Advice Needed: Tax Rebate

tom.andrews_2

A friend sugeested I may be entitled to a tax rebate at some point, but I'm not sure exactly how to go about claiming for one, if anyone can read my circumstance and offer any advice as to whether I'd be liable and how I go about claiming for one.

I've recently left my job, I resigned in order to go travelling, although will not leave for travels until April 2010 approximately.

My job was well paying, in the period April 2009 - November 2009, I earnt over £80,000.

For the next few months I may be doing some part time work but my earnings will not be anywhere near this level, maybe a maximum of £1000 per month and more likely to be around £400-£750 per month.

Am I entitled to any sort of rebate or tax break, when my earnings and tax allowances are averaged out over a 12 month period.

Any help or advice appreciated.

hells_2

There's a link on here somewhere which tells you that you can apply for a tax rebate after 4 weeks of leaving employment. Hang on, I'll go get it for you.

chrisbur

If you hand in your P45 to your next employer then your tax will be adjusted in your pay from them, any tax rebate will then be paid in your wages. If your tax code had any adjustments from normal in your old job, eg for company car or medical insurance, you will need to advise the tax office that you no longer get them.
If you are not working for 4 weeks or if you finish work before the end of the tax year you can use a P50 to get a tax rebate.
P50 here http://www.hmrc.gov.uk/pdfs/p50.pdf

hells_2

Beat me to it
http://www.hmrc.gov.uk/incometax/stop-work-refund.htm

tom.andrews_2

Thanks, very much for the links,

Does anyone have any idea if it sounds like I'd be entitled to a rebate though.

I've just dug out my p45, my earnings gross were pretty much dead on £81000, from April - November, and I paid £25,750 tax.

If I don't work until April next year does anyone have any idea, if I'm entitled to a rebate or even an approximate figure?

If I'd be entitled to a couple of thousand I may be able to take life a little easier, and as I'm planning on travelling next year, even plan a more extravagant trip.

Caz3121

what was your tax code - did you have any benefits on P11D

hells_2

If you're on PAYE, the amount you pay is proportioned over the tax year as if you were earning all the salary for 12 months, so the chances are you have paid more than equivalent of the months April-November.
Worth a go anyway, they can only say no.
Just don't work, or sign on until after April 6 next year.
You've paid 31% tax (???) on your earnings, surely you're a higher rate tax payer at 40% but I guess that also includes your allowance anyway.

tom.andrews_2

Yes, I'm on PAYE, and that figure does include my allowances. My tax code is 612L, if that helps anyone with advice.

meggymoo311

Just done a quick calculation going on figures you have given If you don't earn any more in this tax year you would get about £3281.60 rebate.

Can't put a link, but try listentotaxman.com.

tom.andrews_2

Thank you for all your help, that's about what I was hoping for.

Anyone with a second opinion, hopefully to back up the last poster's estimate and put my mind at ease.

Thanks again.

tom.andrews_2

Can anyone give a second opinion?