P60, Have I Paid Too Much Tax? How To Claim It Back?

wrkactjob

So I got my P60 and suspect I have paid too much tax as was on a M1 code for all of last year.

How can I see if I am due a refund?

How do I claim it back?

Sorry simple questions but I couldn't find an obvious answer using the search facility!

Thanks!

System

If you want to post the values from the P60 on here, someone will be able to check them for you.

Include:
Tax Year
Total taxable pay for the year
Total tax deducted
Final Tax Code

If the tax code is none standard
e.g. Standard code for 2010-11 tax year was 647L

We must assume that the tax code from your P60 is correct (Only you will know if this is true, from your own knowledge / documentation)

You may also want to mention if you have more than one job or other source of income (e.g. Pension and/or savings interest, etc.) since that could have an impact on your total tax due.

wrkactjob

tax year 2010/11
647L M1
pay = 29201
tax deducted = 5750

One job from 12/05/10 though up to that point was on JSA.

Thanks.

molerat

29201 - 6475 = 22726 @ 20% = £4545 so you have overpaid £1205 ( assuming your JSA is in that total figure as this is taxable income)

http://www.hmrc.gov.uk/incometax/overpaid-thro-job.htm#3

wrkactjob

molerat wrote: »

29201 - 6475 = 22726 @ 20% = £4545 so you have overpaid £1205 ( assuming your JSA is in that total figure as this is taxable income)

http://www.hmrc.gov.uk/incometax/overpaid-thro-job.htm

The JSA amount I don't think is included in that amount.

So next step?...just send the P60 copy to my local tax office and wait for a cheque?...or is there a form to complete?...also can the money be paid direct to my bank account if I give the tax office my bank details?

System

wrkactjob wrote: »

tax year 2010/11
647L M1
pay = 29201
tax deducted = 5750

One job from 12/05/10 though up to that point was on JSA.

Thanks.

Did you get a P45 from DWP relating to the JSA ?
Did you give the P45 to your new employer when you started working for them ?

Do those values include the JSA payments and tax paid on JSA that you received between 6 April 2010 to 11 May 2010 ?

ceeforcat

P60 would not include JSA figures as month 1 code operated. Repayment would appear to be £1205 (as calculated) less 20% of taxable JSA received up to 10th May.

Having said that it would appear that code BR was operated for most of the year as the tax deducted is practically 20% of the gross pay. Clearly 647L M1 was not used.

wrkactjob

I have sent the form off to the tax office, will wait and see what happens, I gave the P45 from the jobcentre to my new employer but they lost it. I was being taxed on an M1 basis for all of last year and part of this.

How long do refunds take to process?...(I'm not holding my breath!)

CLAPTON

I trust you are keeping copies of the P60 and the P45