|
Tax brain
Just seeking confirmation that my logic is reasonable please :)
I've just received a fairly sizable refund cheque from HMRC. This is for the year 2011-2012. During that year I was a higher rate taxpayer and paid tax through PAYE, no other earnings etc. I left UK for here in early January 2012, filled in the R85 and received the NT coding. I'm trying to work out if the refund is mine to keep based on the assumption that: PAYE is calculated on 12 months earnings/12. I only worked for 9 months which means my earnings in the higher rate tax bracket weren't as forecast. Therefore I would be due a refund on that basis. Does that sound right or is it wishful thinking on my part and they've made a mistake? |
Re: Tax brain
Originally Posted by mikewot
(Post 10649073)
Just seeking confirmation that my logic is reasonable please :)
I've just received a fairly sizable refund cheque from HMRC. This is for the year 2011-2012. During that year I was a higher rate taxpayer and paid tax through PAYE, no other earnings etc. I left UK for here in early January 2012, filled in the R85 and received the NT coding. I'm trying to work out if the refund is mine to keep based on the assumption that: PAYE is calculated on 12 months earnings/12. I only worked for 9 months which means my earnings in the higher rate tax bracket weren't as forecast. Therefore I would be due a refund on that basis. Does that sound right or is it wishful thinking on my part and they've made a mistake? |
Re: Tax brain
Originally Posted by gottheTshirt
(Post 10649081)
Right - you were taxed monthly assuming that your annual earnings would be 12 times your monthly earnings.
|
Re: Tax brain
Originally Posted by mikewot
(Post 10649073)
Just seeking confirmation that my logic is reasonable please :)
I've just received a fairly sizable refund cheque from HMRC. This is for the year 2011-2012. During that year I was a higher rate taxpayer and paid tax through PAYE, no other earnings etc. I left UK for here in early January 2012, filled in the R85 and received the NT coding. I'm trying to work out if the refund is mine to keep based on the assumption that: PAYE is calculated on 12 months earnings/12. I only worked for 9 months which means my earnings in the higher rate tax bracket weren't as forecast. Therefore I would be due a refund on that basis. Does that sound right or is it wishful thinking on my part and they've made a mistake? Save, don't spend (all of) it. |
Re: Tax brain
Originally Posted by Meow
(Post 10649091)
Yes that is correct. :)
Save, don't spend (all of) it. |
Re: Tax brain
I can give you a sure tip for the racing at Ayr !
|
Re: Tax brain
You will also have underutilised your Personal Allowance for the year, which will result in a tax credit being due. Run your figures through this tax calculator and it will calculate your Income Tax/ NI bill for the year, then deduct the tax you actually paid to check your tax rebate is correct.
[J] |
Re: Tax brain
For those interested an update. Rang HMRC yesterday to query it and they thought there was a minor error which they'd check and get back to me (by mail). Letter arrived this morning (this isn't the HMRC we all know and love surely!) and all was correct, get the cheque in the bank :-) Hoorah!
|
Re: Tax brain
Send it back. The Treasury needs £8million to pay for next week's funeral.
|
Re: Tax brain
I'm not sending half of my refund back!!!
|
Re: Tax brain
Originally Posted by mikewot
(Post 10651809)
For those interested an update. Rang HMRC yesterday to query it and they thought there was a minor error which they'd check and get back to me (by mail). Letter arrived this morning (this isn't the HMRC we all know and love surely!) and all was correct, get the cheque in the bank :-) Hoorah!
|
| All times are GMT. The time now is 8:09 am. |
Powered by vBulletin: ©2000 - 2024, Jelsoft Enterprises Ltd.
Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.