I've no idea what my tax code is at the moment.
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| Tax Codes http://www.x404.co.uk/forum/viewtopic.php?f=3&t=16375 |
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| Author: | snowyweston [ Wed May 02, 2012 7:51 pm ] |
| Post subject: | Tax Codes |
Despite having a finance department of some 4+ people, my employers (who I left to today) informed us all yesterday that there might have been a fudge up with our Tax Codes - but were (apparently) unable to assist us further and that we should tell them if there was a discrepancy (as opposed to them telling us directly). Clearly, I'd rather not pay too much tax (or not enough for that matter) so I've just been on the HMRC website, but the "information" is as clear as mud. Anyone able to offer some assistance? For brevity, and since I'm not ashamed to share, it's 783L - on £45K PA. |
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| Author: | l3v1ck [ Wed May 02, 2012 8:19 pm ] |
| Post subject: | Re: Tax Codes |
I've no idea what my tax code is at the moment.
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| Author: | steve74 [ Wed May 02, 2012 8:37 pm ] |
| Post subject: | Re: Tax Codes |
I do know that my wage for this last month changed ever so slightly (up by about £15 per month, whoopee doo!). Now, the amount has been pretty much static, give or take a few pence, for the last 5 or 6 years (the last time I had a pay rise). So either the tax codes have changed or someone else has mucked up - not sure if this is relevant to your case?! I keep meaning to have a word with the accounts guy at work, but maybe I should just keep schum?! Fifteen quid is fifteen quid. |
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| Author: | mikepgood [ Wed May 02, 2012 8:38 pm ] |
| Post subject: | Re: Tax Codes |
Report it to the inland revenue, cooperate fully and let them sort it. |
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| Author: | tombolt [ Wed May 02, 2012 9:12 pm ] |
| Post subject: | Tax Codes |
Definitely report it, but don't expect them to sort it any time soon. My wife has been a recipient of one of their mistakes in her favour and has seen no money in three months. I have been a recipient of one of their mistakes and have been assured that if it is not paid immediately, I'm [LIFTED]. |
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| Author: | tombolt [ Wed May 02, 2012 9:13 pm ] | |||||||||
| Post subject: | Tax Codes | |||||||||
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| Author: | tombolt [ Wed May 02, 2012 9:14 pm ] |
| Post subject: | Tax Codes |
Read the second one, that was supposed to be an edit, but somehow came out as a quote. |
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| Author: | Linux_User [ Wed May 02, 2012 10:43 pm ] |
| Post subject: | Re: Tax Codes |
Do you get any employment benefits? E.g. Car, phone? Does your employer submit a P11d on your behalf? Do you have Flat Rate Expenses, Professional Subscriptions or any other allowable expenses in your tax code? If so, please provide details (via PM if preferred) and I can work your tax code out for you. If not, the standard tax code for 11/12 was 747L and the code for 12/13 is 810L. This amounts to tax-free amounts of 7475 and 8105 respectively. Your annual salary does not affect the amount of personal allowance you are entitled to until you are earning over £100,000pa. To work out how much tax you should pay take your annual salary, add any benefits (car, phone etc), take off your personal allowances and any allowable expenses and do the resulting amount at the applicable rates. E.g. for 11/12: 45,000 - 7475 = 37,525 The basic rate band for 11/12 is £35,000. So £35,000 @ 20% = £7000 Then the remainder is taxed at 40%, so £2,525 @ 40% = £1,010 So your tax liability for 11/12 would be £8,010 on a standard code of 747L (this does not include National Insurance contributions). @tombolt if you've not received your refund I can only recommend you contact the department again. If it's all done and dusted then you should receive you cheque within 10 working days. If it's taking longer I can only assume there's something holding up the claim - it's usually because the department is still awaiting receipt of information from either the taxpayer or their employer. Either that or the cheque has gone astray in the post - HMRC won't issue a new one until you ask for it or it is returned as undelivered. |
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| Author: | tombolt [ Wed May 02, 2012 11:11 pm ] |
| Post subject: | Tax Codes |
Cheers, I will look into the situation. She is temping at the moment, which seems to be a special case as far as I can work out. Thank god, we don't rely on the money, but in the current climate, we're not far off! |
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