Tax Refund help needed please

drew33

I know I know, I'm sorry to add yet another thread about tax. I've looked at gov sites but they just talk in riddles.

I have looked at other posts but I was not able to find anything exactly to my position. I'll try and keep it brief and to the point.

I had been working full time for 10 years until I was made redundant on 17th December 2010.

I started claiming Job Seekers Allowance on 2nd February 2011 (which I know is taxable).

I signed off JSA on 2nd May 2011.

After discussing with colleagues who have had similar experiences I was expecting a sizable Tax refund.

However I have received a tax refund of £139 (as per JSA letter).

Does anyone know if that is correct?

Any input or information would be really helpful.

Many thanks,

Drew

MrsManda

Why are you expecting a sizeable refund?
You have worked for 9 months of the financial year plus had JSA for two months so have had taxable income for most of the 2010/11 financial year.

Have you looked at how much you've received in taxable income and how much tax you've paid?

McKneff

I dont understand why you think you were due a sizeable rebate. What made you think this.

If you add up your earnings to your JSA - deduct from your allowance ie 6475, then you would get a tax reabate on the difference

drew33

Hi MrsManda. Thanks for the reply.

I was really only going on what other people had said/received.

Nope, I'm sorry I dont know how much I received and how much Ive paid.

I've got the paperwork, its just that I dont know what to look at and how to work it out.

Sorry for sounding so stupid, I hate not knowing these things.

Thanks again

MrsManda

drew33 wrote: »

I've got the paperwork, its just that I dont know what to look at and how to work it out.

Sorry for sounding so stupid, I hate not knowing these things.

Thanks again

you're not stupid, it can be complicated.
Do you have a P45 from your employment?
Do you have a P45 from the Jobcentre from when you stopped claiming JSA?

Your P45s will show how much you've earned and what tax you've paid.

Most people have a tax code of 6747 which means you could receive £6747 spread over the year without paying tax. Then you are taxed at 20% everything over £6747.

viktory

drew33 wrote: »

I've got the paperwork, its just that I dont know what to look at and how to work it out.

Well fortunately McKneff has explained to you how to work it out.

drew33

Thanks for the replies (except for Viktory. I was typing reply when McKneff replied).

It is starting to make sense but I am unable to get to the figure they have said when using your formula.

For example my P45 from my old work states £20k pay to date.
Total tax to date is £3100.00. My code was 561L.

(I'm not sure how much diff it makes but I did receive a new tax code on 23rd Dec 10 stating 549L for 5/4/10-5/4/11).

My P45 JSA total was £258. There is nothing in the Total tax to date field. Tax code on that is 661L.

Is that the info I need to work it out?

So sorry, and thank you for your time and patience

zagfles

drew33 wrote: »

Thanks for the replies (except for Viktory. I was typing reply when McKneff replied).

It is starting to make sense but I am unable to get to the figure they have said when using your formula.

For example my P45 from my old work states £20k pay to date.
Total tax to date is £3100.00. My code was 561L.

(I'm not sure how much diff it makes but I did receive a new tax code on 23rd Dec 10 stating 549L for 5/4/10-5/4/11).

My P45 JSA total was £258. There is nothing in the Total tax to date field. Tax code on that is 661L.

Is that the info I need to work it out?

So sorry, and thank you for your time and patience

Your tax code is lower than the usual 647L, did you have any taxable benefits from your previous job, or did you owe tax from previous years? Your latest tax coding should tell you.

drew33

Thanks Zagfles.

Now that you mention it, I was getting medical insurance, which as per 23/12/10 tax code included £1k deduction for it.

Ive also just seen a tax code dated 31/1/11 which was 743L.

All these tax codes just really confuse the situation. I know why they have them, just hard to deal with

zagfles

drew33 wrote: »

Thanks Zagfles.

Now that you mention it, I was getting medical insurance, which as per 23/12/10 tax code included £1k deduction for it.

Ive also just seen a tax code dated 31/1/11 which was 743L.

All these tax codes just really confuse the situation. I know why they have them, just hard to deal with

I think you're getting your tax years confused. The 743L one is probably for this tax year, not last. And the JSA P45 is probably this year as well, from when you came off it, it's about 4 weeks worth.

You should get a P60 for last year's JSA, about 9 weeks worth which will be about £589 (I assume you're over 25). Adding that to your 20k job income and about 750 for 9 months of the medical benefit, makes taxable income 21339, tax due would be (21339-6475)*0.2 = 2973, you paid 3100 so a refund of £127 which is around what you got so looks about right.

drew33

Hey Zagfles.

Thanks very much for the explanation it has helped a lot.

Yeah, I have so many different tax codes and info its very confusing.

As you have worked it out, that is pretty much spot on.

I dont know why they dont break it down as you have done. Would make peoples lives (unless its just me) a lot easier.

Many thanks again.