P85 Tax form
#1
MickyBhoy
Thread Starter
Joined: May 2008
Posts: 248
P85 Tax form
Hi Guys
i have been informed you can claim tax back if moving abroad.
Can anyone advise what you acutally get back from them ?
Is it all the tax you have paid up until leaving the UK from April.
Just another thing i never new about and a great little bonus we never thought of
Thanks again ExPats
Mick
i have been informed you can claim tax back if moving abroad.
Can anyone advise what you acutally get back from them ?
Is it all the tax you have paid up until leaving the UK from April.
Just another thing i never new about and a great little bonus we never thought of
Thanks again ExPats
Mick
#2
Devil's Advocate
Joined: Feb 2008
Location: Mandurah
Posts: 2,269
Re: P85 Tax form
Hi Guys
i have been informed you can claim tax back if moving abroad.
Can anyone advise what you acutally get back from them ?
Is it all the tax you have paid up until leaving the UK from April.
Just another thing i never new about and a great little bonus we never thought of
Thanks again ExPats
Mick
i have been informed you can claim tax back if moving abroad.
Can anyone advise what you acutally get back from them ?
Is it all the tax you have paid up until leaving the UK from April.
Just another thing i never new about and a great little bonus we never thought of
Thanks again ExPats
Mick
** Unless there are visa certain issues I dont know about (I came here as a citizen)
#3
Re: P85 Tax form
UK tax is paid pro rata. They obviously assume that you will work the whole tax year (April-April) and earn your salary in that year. Therefore, you pay that tax over the whole year. But you don't pay tax on the first £7000 odd (not sure on exact figure) you earn.
Therefore, say you're salary is £25,000 a year. You pay about £315 tax a month roughly.
But if you leave the country after only working say 5 months of the year, and you've only earned £10,500 you would have paid way too much tax in that time. So they'll give it you back. Could even get about £1,000 back!!!
Does anyone know what you're meant to put regarding the pension part?? I have 2 private pensions, but I won't be paying anything in to them anymore. Does that matter??
Therefore, say you're salary is £25,000 a year. You pay about £315 tax a month roughly.
But if you leave the country after only working say 5 months of the year, and you've only earned £10,500 you would have paid way too much tax in that time. So they'll give it you back. Could even get about £1,000 back!!!
Does anyone know what you're meant to put regarding the pension part?? I have 2 private pensions, but I won't be paying anything in to them anymore. Does that matter??
#4
Victorian Evangelist
Joined: Sep 2005
Location: Melbourne, by the beach, living the dream.
Posts: 7,704
Re: P85 Tax form
Hi Guys
i have been informed you can claim tax back if moving abroad.
Can anyone advise what you acutally get back from them ?
Is it all the tax you have paid up until leaving the UK from April.
Just another thing i never new about and a great little bonus we never thought of
Thanks again ExPats
Mick
i have been informed you can claim tax back if moving abroad.
Can anyone advise what you acutally get back from them ?
Is it all the tax you have paid up until leaving the UK from April.
Just another thing i never new about and a great little bonus we never thought of
Thanks again ExPats
Mick
http://britishexpats.com/forum/showthread.php?t=678301
BB
#5
221b Baker Street
Joined: Jun 2010
Location: Miles from anywhere, Victoria, Australia.
Posts: 14,125
Re: P85 Tax form
#6
Just Joined
Joined: Aug 2010
Posts: 17
Re: P85 Tax form
I am just filling in our P85, Can anyone confirm that if I put the total rental income does that mean the profit after I have paid my Mortgage? Or the full rental before any deductions?
#7
Home and Happy
Joined: Dec 2002
Location: Keep true friends and puppets close, trust no-one else...
Posts: 93,809
Re: P85 Tax form
I would have thought if its asking for "total income" it would be the full rental income as its all income for you. Its only after you get the income that you spend it on the mortgage.