Tax query

A2Z

A2Z

Soldato
Joined
9 May 2005
Posts
8,998
Location
Earth
So I worked from April - Aug this year and got taxed the normal basic 20% rate etc..earnt less then the £7.5k which is tax free...but I understand I will have to wait until the end of the financial year (march 2012) to claim the tax back.

What I am wondering is if I get a PART-TIME job now, which if I stayed on it for a whole year would work out less then the tax free allowance, am I still going to get taxed now regardless as well, or is it possible to be on a tax code where I wont get taxed now as it will be less then the allowance...and it will only be 3 months..as in december im going away till at least after March next year...as I need the 'tax' money now for my travels rather then having to wait till next year to get it back :p

Hope that makes sense, thanks for any help :P
 
I think I've followed the scenario, but I don't understand the question. How would a part-time job enable you to get your tax back before April?

Not get the tax back, rather not get taxed for the new part time job as if i was to do the job for the whole year it would still work out less then the tax free allowance for the whole year.
 
The tax will onyl work out to about £100 is it really worth all the trouble? If you need the money that much surely you cant afford to go traveling

haha yea i guess you are right, nah its not make or break for the £100 but still would rather have the £100 now then later..

Call HMRC and tell them you should be on a 747L tax code and they will update it accordingly.

Thanks thats the one I was looking for :)
 
I think I've followed the scenario, but I don't understand the question. How would a part-time job enable you to get your tax back before April?

As long as he is on a normal cumulative tax code like 747L and not a Wk1/Month1 or emergency code, then getting a part-time job that pays under the monthly threshold will result in his tax paid so far being refunded.

So in answer to the OP yes it would work, as long as you earned under 622 / month (the threshold at which you start paying tax on your monthly earnings)....but, it is rather illogical, you would still have more money to go away with if you just earned more and paid tax anyway...
 
Call HMRC and ask for a new tax code and tell them you've been overtaxed this past year.

Ideally, draft a letter detailing how much tax you've paid, how much you should have paid, and ask for a repayment.
 
Get a part time job and hand the new employer your p45, and it will all work out.

If when you leave in December you think you have paid too much, fill in a p50 stating you wont work again in this tax year to get your refund before the tax year end.
 
Get a part time job and hand the new employer your p45, and it will all work out.

If when you leave in December you think you have paid too much, fill in a p50 stating you wont work again in this tax year to get your refund before the tax year end.

Why would HMRC care about that? :confused:. You make it sound like some sort of threat! :p. Makes no odds to them whether one person in the whole country works or not because he was on the wrong tax code.
 
Why would HMRC care about that? :confused:. You make it sound like some sort of threat! :p. Makes no odds to them whether one person in the whole country works or not because he was on the wrong tax code.

Not sure I get what you mean, or if you understood what I meant...

Form P50 is a form designed to claim an early in-year refund of tax, designed for those who cease employment during a tax year, and will not work again. They will therefore not have received the full benefit of their personal allowance, as it is spread across the whole year. As they will not work again in the tax year, they can therefore ask for a refund before the tax year has ended.

There are 2 ways to fill in the form. One for if you are out of work and have been for at least 4 weeks, and another option if you know you won't work again in that tax year.
 
Why would HMRC care about that? :confused:. You make it sound like some sort of threat! :p. Makes no odds to them whether one person in the whole country works or not because he was on the wrong tax code.

It's not a threat :rolleyes:

Why would HMRC have a specific form for you to threaten them with for goodness' sake?

As said, the point is that if you will not work for the rest of the year and will not use up your personal allowance, but have already been taxed, then you can claim back the tax paid on income that fell within the allowance.
 
Back
Top Bottom