Dangerous Posted November 22, 2010 Share Posted November 22, 2010 just checked my tax code to see if im due a rebate as there has been a cock up.Apparently my code is wrong (probably) but it doesnt tell me if im paying too much or not enough.Does anyone know how to work this out correctly? This thread will be wasted on the students and layabouts as they dont pay tax....just dodge it. Link to comment Share on other sites More sharing options...
davenportram Posted November 22, 2010 Share Posted November 22, 2010 The numbers in your tax code dictate how much your tax free allowance is, the letter is determined by your personal circumstance. The standard one is 647L, which means you can earn 6475 before paying tax. If you have two jobs and split your tax allowance between the two then you can have 2 different tax codes 1 for each job. This is the HMRC basics on tax codes http://www.hmrc.gov.uk/incometax/codes-basics.htm If you get your new correct tax code make sure your employer knows about it and applies it. They should readjust your tax in each pay slip so that by the end of this year you will have paid the right amount of tax for this year. You can get the taxman to adjust your tax code so that any past underpayments or overpayments are factored into this years tax calculations. One good why of working it out is to find out what your tax code should have been for this year and past years and use this website to calculate how much tax you should have paid http://listentotaxman.com/ - its not 100% accurate but will give you an good indication. Link to comment Share on other sites More sharing options...
davenportram Posted November 22, 2010 Share Posted November 22, 2010 Check out Martin Lewis's guide too http://www.moneysavingexpert.com/family/check-tax-code#second Link to comment Share on other sites More sharing options...
Perky1106 Posted November 22, 2010 Share Posted November 22, 2010 This thread will be wasted on the students and layabouts as they dont pay tax....just dodge it. Ok cool. Link to comment Share on other sites More sharing options...
Boycie Posted November 22, 2010 Share Posted November 22, 2010 Students tax code is cash only from the bar you work at. Link to comment Share on other sites More sharing options...
uttoxram75 Posted November 22, 2010 Share Posted November 22, 2010 If you find you owe any tax, do what Vodaphone did. Negotiate a £6billion tax bill, (yes, six billion!), down to £0.8billion by having a meeting with the boss of HMRC. It may help though if your rep at the meeting is, like Vodaphone's Financial Director, a member of George Osbourne's "Business Forum for Competitiveness and Tax". Good luck! Link to comment Share on other sites More sharing options...
4-2-3-1 Posted November 23, 2010 Share Posted November 23, 2010 I actually received a letter from the HMRC about a month ago saying that they owe me money which was a pleasant surprise. Does anybody know roughly how long it takes to receive the tax return as I'm still without it. Link to comment Share on other sites More sharing options...
Boycie Posted November 23, 2010 Share Posted November 23, 2010 6 weeks i seem to remember? Link to comment Share on other sites More sharing options...
froggg Posted November 26, 2010 Share Posted November 26, 2010 I actually received a letter from the HMRC about a month ago saying that they owe me money which was a pleasant surprise. Does anybody know roughly how long it takes to receive the tax return as I'm still without it. i got my cheque the next day:D Link to comment Share on other sites More sharing options...
Boycie Posted November 26, 2010 Share Posted November 26, 2010 i got my cheque the next day:D Behave. Link to comment Share on other sites More sharing options...
froggg Posted November 27, 2010 Share Posted November 27, 2010 seriously:redface: my lodger got his statement and cheque on the same day:eek: Link to comment Share on other sites More sharing options...
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