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My Updated Tax Situation!! -Answers please?!?!
pbright
Posts: 634 Forumite
...Bear with this please
This is my Situation and i am curious if you could help me out....without the confusing jibba jabba as tax confuses me and i am young :-D
Right..First of all i am owed tax back from last year(April-April). My Summary for last year from my only job was (Tax Code: 503L W1/M1, NI Rate: A ** Gross Taxable, £8516.16, PAYE Tax £846.55). Called my local tax office up, they said they ow me tax back(£300+) & that iv to send my P60 up to them when my work give it to me and they will send me a cheque,,,they also said my tax codes wrong and will change it.
So now i have my first weeks payslip of the newyear, my tax codes 522L(im 22, and the £8,516 i made last year is the most iv ever made)...is this the correct tax code do you think??? I earned £516.33 in my first week(granted, this is a rare week as i work casually and worked v.hard...this week ill earn around £250-£300) & they taxed me £86.33 on that.
So my questions to you are...please reply as if im stupid and young(because i am a little when it comes to this!!)
1). My work says we get the P60s at the end of May for 18months travelling...i would really love to get my tax back sooner as i plan on going away mid June and the money would come in handy!
2). Is my tax code correct for this year and if no can i change it??
3). Like i said, im going away for a 18months, so i know ill earn less that the £5isg-grand your allowed to earn tax free during the year...so therefore is their any chance that when i leave my work, can i get the tax i have payed this working year back before or during when i go travelling???
....& as sub-issues for those in the know
4). Anybody know about overdrafts...have a student free overdraft(with bank of scotland if it makes a difference)...may turn to a grad account next year but still likely to remain int. free, i reckon. relying to on it when i go away travelling and its always at the £1,750 limit and when it had expired(my aagrred overdraft limit) i just go in the bank and they extend it for 6months-1year, but you have to go into your local branch to do this. So before i go do you think i could agree on it for 18months....????
5). Anybody know about upping your credit limit??...Got two Credit Cards(each £500 limit...both previously maxed out and i was a little late with a few payments), both are now payed off in full, & i will need CC for emergencies(& im sure at some point ill be in one :-D). Im worried due to late payments my CC history isnt good, and what also isnt good is the APR/Interest on my current 2 CC. So do you think i should cancel my current two to up my limit and then i can get new lower interest ones before or when im away...Or should i keep them payed off and cancel them while im there and then ill apply when im over there as having two cards payed off for a while would up my history/rating then having no Credit cards??....Or should i keep them payed off and when im over there(travelling) & need them, call up my current credit card place(again bank of scotland for both) and ask them to give me a better interest rate????? Hope that makes sense
Thanks for anybodys help they can offer, and as a special request keep answers simple and to the point(something which im clearly not good at doing with the length of this post!!)
This is my Situation and i am curious if you could help me out....without the confusing jibba jabba as tax confuses me and i am young :-D
Right..First of all i am owed tax back from last year(April-April). My Summary for last year from my only job was (Tax Code: 503L W1/M1, NI Rate: A ** Gross Taxable, £8516.16, PAYE Tax £846.55). Called my local tax office up, they said they ow me tax back(£300+) & that iv to send my P60 up to them when my work give it to me and they will send me a cheque,,,they also said my tax codes wrong and will change it.
So now i have my first weeks payslip of the newyear, my tax codes 522L(im 22, and the £8,516 i made last year is the most iv ever made)...is this the correct tax code do you think??? I earned £516.33 in my first week(granted, this is a rare week as i work casually and worked v.hard...this week ill earn around £250-£300) & they taxed me £86.33 on that.
So my questions to you are...please reply as if im stupid and young(because i am a little when it comes to this!!)
1). My work says we get the P60s at the end of May for 18months travelling...i would really love to get my tax back sooner as i plan on going away mid June and the money would come in handy!
2). Is my tax code correct for this year and if no can i change it??
3). Like i said, im going away for a 18months, so i know ill earn less that the £5isg-grand your allowed to earn tax free during the year...so therefore is their any chance that when i leave my work, can i get the tax i have payed this working year back before or during when i go travelling???
....& as sub-issues for those in the know
4). Anybody know about overdrafts...have a student free overdraft(with bank of scotland if it makes a difference)...may turn to a grad account next year but still likely to remain int. free, i reckon. relying to on it when i go away travelling and its always at the £1,750 limit and when it had expired(my aagrred overdraft limit) i just go in the bank and they extend it for 6months-1year, but you have to go into your local branch to do this. So before i go do you think i could agree on it for 18months....????
5). Anybody know about upping your credit limit??...Got two Credit Cards(each £500 limit...both previously maxed out and i was a little late with a few payments), both are now payed off in full, & i will need CC for emergencies(& im sure at some point ill be in one :-D). Im worried due to late payments my CC history isnt good, and what also isnt good is the APR/Interest on my current 2 CC. So do you think i should cancel my current two to up my limit and then i can get new lower interest ones before or when im away...Or should i keep them payed off and cancel them while im there and then ill apply when im over there as having two cards payed off for a while would up my history/rating then having no Credit cards??....Or should i keep them payed off and when im over there(travelling) & need them, call up my current credit card place(again bank of scotland for both) and ask them to give me a better interest rate????? Hope that makes sense
Thanks for anybodys help they can offer, and as a special request keep answers simple and to the point(something which im clearly not good at doing with the length of this post!!)
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Comments
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That sounds like the normal tax code to me. When you leave work you will need to contact your tax office and tell them that you are leaving the country and do not intend to work in the UK before 05/04/08. Then they should refund you any tax over paid.
I think you'll have to ask your bank re your overdraft.
Use your current credit card a little and pay off fully each month and then you will re build your history and then you can apply for a better rate. You won't get a high limit though based on the amounts you are earning, as limits are related to income.0 -
Your tax code is correct for this tax year.
Also if you are going away for 18 months then you need:
a) to complete a form P85 http://www.hmrc.gov.uk/cnr/p86.pdf. and
b) a P45 from your current employer.
This will be enough to reclaim tax back for the period 06/04/2007 to the date you leave.
To reclaim any refund for the 2006-2007 tax year you need:
a) either your P60 or your last payslip of that tax year.
b) a P91 form http://www.hmrc.gov.uk/pdfs/p91_bs5_02.pdf showing all your periods of employment and unemployment in chronological order for the 2006-2007 tax year.
c) any P45's you received if you had more than 1 job in the year.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Yes tax code correct... our Accountant was telling me that this was a Tax code for our employees only the other day! Who earn about the same....0
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So i can reclaim my tax without my P60(dont get it to may from the work...want it now). So what exactly do i do...i have my last pay slip which gives all my details. Do i send it off with this pdf form you have listed. I have had no other jobs this year and have no P45s
Thats also great news that i can get tax back from this year before i go away....will come in handy
Also, do you agree about my credit card...should i spemd a little then pay it off....i dont really fancy doing this!!0 -
??? Anybody0
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You can tell a lot about a woman by her hands..........for instance, if they are placed around your throat, she's probably slightly upset.
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it's the 'standard' personal allowance for the current tax year, last year's was 503L. Not everyone has it: if you are a higher rate taxpayer or owe tax from a previous tax year then it will be different.TheWaltons wrote: »Yes tax code correct... our Accountant was telling me that this was a Tax code for our employees only the other day! Who earn about the same....
Always worth checking with your local tax office if it IS different, however. I've known colleagues get tax refunds after noticing there was no reason for them to be on a lower tax code.Signature removed for peace of mind0
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