Overpaid p a y e !

[Guest Sharon and Paul]

If you are leaving employment in the UK , part way through the tax year? You are entitled to reclaim overpaid P A Y E , WHICH CAN BE SUBSTANTAIL?.you are certainly due a tax refund if you satisfy one of the criteria, ! you are not working a full tax year . your earnings are less than the tax freshold £5, 435. taxed under the wrong code working in the (cis). an example if you are on 30k and left work in July £726 . approx not taking into account benefits such as company car. med ins , gym membership ( new one on me) tax code (br) ect. this info came to me today through a international removals company anyone now about this ?

[Guest sjs]

yeah but we only found out a couple of days ago off of a friend who leaves to go to perth on monday. great news eh? we certainly need every penny we can get!

 

sjs

[Carole Jolly]

yeah, any help with finances is worth knowing about.

The personal allowance of £5435 runs to the end of the tax year (april) so if you leave part way through the year, you will be entitled to any used allowance. Due to Gordons cock up with abolishing the 10% this year, the allowance is going up to £6035 from September 2008.

So, if your earnings are within the basic rate tax band and you left at the end of September ie 6 mths, you would be due to a refund of 6035/2 = 3017 x 20% = £603. This ignores the more complex codes with benefits in them. Also, if you are a higher rate tax payer, then the refund would be more.

The form to claim this is a P80.

Get claiming!!!

 

Carole

[Guest Baldock Grays]

yeah, any help with finances is worth knowing about.

The personal allowance of £5435 runs to the end of the tax year (april) so if you leave part way through the year, you will be entitled to any used allowance. Due to Gordons cock up with abolishing the 10% this year, the allowance is going up to £6035 from September 2008.

So, if your earnings are within the basic rate tax band and you left at the end of September ie 6 mths, you would be due to a refund of 6035/2 = 3017 x 20% = £603. This ignores the more complex codes with benefits in them. Also, if you are a higher rate tax payer, then the refund would be more.

The form to claim this is a P80.

Get claiming!!!

 

Carole

 

Carole,

Do you mean P85, not P80 . I have tried to find the P80 but can't but did come accross a P85.

 

Thanks in advance

[Carole Jolly]

Carole,

Do you mean P85, not P80 . I have tried to find the P80 but can't but did come accross a P85.

 

Thanks in advance

 

 

SORRY, yes P85.

Please bear in mind, this is also a complex area, rules can vary depending on how long you were in the UK in a tax year and what your intentions are eg permantly leaving the country/temporary/ and how many visits you do to UK over a period of time.

 

But nothing ventured nothing gained.

 

Carole