p60 query

JamesN

Hi guys,

In the last tax year i did not break the personal allowance barrier. I started working in early march and got my first payslip on the 26th of march.

My question is my p60 only included this amount and did not include the days i worked after (so from 27th to 5th April). Surely these days should be included in the p60 and i should get my tax back for then as well? I get paid monthly so was paid on 26th april for those hours worked after the 26th march.

Sorry if its a bit confusing, im ill with an awful cold and feel rubbish!

Thanks for your help!

CLAPTON

you are taxed on the amount you are paid in the tax year

so the important date is the pay date and not when the money was earnt

so if you are paid on the 26th april 2011 then thats in the tax year 2011-12 and it doesn't matter for the period that you actually worked

JamesN

CLAPTON wrote: »

you are taxed on the amount you are paid in the tax year

so the important date is the pay date and not when the money was earnt

so if you are paid on the 26th april 2011 then thats in the tax year 2011-12 and it doesn't matter for the period that you actually worked

ahh thats rubbish maybe i should get paid weekly lol.

Thanks for clarifying it though!

CLAPTON

well

it just works like that

so suppose you have a savings a/c that pays yearly in July... ok the interest is earned from (say) July 2010 to july 2011 and pays in July 2011..well thats taxed at your 2011-2012 rate

so say you get some back dated pay paid in May 2011 but earned in january 2011; well thats taxed in the year 2011-12

and so on

swing and roundabouts comes to mind depending upon your circumstances

JamesN

yea it makes sense, just guess im on the unlucky side this time!

Thanks Clapton!

John_Pierpoint

CLAPTON wrote: »

well

it just works like that

so suppose you have a savings a/c that pays yearly in July... ok the interest is earned from (say) July 2010 to july 2011 and pays in July 2011..well thats taxed at your 2011-2012 rate

so say you get some back dated pay paid in May 2011 but earned in january 2011; well thats taxed in the year 2011-12

and so on

swing and roundabouts comes to mind depending upon your circumstances

That wonderfully efficient former building society Cheltenham & Gloucester, ( back in the days when Margaret Thatcher was trying to cut taxes, because she had more North Sea revenue than she knew what to do with) used to write to me saying:
"Tax rate goes down on 6th April, we notice you are due an interest payment on 31st March. If you would like your payment deferred until 30th April, please sign & return the attached authorisation".

CLAPTON

John_Pierpoint wrote: »

That wonderfully efficient former building society Cheltenham & Gloucester, ( back in the days when Margaret Thatcher was trying to cut taxes, because she had more North Sea revenue than she knew what to do with) used to write to me saying:
"Tax rate goes down on 6th April, we notice you are due an interest payment on 31st March. If you would like your payment deferred until 30th April, please sign & return the attached authorisation".

I doubt anyone will be writing to you in the near future saying tax rates are going down.

John_Pierpoint

You can force interest payments into the current year by closing an account.
Bit of a joke given current interest rates, but I do remember savings rates in the range 0.5 - 1.0% per month.