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MSE News: Are you due a tax rebate or do you owe cash? 5.5m paid wrong tax in 2012/13
Former_MSE_Darryl
Posts: 210 Forumite
in Cutting tax
"Three and a half million taxpayers will get tax refunds, typically between £350 and £500, between now and October. BUT another two million will be asked to cough up an average of between £400 and £500 as they have underpaid..."
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Are you due a tax rebate or do you owe cash? 5.5m paid wrong tax in 2012/13
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Are you due a tax rebate or do you owe cash? 5.5m paid wrong tax in 2012/13
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Comments
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Every time I get a new tax code, I call them because it's wrong, often very wrong.
Every time I do a tax return (every year since I left university in 1984) there is an adjustment to be made, often several £k.
I work full time for a single employer and codes are always wrong for me, so what chance do people with more complicated affairs have?I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
gadgetmind wrote: »Every time I get a new tax code, I call them because it's wrong, often very wrong.
Every time I do a tax return (every year since I left university in 1984) there is an adjustment to be made, often several £k.
I work full time for a single employer and codes are always wrong for me, so what chance do people with more complicated affairs have?
Why are you doing a tax return if you are employed?0 -
They gave me a refund last year and then decided 3 weeks later that actually I wasn't entitled to it so there taking 70 off me per month to make it up. Its brought my wage right down as its not that high as it is, but at least it will get paid off by next April and after that I will feel like a millionaire when I get my normal wages and the increase to 10k personal allowance next year means I won't be paying much tax at all really.:T:T :beer: :beer::beer::beer: to the lil one
:beer::beer::beer:0 -
Why are you doing a tax return if you are employed?
Because HMRC send me one every year and demand (with menaces) that I submit it.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
I just hope they send it to me this year, I waited last year and got nothing so put in a claim and got a full refund.
I only have a temp job and work 7 weeks every 4 months, my employer (agency) taxes me at a week 1 code in spite of being told by both myself and the tax office that I should not be paying any tax at all, I think it must be easier for them to do it that way :mad:0 -
gadgetmind wrote: »Because HMRC send me one every year and demand (with menaces) that I submit it.
Well you can ask them to stop sending you one, although it may take a bit (or a lot) of waiting on the phone. You could try writing a letter.0 -
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Well you can ask them to stop sending you one, although it may take a bit (or a lot) of waiting on the phone.
As I use an accountant to check my CGT calculations, and to make sure my pension contributions don't transgress one or more of the vastly complicated rules they keep introducing, it's no great hardship.
My wife also has to do a return and she hasn't worked for nearly 20 years, but she does have royalty income, and she does often have CGT to pay.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
I've used the MSE free tax calculator, which is great if you want to get a quick indication of what you should be paying.
However, if you want a more holistic view and help monitoring your situation throughout the year, I'd recommend this site/calculator application that I have started using recently called TaxMeRight.
The full version is paid for, but you can try a limited version for free available from taxmeright.co.uk0
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