Claim back income tax?

Simon808

Hi, I,m 18 and a (confused) postman earning around £15000 a year. I get paid weekly and have the basic tax rate deducted from my wages every week. However I am aware that everyone has a tax free allowance of around £6500 every year. So (and heres where I need help) at the end of the tax year do I have claim back the tax I paid on the first £6500 I earned? Or does this get refunded automatically? Or do I forfeit the allowance as I earn above it? Any help will be greatly appreciated, thanks

CLAPTON

to clarify

when did you start this job

what is your tax code (as per payslip)

Simon808

I started on the 30 of June of this year
My tax code is 0603L !!!

System

If your code is 603L without a W1, M1 or X after it then you are automatically receiving your tax free allowance each week/month. Your employer will not be taxing the first £502.91 of your monthly pay. Everything above that will be taxed at 20%.

I worked that out as follows -

£6035 tax free personal allowance over 1 tax year = £502.91 x 12 months

If there is W1, M1 or X after the 603L then HMRC do not have all your income details prior to you commencing your job in June 08 so you are only receiving your allowance from June onwards and if you overpaid tax from 6th April 08 to June 08 that will not be refunded until the end of the tax year unless you let HMRC know your earnings for that period.

RevoMan

Hi guys n gals, my tax code is 0603L/1, what does the number 1 mean?

Tried a Google but nothing.

Thanks.

Mikeyorks

Week 1 or Month 1. Implications as in the last para of the post immediately above yours.

CLAPTON

your tax code of 603L / 1 is any emergency code... probably due to not handing in a P45 when starting the new job or filling in a P46

stef_84

i just found out yesterday that iv been made redundant:( someone told me i can claim back my tax for the year is this true? my tax code is 603L W1 any help would be gladly appreciated

fengirl_2

If you are claiming JSA. the JC will make your refund at the end of the tax year.
If you are not claiming JSA, download a form P50 from www.hmrc.gov.uk, fill it in and send it to your tax office with your P45.

Knappstarman

Hi, I am desperate for someone to help me and i would greatly appreciate any advice! Right, well from the start of the financial year I was woking for a company on a salary of £17,707 with the tax code 647L. I left this job late in October with overall earnings of £9,064.22. I left this job and started a new job 3 weeks later in November though an agency whom i gave my P45. This temporary contract ended on February 12th of this year, with earnings of £4,654.54, again with the tax code 674L. Since then i have done 4 days work with a different agency earning £164.50 with the tax code W1 647L after filling out a P46. Would i be eligible for a tax rebate? sorry i am abit naive to this and have never claimed tax back before?! Oh and i haven't been signed on claiming JSA at any time during this period.

Knappstarman

Also, my friend is in a similar situation. the difference being he worked from the start of the financial year earning £16,000 salary, rising to £18,000 from November 2009. He left his job in January and has not worked since and has not claimed JSA, his tax code was also 647L, would he be eligible for a tax rebate?