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New Job/ New Year tax
Kim_Possible
Posts: 848 Forumite
in Cutting tax
Hello
I have recently started a new job:
1) I am being taxed & contributions (tax code 0647L0)
2) I have to claim millage for my travel.
I understand I am allowed to earn 6,470.00 before I am taxed.
how do i:
-go about stopping being taxed from now on?
-claiming back amount taxed in april?
Secondly, If i receieve fuel allowence in my monthly pay therefore i will reach the 6,470.00 all the more quicker due to the allowence "bumping up" my monthly total- yes? This seems unfair...?
Then I understand I can claim back this fuel allowence tax.... whens this- march next year? or can i do it monthly?
Thanks
I have recently started a new job:
1) I am being taxed & contributions (tax code 0647L0)
2) I have to claim millage for my travel.
I understand I am allowed to earn 6,470.00 before I am taxed.
how do i:
-go about stopping being taxed from now on?
-claiming back amount taxed in april?
Secondly, If i receieve fuel allowence in my monthly pay therefore i will reach the 6,470.00 all the more quicker due to the allowence "bumping up" my monthly total- yes? This seems unfair...?
Then I understand I can claim back this fuel allowence tax.... whens this- march next year? or can i do it monthly?
Thanks
0
Comments
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Kim_Possible wrote: »Hello
I have recently started a new job:
1) I am being taxed & contributions (tax code 0647L0)
2) I have to claim millage for my travel.
I understand I am allowed to earn 6,470.00 before I am taxed.
Not exactly.how do i:
-go about stopping being taxed from now on?
-claiming back amount taxed in april?
You don't pay no tax until you reach £6475 and then you suddenly start paying tax. Each month you receive one twelfth of your tax free allowances. So if you earn more than approximately £540 each month you will pay tax.Secondly, If i receieve fuel allowence in my monthly pay therefore i will reach the 6,470.00 all the more quicker due to the allowence "bumping up" my monthly total- yes? This seems unfair...?
As above you have the wrong idea of how tax is paid.0 -
If your mileage allowance is no more than 40p per mile for the first 10,000 miles (25p over 10,000 miles) then it is not taxable.I am an Accountant. You should note that this site doesn't check my status as an Accountant.All posts on here are for information and discussion purposes only and should not be seen as professional advice.0
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