Think I could be entitled to a tax rebate?

squashy

Hi, I have a q about tax rebates.

I am an employee so on PAYE. I was just thinking something over after speaking to a friend and I have dug out last years P60.

My earnings were £13881 and I paid £1766 tax. However I work out the following:

0% on £4895 =£0
10% on 2090 =£209
20% on remaining 6896 = £1379
Total tax due £1588

So, firstly, are my workings out correct? Bands etc taken from HMRC website.

Secondly, I already claim Child Tax/Working Tax credits ie the old WFTC so not sure where I stand ie do these credits take the personal allowance etc into account, making it swings and roundabouts? The credits are paid to my husbands bank account BTW not via my employer if it makes a difference.

Thanks in advance.

ManAtHome

Basic Rate tax is 22% (savings tax is 20%)

ps - that still comes up £40 short, was your tax code 489L?

squashy

Doh! So it is...I must be tired....

So based on that I work out that the Inland Revenue still owes me about £40 unless the second part of my question proves otherwise?

ManAtHome

Sorry, late edit - was the tax code 485L (anything lower and you may have perks or unpaid tax from previous years).

squashy

ManAtHome wrote:

Sorry, late edit - was the tax code 485L (anything lower and you may have perks or unpaid tax from previous years).

Thanks, code was 474L

squashy

squashy wrote:

Thanks, code was 474L

And on last months payslip it was 503L

ManAtHome

Ahah - if its 474L, your tax-free allowance for last year would have been £4745. Is this actually 2004-5 we're talking about - 474L was 'standard' code for that year, or is it a spooky coincidence and you have £110 ish of perks (personal petrol, phone, BUPA etc?).

Assuming 2004-5, will have been worked out as:
0% on £4745 = £0
10% on £2020 = £202
22% on remaining £7116 = £1565
Total tax = £1767 (you owe them a quid or so...)

(10% band was £2020 for 2004-5)

squashy

Yes, it's the P60 from last year ie FY 2004-2005.

Thanks for your help!