Help filling out P50 Tax Rebate form

fengirl_2

If you tick to say you will not be working again in the tax year, knowing that you may indeed be working, this would be a false declaration and I wouldn't advise doing that!

TM1976

fengirl wrote: »

If you tick to say you will not be working again in the tax year, knowing that you may indeed be working, this would be a false declaration and I wouldn't advise doing that!

This is true, but to quote the post:

"I don't plan to work in the next 12 months but you never know if a suitable offer comes in I might be tempted. Should I not fill in the last question? does filling in the last question increase the tax refund I might get?"

If you don't intend to go back to work then you change your mind you can just inform them. You won't be punished for not knowing what you are doing in 6 months time.

Mikeyorks

TM1976 wrote: »

If you don't intend to go back to work then you change your mind you can just inform them. You won't be punished for not knowing what you are doing in 6 months time.

But that's the same logic used by those who file an R85 in early April on the premise they can't forecast what their income will be? Knowing full well that they will likely exceed their PA overall.

Back to the P50 - you're expected to use all the info at your disposal before declaring you won't work again in the year.

vickk

fengirl wrote: »

You are correct, vickk. If you are not planning to work or claim JSA before the end of the tax year, you tick that statement and you will receive a refund for the whole year.
If you are undecided or temporarily unemployed and not claiming JSA, then you tick the box for an unemployment repayment and you make a similar claim every 4 weeks until you gain work or its the end of the tax year.
On no account leave your claim until the end of the tax year as you will then be in a huge queue with thousands of poeple wanting refunds.

When I get my final pay(May 25th) I expect it to be around £23K where my normal mothly pay would be £3K. I know a big portion of the tax will be at 40%. It is this part I would like to recover. I dont plan to work the rest of the year but I can't be certain I am certain though that even if I work my total salary will not reach the 40% levels.

If I fill in a P50 after 4 weeks will I get all this back? How is it calculated?

TM1976

If you tick the "not planning to work or claim JSA in the year" then the calculation will be based on the fact that £23k was your total earnings for the year.

I'm not sure how the calculation works for ticking the other box but over the course of the year you will eventually get the same amount of tax back.

There has been a certain amount of consternation on this board about ticking the "do not expect to work box" but if this is your genuine intention it's correct for you to tick this, it's only a statement of your expectation not a commitment not to work for the rest of the year.

Also whilst I don't wish to encourage anyone to make a false statement I don't believe there are any consequences of doing so as long as you declare that your circumstances have changed and pay back some of the tax if necessary.

Others may have a different view but I believe you are unduly worried about the consequencies of claiming that you do not intend to work for the rest of the tax year - although this appears to be the case - and then beginning to work afterwards.

glider3560

TM1976 wrote: »

Also whilst I don't wish to encourage anyone to make a false statement I don't believe there are any consequences of doing so as long as you declare that your circumstances have changed and pay back some of the tax if necessary.

As I posted above, they've always lowered my tax code anyway after using a P50, so even if I went back to work, the tax I pay would be correct anyway as the refund has already been taken into account. So at the end of the day, it doesn't really matter whether you go back to work or not.

amyspice

I am just filling in my P50 now..... as clarified above, I leave the "issued by" box blank. I know my National Insurance Number but where do I get the Tax Reference from?

i was actually made redundant in november 2009 ao only worked part of the year and did not work again until June 2010. I was sent my P45 but the company I worked for has since collapsed completely... will this effect anything?

glider3560

amyspice wrote: »

I am just filling in my P50 now..... as clarified above, I leave the "issued by" box blank. I know my National Insurance Number but where do I get the Tax Reference from?

The Tax Reference should be on your P45. It may be called a PAYE Reference. You can leave this blank - it isn't necessary as they can look this up.

shawks

Hi,

Could I piggy-back on this and ask a couple of questions of my own please?!

I was made redundant from a job in Oct 2007 and I still have the P45. Can I claim a tax rebate?

I didn't work again until May 2009, leaving Feb 2010. I have the P45 from this employer, too so could I claim a rebate again?

I'm currently job hunting but not claiming any benefits.

Many thanks.

jem16

shawks wrote: »

I was made redundant from a job in Oct 2007 and I still have the P45. Can I claim a tax rebate?

I didn't work again until May 2009, leaving Feb 2010. I have the P45 from this employer, too so could I claim a rebate again?

You can claim a rebate going back 6 years.

Whether you're due a rebate would depend on your income and how much tax was paid.