Yo.
I have a question about Tax and how it all works.
My understanding is that every April the Tax year starts again. Any monies earned after is taxable over a certain amount (12.5k?).
My question is:
What happens if one was to leave permanent employment at the end of May (first pay of the new tax year).
They would then be given an additional set of sunds as a termination payment. Let's say it's £8,000. Taxable as an additional income to standard wage.
In total with the first month's pay, let's say total earned so far will have been £10,000.
No further employment has been secured.
Is one then able to claim the entirety of the tax back? As it actually hasn't gone over the 12.5k threshold?
Can't call HMRC till Tuesday. So though I'd ask here.
I have a question about Tax and how it all works.
My understanding is that every April the Tax year starts again. Any monies earned after is taxable over a certain amount (12.5k?).
My question is:
What happens if one was to leave permanent employment at the end of May (first pay of the new tax year).
They would then be given an additional set of sunds as a termination payment. Let's say it's £8,000. Taxable as an additional income to standard wage.
In total with the first month's pay, let's say total earned so far will have been £10,000.
No further employment has been secured.
Is one then able to claim the entirety of the tax back? As it actually hasn't gone over the 12.5k threshold?
Can't call HMRC till Tuesday. So though I'd ask here.