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Income Tax confusion
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dzon
Posts: 1 Newbie
in Cutting tax
Hi, I'm a newbie to this.
I am somewhat confused about my tax, how much I have paid and how much I should be paying.
I had the wrong tax code last year of K277 in which I was paying for private fuel when I wasn't receiving any, so paid £3380 too much tax. To me I should get the £3380 back, but instead will only get approx £1200 which I don't understand at all????? Can anyone explain why?
This tax code continued until this July when I received my new coding notice and spotted the error.
My tax code then changed to 38L before they made another mistake and it is now 100L.
However, my salary has not changed much and I don't seem to have received much if any of my over paid tax back.
My salary while I was on tax code K277 was £1816 per month net, when I changed to 38L it increased to £2020, and now its gone to 100L my salary is £1861.
To me a layman, I would have expected my salary to rise quite considerably based on getting some £3700 back to my tax allowance, but £45 per month is not a lot!
Can anyone help me and explain this a little?
Thanks
I am somewhat confused about my tax, how much I have paid and how much I should be paying.
I had the wrong tax code last year of K277 in which I was paying for private fuel when I wasn't receiving any, so paid £3380 too much tax. To me I should get the £3380 back, but instead will only get approx £1200 which I don't understand at all????? Can anyone explain why?
This tax code continued until this July when I received my new coding notice and spotted the error.
My tax code then changed to 38L before they made another mistake and it is now 100L.
However, my salary has not changed much and I don't seem to have received much if any of my over paid tax back.
My salary while I was on tax code K277 was £1816 per month net, when I changed to 38L it increased to £2020, and now its gone to 100L my salary is £1861.
To me a layman, I would have expected my salary to rise quite considerably based on getting some £3700 back to my tax allowance, but £45 per month is not a lot!
Can anyone help me and explain this a little?
Thanks
0
Comments
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First of all, for 08-09, have you actually received your refund and was there a computation with it? How did you get the figure of £3380?
For this year, the difference between code K277 and 38L is £633.60 for the whole tax year, or £52.80 pm, so the difference in the July pay is about right. The difference between code 100L and 38L is £124 for a year, or £10pm, so, taking into account that you had a sort of refund in July, this looks about right.£705,000 raised by client groups in the past 18 mths :beer:0
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