Tax advice If you think youve been over taxed, what can you do about it? Ive had numerous additional payments this year and I think Ive been totally abused on tax. Does it level itself out or is it worth while chasing the tax office? Or is it normal for you to lose a third to the tax man? Cheers
It depends on alot of things like Tax Code prev pay etc You can check it online on the governments website HMRC
Just gather together all your payslips, and take them to the local tax office. They'll go through them and double check if you've paid the right amount.
Re: Tax advice type in google p45 checker put in your gross taxable pay etc see if the tax calculated matches your tax paid todate
I think i was up to about 40% tax a few months back .... theiving sods! .... i dont think you should be paying a third though - Tax free income is anything up to about 5k, then anything from that up to the mid twenties is taxed at about 20% i think (Income tax). Then you have national insurance to pay on top of that, but it wont be that high. I'd speak to your HR department at work first - let them know you think you've been overtaxed. You might be paying more due to some taxable benefits you are getting (company car) or other things that are regarded as 'benefits in kind'.
Ive claimed back tax before. I just wrote to the Tax Office address on my P60 and sent them a letter along with my P60 (keeping a copy for myself) stating that i thought i had been overtaxed and could they refund the appropriate amount. About 6 weeks later, got a cheque through the post for £1,200.
Taxable benefits?? Haha howay Brid, I work in admin! And in HR too and they dont know Think I'll have to wait til end of the tax year. But they took a third of one of my bonuses
Aye, i'd reckon you'll be paying at least 25% tax on that. Isnt the lower rate of income tax something like 20% for earnings up to 25k or something? The new national insurance laws are daylight robbery as well - they make people on average earnings even worse off that before. Not sure if they are in action yet tho...
Its likely that they would take a third of your bonus Basic Rate tax is 22% and National Insurance is 11% You would have already used up your taxable benefits in your standard salary the same with the small amount you get NI free So everything after that is @ 22% tax abd 11% NI If you have a standard taxcode you get £435.76 taxfree per month, you get also get a similar amount NI free £435 Anything over that you pay 33% on unfortunately
im in the same boat, ive just paid for the taxmans cristmas party with my last bonus. i got taxed nearly half ive gotta be owed somet back come april. i'll be voting tory if it means im taxed less
You get £5035 pa tax free. Then upto £33300 you pay 22% and anything above that you pay 40%. NI is similar bands but the rates are 11% and 1%. Any money you earn, incuding bonuses is put into that. If you are earning less than £33300 pa divide your gross pay by 1.19 to get a good estimate of what your net pay should be
