Rebate Question Help Appreciated

Rebate Question Help Appreciated

Postby nathanmobile on Sun Mar 07, 2010 8:49 pm

I have just left my job and have the p45. As the tax year is fast approaching I want to work, out assuming I earn no more money in the next few week, how the reabte I am owed is calculated:
I was a student in April, May last year (2009)
I started work with the employer I have just left in June 2009.
My tax code was 647L
Week1 / Month one is selected.
Total pay in employment: 14,488.98
Tax paid: 1961.60

Now If as I assume my allowance hasnt been spread across 10 months but 12, how do I do the rebate calculation for the £amount/ what do I need to supply the tax office to supply.

Any advice?
nathanmobile
 
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Joined: Sun Mar 07, 2010 8:44 pm

Re: Rebate Question Help Appreciated

Postby mullet on Sun Mar 07, 2010 10:05 pm

If that was your only income in the year then the calc is easy:

Gross pay £14,488 (they very generously round down)
Less personal allowance £6,475
Taxable pay £8,013
Tax due at 20% = £1,602.60
Tax paid £1,961.60
Refund due £359

There used to be a form (P50 rings a bell but don't quote me) with which you could send in your P45 before the year end to get a refund more quickly than waiting for HMRC to get round to it.
mullet
 
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Joined: Fri Nov 06, 2009 9:26 am

Re: Rebate Question Help Appreciated

Postby nathanmobile on Mon Mar 08, 2010 9:55 am

Thanks MSP, what about the 10% element, is there not two tranches of tax some at 10% then 22%? or has that all gone now
nathanmobile
 
Posts: 2
Joined: Sun Mar 07, 2010 8:44 pm

Re: Rebate Question Help Appreciated

Postby mullet on Mon Mar 08, 2010 5:08 pm

The 10% band is gone for earned income.
mullet
 
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Joined: Fri Nov 06, 2009 9:26 am


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