NikiL

Leave date, tax code and total paid in year to date box. Going to bed very shortly, but off work tomorrow so if you send me the info I'll pm you everything by the time you get up

Donna&Neil

Hi many thanks I've pm'ed you.

Donna

Reedy

NiKiL,

Sorry to hijack this thread!!! I am on a k tax code as I have a company car and fuel card. I think it is something like 486k.
I plan to finish work in December and my salary is above £35k (less than £60).
Would this affect any rebate that I might be entitled to?

Just want to know whether it is worth me downloading the form ready for Dec.

Thanks

Lau x

TJUK

NikiL,

Do you have a spreadsheet or something to calculate it? Just thought you might get a little overladen with the free tax advice??

I am currently in the Forces. We are due to hit Oz in May/ Jun 08. So I would expect a rebate. What I am also concerned about is this emergency tax business..After 30 years service I will have a large lump sump (tax free) around 5 days after I leave.. I plan to transfer that to Oz (assuming I get a good transfer rate), but will also be paid a monthly pension of around £1750 (taxable), if I am going to get hit Emer tax it would be better having this paid into my Oz account and paying the tax in Oz?

What do you think

emmyjc1

Thanks for your reply - This is getting more confusing - I rent out a Flat in the UK but I don't make any profit on it as I have to pay £50 per month to make up the mortgage but I have filled another form in that means as a overseas landlord I won't get taxed! Does that make sense?? I can see long calls to the UK coming up - the last thing I want is a big tax bill.

jon&kate

I finished work on the 12th of october and have contacted the tax people who are sending me a form.Will i get anything back???

NikiL

There isn't a straightforward spreadsheet unfortunately as it all depends on individual circumstances, tax codes, benefits received etc.

Reedy - sorry but you need to speak to your payroll people asap as there is a strong likelihood you will have to pay tax over when you leave. Benefits in kind are usually added to your tax code a year in arrears, so you are unlikely to be taxed on the benefits received this year, in this year. As a result there is a good chance that you'll need to pay the tax for this years benefits when you leave.

TJUK, pensions ain't my strong point I'm afraid, they're a specialised area and I have no knowledge of whether you can get it paid to Oz and taxed there. As it originates in the UK its more likely to be taxed at source, but I could be talking out of my a*rse on that. Would recommend pension specialist guidance on that one, pension transfers direct would be worth contacting.

Emmy, chances are you'll need to complete a self assessment form each year. Even though you won't be making a profit, Inland Revenue don't know that so they work on the basis that you may well be and apply the code accordingly. You can contact the Revenue through email - one of the girls I work with is married to a Revenue chap, so I'll ask her when I'm back next week if he call give me an email contact for specialised questions.

Jon & Kate, if you have a tax code ending in L, and you have no other source of income within the UK, in all likelihood yes, you will.

I should explain at this point while I can work out refunds etc for most, I'm not a tax specialist so there will be circumstances like TJUK where I need to recommend specialist advice rather than give duff guidance! Very tempted to change to tax specialism when I move though

ian_s

Do you need a P45 to claim a rebate. I won't have one as I'll be taking a 3 year career break.

Thanks for any info

Ian.

NikiL

Your most recent payslip will also have the information you need. Pay YTD and Tax YTD will give you the numbers, and it should have your tax reference number on it as well (xxx/xxxx usually)

ian_s

Thanks very much for your prompt reply. So I just put the numbers onto the P85 and keep my fingers crossed.

Ian.

NikiL

You don't actually need to put the numbers onto the P85, but it gives you an idea of what you're likely to be able to get back.

TJUK

NikiL,

Thanks for the prompt reply and good luck with your new venture in tax advice Seriously I think the Military Community would welcome such an expert. I take your point and will seek some specialist advice.

TJ

NikiL

I am actually seriously thinking about moving into tax - there seem to be better opportunities in that area in Oz than here. Expat taxation could be quite a good area in particular. Hmm, serious food for thought for me there...

GinaUK

If you want to calculate how much tax you will get back, here is how to work it out (this question gets asked about once every two weeks):

Here goes (for people aged under 65 leaving the UK in the 2007-2008 tax year):

1. Look on your/OH's P45. There'll be a figure for "total taxable pay". Write that one down (total 1).

2. Now deduct £5,225. Write down the new total (total 2).

3. Take off £2,230. If the new total (total 3a) is below £34,600, multiply the new total by 0.22. Then add £223. This gives you another total - total 3b.
(If your total 3a was above £34,600, it gets a trifle more complicated - might be best if you pm me your figures and I work it out for you.)

4. Look again on the P45. This time make a note of the figure for "total tax to date" - total 4.

5. Deduct total 4 from total 3b to give you total 5. If total 5 is a negative figure, then this is your refund due. If total 5 is a positive figure, then it's the amount you owe the taxman.
(If you have to do an annual UK tax return, that's what you'll end up paying. If you don't have to do an annual UK tax return, chances are the taxman won't notice you owe anything, so keep quiet.)

This may sound complicated. But as long as you follow the steps and write down each total - you'll get the correct result.

Gina

GinaUK

No offence - but the above is totally incorrect.

This is also totally incorrect as well. Even if you have earned more than £5200 as an employee, you'll get tax back if you leave the UK before the end of the tax year.

To give you an indication: my husband earns a high five figure salary. He worked for six months in the present tax year and will get back around £3,000 from the taxman.

Gina