis.

    I read the TSR wiki about tax, so to clarify, to ammend my tax code - do I just give my new employer my P45 from my last job or fill in a P46?

    How long does it take for them to ammend the tax code?

    Will I get the *huge* amount of tax I paid this month back in my next payslip? How can I be sure I will get this money back?

    Thanks
    I've moved this across to Money & Finance, which is the correct place for this thread.

    I'm glad to hear that the Wiki article was helpful, so to confirm, you'll only need to complete a form P46 if you don't have a P45. A P46 replaces a P45 if for whatever reason you don't have one. Seeing as your last job was during the current tax year, just hand in your P45 as soon as you get it. This should give your employer the information that they need to correct your tax code.

    Once your code has been corrected, you'll receive a refund of any overpaid Income Tax through the payroll system the next time that you're paid; as *Sparkle* says, this will show up on your payslip as a negative 'deduction'. This happens because PAYE works on a cumulative basis, so provided that you're on the correct tax code, in most cases the total amount of Income Tax that you've paid during the tax year self-corrects each time that you're paid.
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    (Original post by Ernesto)
    I don't understand? So the money doesn't go on your payslip as credit, rather as a deduction from tax you owe? That sucks!
    This essentially means that instead of your net pay being "Gross pay less tax deductions", it's "Gross pay plus repayment".
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    (Original post by cbrown1980)
    Hiya, goto your local inland revenue and ask them to heck your tax code. They will tell you what you should be on and how much you are due back....Also if they have over taxed you then you are not due any tax for the over taxed period. You should get all your tax back. Basically, if its still the same then it works better for you the longer they over tax you....That was the way it worked in 2004 when i was on the BR code, i got £650 back. I'm pretty sure its the same now.Let me know how you get on.....and dont leave it too long though cos im not sure how far back they will go
    The PAYE system hasn't changed (at least not in any significant way relevant here) since then, though the level of the standard 'personal allowance' has increased quite significantly since then. The standard personal allowance is currently £6,475, but only £4,745 for the 2004/05 tax year. If your total income was only £3,000 during the year it's correct that ultimately you wouldn't have any Income Tax liability. However, depending on your pattern of pay it's quite possible for you to see some Income Tax deductions even when on the correct tax code, which you then have to reclaim later.

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