how much will i get back

lilmissclass

Im overpaying tax 40% , for various reasons, was charged on expenses plus last year they thought i had to company cars instead of one.

So they are hopefully dealing with it now. I really want a rough idea of what to expect back...

i have my 6031 - 8800 for car/fuel - 455 for private medical = k329 or so. But the IR had it as k667,
I earn 29430, so have i been paying 40% of 29430, or 40% of 36,000?

I definitly am supposed to be charged 20%.
If this has happened for 2 tax years, how much might i expect back?

Or are my sums all wrong.

CLAPTON

for this tax year

you earn gross 29,430
your tax code was k667 (incorrectly)
then you would be taxed as if you earned 29430+6670 = 36100
of which the first 34800 was taxed at 20% i.e. 6960
and the remaining 1300 was taxed at 40% i.e 520
so total tax was 7,480

whereas you should have been taxed as k329
so your tax should have been
taxable 29430 + 3290= 32,720 all at 20% = 6544

so your refund should be £936

lilmissclass

oh, i was hoping for lots more lol,

Thanks.

CLAPTON

sometime people don't realise that you are only charged 40% on the amounts over 34,800 and not on all your earning.

lilmissclass

yes - that was exactly what i thought.