Tax - TSR guide and questions thread
Discussion about all the financial aspects of life - from bank accounts, overdrafts and budgeting to tax, savings and investments. For discussion about student loans, grants, and bursaries please use the Student Financial Support subforum.
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Re: Urgh been taxed a *lot* - helpAh, so the repayment will be 'credit' then? Yayy so I will have repayment plus my normal pay?(Original post by Illusionary)
This essentially means that instead of your net pay being "Gross pay less tax deductions", it's "Gross pay plus repayment".
Also, thanks for your replies and the wiki, truly a star you are! -
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Re: Urgh been taxed a *lot* - helpExactly(Original post by Ernesto)
Ah, so the repayment will be 'credit' then? Yayy so I will have repayment plus my normal pay?
Also, thanks for your replies and the wiki, truly a star you are!
...and no problem, happy to be of help!
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Two Part-time jobsWell I just got a second part-time job and was wondering if anyone knows how much tax I will pay? I heard it was quite alot from another person at work, My contracted hours will be 14.5 hrs a week, but I will also have quite alot of overtime, any help would be appreciated! Ta.
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Re: Two Part-time jobsYou will probably need to get into contact with HM Revenue as having two jobs often means that you are placed on an emergancy tax list which = paying a lot!
If you sort it out appropriately, you will only be taxed on the total that you earn (from both jobs) and you will usually see the full tax amount deducted from just one wage... so one wage will seem really high and the other really low...
This isn't a guess, it is exactly what happened to me a few months ago
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Re: Two Part-time jobsOvertime pay is taxed in exactly the same way as your basic pay, so that doesn't need to be addressed separately.(Original post by kangarooz)
Well I just got a second part-time job and was wondering if anyone knows how much tax I will pay? I heard it was quite alot from another person at work, My contracted hours will be 14.5 hrs a week, but I will also have quite alot of overtime, any help would be appreciated! Ta.
When you have two jobs, the default position is that the second job doesn't receive any share of your annual tax-free 'personal allowance', which is currently £6,475 for most people. Your 'main' job should receive the full allowance, provided that you're on the correct 'tax code' (generally "647L" - check this on your payslips). By contrast, you'll probably see a tax code of "BR" (basic rate) for your second job. This will mean that you pay Income Tax at 20% on all of your income from that job, plus National Insurance Contributions at a rate of 11% on any income in excess of £110 per week.
However, depending on your income levels form each job, it may be beneficial to arrange for your allowance to be split between the two jobs. To do so, just give your tax office a call (contact details here) and ask them to do so. The arrangements are explained in more detail here on HMRC's website.
Whatever you decide, if your total income for the 'tax year' ending 5 April 2010 is below your £6,475 allowance, you should be able to reclaim any Income Tax that you've paid. To do so, you'll need to write to your tax office with copies of the forms P45 and/or P60 that you receive when you leave each job or when you're employed at the end of the tax year (respectively), requesting the refund.
Edit: If you've not seen it already (and I assume that you haven't as you posted this as a new thread), take a look at this section of my guide to Income Tax and National Insurance, which directly addresses your situations.
Last edited by Illusionary; 06-02-2010 at 20:41. -
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Re: Tax - new TSR guide and questions threadFinished MA at uni in September. Haven't worked at all. Signed on for JSA in October. No other income source. Got a tax code of 107L today for 2010-2011. Don't understand why it isn't 647L. They have put other earnings (or pension) at £5404 but JSA is nothing like that. Can any one explain please?
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Re: Tax - new TSR guide and questions threadHMRC are making a mess of tax codes at the moment (for example, see here). I think I'm just going to have to suggest querying it with your tax office, and you can find contact details here.(Original post by hypocriticaljap)
Finished MA at uni in September. Haven't worked at all. Signed on for JSA in October. No other income source. Got a tax code of 107L today for 2010-2011. Don't understand why it isn't 647L. They have put other earnings (or pension) at £5404 but JSA is nothing like that. Can any one explain please? -
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Re: Claim Tax Back- Studentsheyy, i got the same kinda prob. christmas 08 i had a temp job.. got taxed, then summer 09 had a job and left n still got taxed. Now ive recently started my new job im not sure how to make sure i dont get taxed and how to claimback my previous taxes.. any ideas
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Re: Claim Tax Back- StudentsHow about you actually read Illusionary's link?(Original post by Nazhyah3)
heyy, i got the same kinda prob. christmas 08 i had a temp job.. got taxed, then summer 09 had a job and left n still got taxed. Now ive recently started my new job im not sure how to make sure i dont get taxed and how to claimback my previous taxes.. any ideas -
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Re: Claim Tax Back- StudentsJust print off a p50 and fill it out.
http://www.hmrc.gov.uk/pdfs/p50.pdf
Then get your p45, send off the 2nd and 3rd parts of it, along with the p50, to your local tax office (find it on the web). -
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Re: Claim Tax Back- StudentsThe P50 isn't relevant when reclaiming overpaid tax from previous 'tax years' (ending on 5 April each year). Christmas 2008 was in the last tax year (ending 5 April 2009), so to reclaim overpaid Income Tax from then you'll need to write to your tax office and enclose parts 2 and 3 of your last form P45 (or form 60 if you were employed at the end of the tax year).(Original post by Tomby1)
Just print off a p50 and fill it out.
http://www.hmrc.gov.uk/pdfs/p50.pdf
Then get your p45, send off the 2nd and 3rd parts of it, along with the p50, to your local tax office (find it on the web).
For the job last summer, that was during the current tax year. In this case, you'll need to give parts 2 and 3 of the P45 that you should have received from the employer who you worked for last summer to your new employer, or failing that complete a form P46 and give that to them instead. Check your first couple of payslips and look for your 'tax code', which should likely be "647L" if the form has been processed correctly. Once you're on the correct tax code, you should receive a refund of any overpaid Income Tax for the current year through the payroll system.
Contact details for your tax office can be found here, and as Quady points out, all of this and more can be found in the guide that I wrote and linked to above. -
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Re: Claim Tax Back- StudentsDon't worry about it, though that's going to seem a little misplaced when this gets merged into my sticky!(Original post by Tomby1)
Sorry Illusionary, I was answering the OP, didn't see the other post.
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How to claim back tax as a university student?Hey,
i had 2 jobs recently while at uni and even though they knew i was a student, i still got taxed, i wanted to find out how to get the tax money back as students are not meant to be taxed. Any advice would be great.
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Inland Revenue haven't paid me my tax return from last year!Hi,
The Inland Revenue owe me my tax return. I am yet to recieve this, after countless phone calls, letters and promises from them.
What can I do to get what I am owed from them? This is really beginning to wear low on my patience.
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Re: Inland Revenue haven't paid me my tax return from last year!What do you mean by "owing you your tax return"? The tax return is a form that you complete and send back to them as part of self-assessment arrangements (though this is commonly now done online).(Original post by -Blade-)
Hi,
The Inland Revenue owe me my tax return. I am yet to recieve this, after countless phone calls, letters and promises from them.
What can I do to get what I am owed from them? This is really beginning to wear low on my patience.
Thanks
Are you trying to get a refund of overpaid Income Tax? If so, what information have you provided to HM Revenue & Customs so far? The usual procedure to reclaim overpayments from previous tax years is to write to your tax office with a copy of any relevant forms P45 and/or P60, which should be all that you need to do. Read more in my guide here.
When you say you've tried calling them, where exactly have you been trying to contact. The tax office responsible for your tax affairs is the place to contact (and the place to write to, as above), and you can find details of this office either from the HMRC website here or from your payslips.
