Tax - TSR guide and questions thread

Bit of a stupid question but if I'm 17, in education and unemployed do I still pay tax when it comes to a savings account?

I could do with something being confirmed by a knowledgeable bod. I think I've got this right but can't be sure.

Background:
not a student at any point, but will be this Sept.
currently unemployed, not claiming benefits, not expecting to be employed within 4 wks.

Last tax year I worked at 2 different companies, earning a gross wage of approx £3.5k, paying £300ish in income tax. As far as I can tell, this is below the £7475 personal allowance and as such I am owed that money back. I have the P60 from company 2 but no P45 from company 1. This obviously only declares part of the tax I paid. I can't actually find any payslips from company 1 so can't be certain I paid income tax on it at all.

So, I assume I just send off the P60 and a cover note advising I may be owed tax from the other job (which I can't prove but presumably they can work that out for themselves). Is this right?
-
My other Q is about tax owed from this year. I stopped working at company 2 two weeks ago, and as such have earnt about £6k this tax year and paid £800ish in income tax. As it is, I'm (theoretically) owed that money, but I believe I am right in saying I can't claim for a refund until the end of this tax year, when it is clear to HMRC that I haven't exceeded the £7475 personal allowance (assuming that is still the case come April 5th 2012 [likely]).

Obviously I would like to have that money back sooner rather than later but I'd rather not send off a letter and the P45 if it's a futile exercise.


Am I about right on these or way off?

Any help appreciated, cheers.

Should I have got my P45 sent back along with the tax return I applied for? I had sent part A of my P45 and my last manual pay slip and got the tax return cheque at the end of May but haven't got anything else.

Tax refund or tax return? A self assessment tax return is the document that you'd submit as part of calculating your tax liability for a year.

Assuming that you're talking about a refund, no, I wouldn't expect you to get your P45 back - but you should have kept part 1A for your own records when requesting a refund. If you didn't then you could try giving the tax office a call and seeing if they can help, but I wouldn't be too hopeful.

Yeah it was a refund. I've got part 1A, just wondering if I should have got the parts I sent off back.

No, I wouldn't expect so. Is there a particular reason why you think you should?

I thought I read somewhere that they'll send a replacement P45

Well, given that you've claimed a refund, the cumulative figures on the P45 won't be valid any longer to pass to a new employer. The Part 1A should have all of the information that you need for your records.

Part 1: By the sound of it, you either worked for both companies at the same time, or if they were one after the other, you *didn't* give your form P45 to the second employer? If you'd handed on your form P45, the second employer should have picked up the cumulative figures from the P45. I'd suggest a quick call to your tax office first to see if they have any advice about your income from the job without a form P45/payslips, but otherwise your plan sounds good to me.

Part 2: After four weeks of unemployment (or if you don't expect to work again before 6 April 2012 - see the declaration or the form), you can use form P50 to claim a refund here: http://www.hmrc.gov.uk/pdfs/p50.pdf

Hi

Just wondering if I am right?
I am a placement student (not relevant I know) but for a £15,000 job, ive worked out i'd be taxed just under £3k

But don't I get my £7k free personal allowance first

So wouldn't I be taxed 20% of £8k which is half of what I've currently just worked out?

I'd rather not bother with the whole refund/reclaim thing- it's my first week of pay and I've not cashed in my cheque so wondering how long it might take to change my current tax code which is 0T M1? If I can?

Thanks
Hope someone can shed some light =] xx


The title annoys me- I meant cheque! =[

Is this your only source of income? A "0T" tax code would indicate that your personal allowance has been used elsewhere. If that's not the case, your tax code may well be incorrect - did you complete a form P46 when starting the job? If not, then do so: http://www.hmrc.gov.uk/forms/p46.pdf

I have a cash ISA and a student bank account
But it's definitely my only source of income
Ive not even bothered reapplying for student loan this year

Also my allowance couldnt have been used elsewhere
I dont HAVE £7k to my name =P

Did you complete a form P46?

yes
I did the first page (ticked box A)
The employer did the second page so they ticked the tax code box used? Think that could be the problem maybe?