Been paying too much tax and didn't realise!

clutterydrawer

hi everyone,

It's a happy day for me.

I jsut realised i've been paying way too much income tax since i started my new job in october. I didn't hand in my P45 (no idea I needed to!) so they've been taxing me as having two incomes :eek: :eek:

I have handed it in now and just wondered if anyone knew roughly how long it will take for them to return what they owe me...I did wonder why I was so skint, and now i know. :rolleyes:

ceeforcat

Can you state the code on the P45 you handed in? Was there an 'X' in the week 1/month1 box?

trevormax

Congrats, funny how atiny little mistake can eventually leed to a nice fat wad of cash landing in your hands.

It all depends on how long your employer takes to send the forms into the revenue, how long they take to work those forms and issue a cumulative tax code and how long your employer takes to start using that tax code. This time of year a lot of revenue staff are pulled off normal post to work SA so could be a little while, or if you are lucky could be by your next wage.

I'm sure there is a cut off date for the rev to issue new tax codes for this year, might have already passed it even so its possible it might have to wait until April, but i'm not 100% on that sorry.

If it goes on past April then you will have to phone the revenue up and ask for a repayment of overpaid tax.

Your employer should stick you on a 603Lw1 code so you should pay less tax from now on.

chrisbur

If the tax code on your P45 is a cumulative code then your tax will be corrected on the first payday after your employer applies the P45 to your payroll records, it is the P45 that will correct your tax position nothing has to come from the tax office. If your P45 has a week 1/ month 1 code then you will have to wait for the tax office to issue a cumulative code for any tax adjustment backdating to happen, but if your were on BR code then your weekly/monthly tax will go down.

clutterydrawer

BR! that's the one!

tinkerbell84

clutterydrawer wrote: »

I didn't hand in my P45 (no idea I needed to!)

:rolleyes: :rolleyes:

so when the P45 says "give this part to your new employer" at the top, you think "nah, they don't know what they're talking about"

clutterydrawer

tinkerbell84 wrote: »

:rolleyes: :rolleyes:

so when the P45 says "give this part to your new employer" at the top, you think "nah, they don't know what they're talking about"

I didn't look at it, I thought it was one of those things they give you so you can put it in a folder and never look at it again, like the one that comes in april-ish.

tinkerbell84

clutterydrawer wrote: »

I didn't look at it, I thought it was one of those things they give you so you can put it in a folder and never look at it again, like the one that comes in april-ish.

the one that comes in April-ish is important too :rolleyes:

potential new years resolution here, me thinks!

jem16

clutterydrawer wrote: »

I didn't look at it, I thought it was one of those things they give you so you can put it in a folder and never look at it again, like the one that comes in april-ish.

That's the P60 that you will need to apply for a rebate with unless you manage to get it sorted pretty quickly.

Mikeyorks

clutterydrawer wrote: »

I didn't look at it, I thought it was one of those things they give you so you can put it in a folder and never look at it again,

Your username is well chosen then?

BR! that's the one!

...... my wife shouts things like that .. but we'll not go into it here!

However I suspect you're giving the code you're on now - rather than the one on the P45 - as requested? If the code on the P45 is cumulative - then the refund should be via your employer on the next pay day following your payroll people processing the P45.

clutterydrawer

tinkerbell84 wrote: »

the one that comes in April-ish is important too :rolleyes:

potential new years resolution here, me thinks!

really - what am i meant to do with that one then? why aren't there lessons about this stuff at school?!

In fairness I have gained three ring binders of paperwork in the last four months and moved house twice and started a new job so a lot of things are falling by the wayside. ....I know, excuses excuses.

I have sent it off now and I might get the money back soon but maybe not till the end of the financial year cos i've been so slow that'll tach me though.

and a clutterydrawer is what I call the place where the kinves, forks etc are stored.