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Can I reclaim tax? Not sure based on these calculations
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startin2011
Posts: 13 Forumite
Hi All,
As a student years during my undergrad degree a couple of years ago, I had tax repayments made to me from HMRC as I hadn't earn't over the threshold but was taxed for some reason.
Anyway, now doing a postgrad degree and this got me thinking about tax for the tax year 2010 - 2011. I worked from 06 April - 28 August, and earned £11829.05 in total. I paid £1825.80 in tax. I then started full time studies again in Sept 2010, and will be studying until June 2011 so I won't be working again this tax year.
I am wondering if I paid more tax than I should have for this tax year essentially - I don't know if tax is an annual tax and thus based assumes you earn the same each month, or if it is monthly and thus the tax would be correct.
http://listentotaxman.com/index.php
Using the link above, it tells me I should pay £1070.80 tax based on my earnings for the year, rather than £1825.80 that I did pay. Because of my confusion about how tax is worked out, I don't know if this is actually right and I may be due a reclaim or if I am misunderstanding this.
I have the P50 form & my P45 here, just wondering if it is worth submitting it in when my thinking may be wrong about how tax works.
Many thanks!
As a student years during my undergrad degree a couple of years ago, I had tax repayments made to me from HMRC as I hadn't earn't over the threshold but was taxed for some reason.
Anyway, now doing a postgrad degree and this got me thinking about tax for the tax year 2010 - 2011. I worked from 06 April - 28 August, and earned £11829.05 in total. I paid £1825.80 in tax. I then started full time studies again in Sept 2010, and will be studying until June 2011 so I won't be working again this tax year.
I am wondering if I paid more tax than I should have for this tax year essentially - I don't know if tax is an annual tax and thus based assumes you earn the same each month, or if it is monthly and thus the tax would be correct.
http://listentotaxman.com/index.php
Using the link above, it tells me I should pay £1070.80 tax based on my earnings for the year, rather than £1825.80 that I did pay. Because of my confusion about how tax is worked out, I don't know if this is actually right and I may be due a reclaim or if I am misunderstanding this.
I have the P50 form & my P45 here, just wondering if it is worth submitting it in when my thinking may be wrong about how tax works.
Many thanks!
0
Comments
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indeed you would be liable to pay only 1,070 tax assuming you earn nothiong else this tax year as tax is an annual tax unlike NI which is charged based on monthly earnings
and yes it is worth reclaiming the tax
keep copies of everything0 -
Thank you, that makes sense. I shall give the reclaim a go.0
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