does any1 know enough about tax to help me please

staceydaisy

Hi all i have recently just sent a p50 in to the tax office. im hoping to get some money back as i have ended my employment due to having a baby. i currently earned 8500 this year and will not be earning anymore. my tax code is 543l. can somebody please give me some idea as to if i will get anything back and if so a rough estimate on how much

dzug1

The total tax you pay will be about £613 (20% of 8500-5435). Take away what you've already paid and there's your refund.

Are you sure your tax code is 543L? For most people it's 603L which would give you a bigger refund.

johnllew

dzug1 wrote: »

Are you sure your tax code is 543L? For most people it's 603L

Poster probably left before the September uplift.

tuggy12

The personal tax allowance for the tax year 2008/2009 is £6035

So, if you left work before the end of November 2008, the maximum wages you would have been paid this tax year is 8/12 * £8500 = £5667, which is less than the allowance.

Therefore, you will be due a refund of all the tax you have paid so far this year.

You should have been paying approx £41 per month income tax, so if you left at the end of November 2008 you should receive a refund of 8*£41 = £328

dzug1

tuggy12 wrote: »

The personal tax allowance for the tax year 2008/2009 is £6035

So, if you left work before the end of November 2008, the maximum wages you would have been paid this tax year is 8/12 * £8500 = £5667, which is less than the allowance.

Therefore, you will be due a refund of all the tax you have paid so far this year.

You should have been paying approx £41 per month income tax, so if you left at the end of November 2008 you should receive a refund of 8*£41 = £328

I read it as £8500 earnings to date which accounts for my different figure.

I'd still read it that way, having reread the post, though it's not 100% clear

tuggy12

dzug1 wrote: »

I read it as £8500 earnings to date which accounts for my different figure.

I'd still read it that way, having reread the post, though it's not 100% clear

Yes ISWYM

Still, the OP now has the info for either eventuality.

staceydaisy

thank for the information guys. just one more cheeky question does any1 know how quickly the tax office can process information and get back to us

dzug1

Not really - anything between a couple of weeks and several months depending on the workload in your tax office