Help with CIS/PAYE tax rebate

briggzy01

Hi,

I am due to file for my tax rebate but am unclear of how to do it so will be going to an accountant to do this for me. Before i do go to the accountant and handover the money for filing my tax rebate, can somebody give me an idea of how much i would be likely to reclaim? My accountant filed it for me last year and i thought that i was due back £1800 pounds. It turned out to be £1000. The reason being, i had worked part of the year on PAYE and part of the year paying CIS.

The numbers are as follows:

Self employed - April 2011 - October 2011

Money earntself employed: £21000
CIS deductions made: £4200
Allowable expenses: Around £6000

Employed - Octover 2011 - April 2012

Money Earnt employed: around £13000
Tax paid through PAYE: around £3250


I can work out the tax which i can claim back if i hadnt been employed but as soon as PAYE gets involved, it muddles my head .

If sombody could give me a rough guide, it would be greatly appreciated. I dont want to be paying the accountant if i dont even have a claim. If you need any more info, please let me know and i'll endevaour to find it

Kind Regards, Briggzy

System

Total Taxable income = SE Profit £15000 + PAYE inc £13000 = £28000

£28000 - £7475 (tax free allowance)

= £20525 taxable @ 20% = £4105 tax due

Class 4 National Insurance is 9% for profit above £7225

£15000 - £7225 = £7775 @ 9% = £700

Total due = £4105 + £700 = £4805

Tax paid already = £4200 + £3250 = £7450

So rebate due = £7450 - £4805 = £2645

HTH


PS: what tax code was your employer operating which had you paying £3250 tax on an income of £13000 or is the £13000 the net figure after tax in which case readjust the maths above

Livethedream_2

Unless there was benefits involved from the company company car etc then wholly irrelevant.

The figures stack up and not sure why you only got a £1000 back, maybe you owed from a previous year? How much did the accountant charge?

I take fees from my clients refunds but that is some fee !