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  • FIRST POST
    CakeTen
    Self Assessment, Tax Code and Refund
    • #1
    • 9th Dec 12, 9:11 PM
    Self Assessment, Tax Code and Refund 9th Dec 12 at 9:11 PM
    Hi,

    Basic situation; did my 2011/2012 self assessment online and it has calculated a tax refund of 62 and some pennies.

    My situation was that I was in full time employment with a Tax Code of 712L and also self employed getting a very small income on the side, exempt from Class 2 Nics due to the low income on the Self employment.

    This year my tax code is 775L.

    Am I right in thinking that this tax code is responsible for the refund they have calculated?

    Also, do I understand it correctly that with this tax code my full time employer would have paid tax on everything above 7120 (712L), so essentially paying more tax than if I was on the basic entry tax code. I'm just a little confused how I get a refund when I still made 40 out of the self employment.

    Was the self employment the reason behind creating this tax code in the first place?

    Would like to understand this as I'll be contacting HMRC this week to update them as I've stopped the self employment as you can imagine with the profit so low now, and my full time employment has changed etc..

    Thanks for any help!
    Cake.
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