Reclaiming Tax

MichaelCole

I am a student and my normal contracted hours are 12 a week, being paid £6.26 an hour.

Over the summer I have been working full time to try earn additional money for the next year, however I have been stung with £150 NI tax charges and I was wondering the process of reclaiming that back, as once summer finishes I will be working back to my contracted hours and won't be near earning £7450 ish tax threshold.

Also how soon could I get my tax back? Thanks :money:

CLAPTON

are you working for just one employer?

what is you tax code?

what does your last payslip say the total pay to date is and the total tax to date

MichaelCole

I work for just the 1 employer, my tax code is 747L and I've paidf £130 so far in National Insurance

BoGoF

Have you paid tax though? You can't claim back the NIC

CLAPTON

NI cuts in at 12% on earning over 139 per week (622 per month) and as BOGOF says is not refundable

Tax however is a cumulative tax and depends upon your yearly income; so without the full facts it's likely you haven't paid any tax

McKneff

As far as I'm aware NI is not reclaimable.

Tax - if you are going to be working again before April 4th next year, that's when you can reclaim it.
The taxman cant give you a refund if he doesnt know how much youre going to earn in this tax year.

You havent been 'stung for NI costs' join the real world, if you earn over £x you pay it, same as the rest of us.

MichaelCole

I have been earning more than the £139 a week during Summer, but when I go back to working my contracted hours, I've worked it out as being considerably under the 2011/2012 tax threshold before they should start taxing me, so the tax taking off me I presume is emergancy tax.

BoGoF

MichaelCole wrote: »

I have been earning more than the £139 a week during Summer, but when I go back to working my contracted hours, I've worked it out as being considerably under the 2011/2012 tax threshold before they should start taxing me, so the tax taking off me I presume is emergancy tax.

You do realise tax/NIC operate on a different basis? If you have paid to much tax during the summer then your employer will refund it through your wages when your hours reduce.

The NIC will not be repaid.

chrisbur

MichaelCole wrote: »

I have been earning more than the £139 a week during Summer, but when I go back to working my contracted hours, I've worked it out as being considerably under the 2011/2012 tax threshold before they should start taxing me, so the tax taking off me I presume is emergancy tax.

Proberbly yes but cannot be sure on the information you have so far given.

Check your payslip to see what appears after the 747L code, something like X or noncumulative or wk1 will mean that you are on a week 1 basis and there will be no tax refund untill a cumulative code is issued. If still unsure then from your last payslip advise the taxable gross to date and the week number.