Checking YTD Tax payments

village_life

Hi

how can i check my YTD tax payments? - I've had about 5 codes this year, and have just got my code reverted to the correct one (647).... I'd like to see how my tax is looking for the current year to date.... but I'm not sure i'm doing it right

so far I've used listentotaxman.com - just put in my YTD earnings as annual salary, its worked out the annual tax,and ive looked at the delta..... doesnt feel correct though!?

any other ways?

Mikeyorks

If your income (for the year) will be less than £43875? Then divide the personal allowance by 12 = £540. Multiply £540 by the number of months in the tax year thus far (10 to end Jan = £5400). Subtract that from your taxable pay to date. And multiply the result by 20% = tax due to date.

village_life

Mikeyorks wrote: »

If your income (for the year) will be less than £43875? Then divide the personal allowance by 12 = £540. Multiply £540 by the number of months in the tax year thus far (10 to end Jan = £5400). Subtract that from your taxable pay to date. And multiply the result by 20% = tax due to date.

and if its over £43875???? - i presume the same principle on the delta between £43875 and my earnings @ 40% then add the two?

Mikeyorks

No. It's a whole new ball game.

You also have to divide the 20% tax rate band (£37400) by 12. Multiply that by the months to date. Work out the tax at 20% and then aggregate it with that at 40%.

If you post the taxable to date + the month number ..... someone will work it out?

village_life

taxable pay YTD - 47032.16
Tax paid YTD - 11975.56
NI paid YTD - 4380.02

as at end of december payslip - month 9

zygurat789

village_life wrote: »

taxable pay YTD - 47032.16
Tax paid YTD - 11975.56
NI paid YTD - 4380.02

as at end of december payslip - month 9

I make it:-

Tax 11258.80

NI 3289.45 (assuming A)

Mikeyorks

village_life wrote: »

taxable pay YTD - 47032.16
Tax paid YTD - 11975.56
NI paid YTD - 4380.02

as at end of december payslip - month 9

Taxable pay ................ £47032

Personal allowance ...... £ 4856

Taxable ..................... £42176

Tax due at 20% (£37400 / 12 x 9 = £28050) .... £5610

Tax due at 40% (£42176 - £28050 = £14126) .... £5650

Total tax due at Month 9 ........... £11260

My solar calculator isn't brilliant after sunset! But I think that's right.

I assume your code has been less than 647 up to Month 9?

village_life

Interesting... Thanks! I had a feeling it might be that kind of figure!

A few questions:
1 can you share the formula for working it out
2 will the refund come in a lump sum now that my tax code has been changed
3 how will my surplus NI be recovered?

Thanks in advance

village_life

Mikeyorks wrote: »

Taxable pay ................ £47032

Personal allowance ...... £ 4856

Taxable ..................... £42176

Tax due at 20% (£37400 / 12 x 9 = £28050) .... £5610

Tax due at 40% (£42176 - £28050 = £14126) .... £5650

Total tax due at Month 9 ........... £11260

My solar calculator isn't brilliant after sunset! But I think that's right.

I assume your code has been less than 647 up to Month 9?

Thanks for that! I've had about 4 codes since switching job in June, all caused by erroneous declaration of a company car!

Mikeyorks

You have the 'formula' in my post? Easy enough to replicate it for Month 10 by simply using a multiplier of 10, instead of 9, against the PA and 20% rate band.

Your PAYE refund should be as soon as your employer uses 647. But it's likely to be a reduction in tax that month as opposed to a refund.

NI isn't cumulative in the same way as PAYE is ..... so unlikely to be any adjustment.