Can I reclaim tax before the tax year is over?

mega123man123

I have just left my job and received my P45.

I have been paid £24,058 (gross) and paid tax of £3,840, NI of £2,516 and student loan deductions of £1,146.

I will not be getting another job this tax year as i am going travelling for the rest of the tax year.

Can I write a letter to the tax office to reclaim my overpaid tax/ni/student loans for the year, even though the tax year has not finished?

Thanks in advance

chrisbur

mega123man123 wrote: »

I have just left my job and received my P45.

I have been paid £24,058 (gross) and paid tax of £3,840, NI of £2,516 and student loan deductions of £1,146.

I will not be getting another job this tax year as i am going travelling for the rest of the tax year.

Can I write a letter to the tax office to reclaim my overpaid tax/ni/student loans for the year, even though the tax year has not finished?

Thanks in advance

Tax yes, you need
http://www.hmrc.gov.uk/pdfs/p50.pdf

NI no, it is assesed on a payment by payment basis not yearly like tax. The only time you can get an NI overpayment refund is if you have two or more jobs with high earnings so that you pay over the maximum for the year. This will not apply to you.
Student loan, no idea how this operates so can't help there.

mega123man123

Thanks for the response, looks like ill get the off in the post asap

Mikeyorks

Assuming you don't normally file an SA Return ....... then the £300 student loan 'overpayment' (£24k - £15k = £9k x 9% = £810 due)will be troublesome. You need to approach SLC direct ....... and I'd postpone my travels for 6 months if you want to do that!

[Deleted User]

Based on those figures you would only be due aprox £323.40 back anyway, You cannot reclaim NI as previous poster stated and I have never heard of anybody getting back Student Loans contributions exept right at the end if it has been overpaid

Mikeyorks

Deleted_User wrote: »

I have never heard of anybody getting back Student Loans contributions exept right at the end

The £15k before SLC deductions start are allocated at £1250 per month by the PAYE system. So it follows that overpayments may arise if deductions are being made and employment ceases ..... with part of the £1250pm allowances still unused. Equally overpayments can arise if a bonus / arrears of pay are made to someone who overall earns under £15kpa ....... but it takes them above £1250 just for that month. In both cases you can reclaim direct from SLC ..... but it can be tortuous.

http://www.hmrc.gov.uk/students/overpay_student_loan_6_2.htm

Perversely - if you have to file an SA Return - it will generally fix both the above 'problems'. But can equally lead to underpayments where eg more than one PAYE job is involved. When brought together .... SLC deductions operate on the total earned income above £15k - and can create large underpayments

mega123man123

thanks for all the comments, the P50 is in the post, that should get the ball rolling on the refund of PAYE.

The student loan overpayment i am not as fussed about, i guess it brings down my loan value.