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UK Tax Rebate if leaving during tax year??

UK Tax Rebate if leaving during tax year??

Old Sep 28th 2007, 12:12 pm
  #16  
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Default Re: UK Tax Rebate if leaving during tax year??

Originally Posted by BoredinBelfast View Post
Gina

Out of interest, how do you calculate this?

Thanks, BiB
Ditto BiB's question Gina. Thanks
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Old Sep 28th 2007, 12:33 pm
  #17  
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Default Re: UK Tax Rebate if leaving during tax year??

Originally Posted by Caggsy View Post
Ditto BiB's question Gina. Thanks
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

Last edited by GinaUK; Sep 28th 2007 at 12:35 pm.
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Old Sep 28th 2007, 1:30 pm
  #18  
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Default Re: UK Tax Rebate if leaving during tax year??

Thanks Mate
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Old Oct 10th 2007, 12:38 pm
  #19  
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Default Re: UK Tax Rebate if leaving during tax year??

Originally Posted by Caggsy View Post
Thanks Mate
My refund doesn't look as good as I was hoping for now... :-(

I posted my P85 to the tax office on 20/09 and have just been told they're finalising the payment now and cheques should be with my bank within a week or so...
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Old Oct 10th 2007, 8:20 pm
  #20  
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Default Re: UK Tax Rebate if leaving during tax year??

Hi Gina

Im leaving my job end of november, and have a company car does this afect the calculation system you have put in place. I should will be leaving 4 months before the tax year ends.

Thanks for your help
skeaty
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