How do you calculate whether you've over/under paid tax for the year?

Nine_Lives

Have my P60 in front of me - how do you use it to calculate whether you've over (or under) paid tax? And the role of NI too - whether you've paid too much there as well.

HappyMJ

K_P83 wrote: »

Have my P60 in front of me - how do you use it to calculate whether you've over (or under) paid tax? And the role of NI too - whether you've paid too much there as well.

Use http://listentotaxman.com/ and have a look at the figures. The NI is calculated weekly/monthly. You can't get overpaid NI back.

CLAPTON

or you could post up the figures

however if your taxcode was 747L and you have no benefits in kind, only one job all tax year and no special issues then the tax is probably correct

Nine_Lives

CLAPTON wrote: »

or you could post up the figures

I was signed off for some time during the tax year (all through the same employment), so i don't know how much this effects the whole get up...

In this employment: £15,415.40
Tax deducted: £1,546
Final tax code: 753L

NIC table letter: A
Earnings at the LEL: £3,978
Earnings above the LEL: £1,443
Earnings above the PT: £8,900
Earnings above the UAP: £0
Employees contributions due on all earnings above the PT: £1,068.10

The above is mine. I can't remember how much NI i paid throughout the year as i can't find my final payslip.

My gf's stats are as follows:

In this employment: £16,366.10
Tax deducted: £1,777.20
Final tax code: 747L

NIC table letter: A
Earnings at the LEL: £5,304
Earnings above the LEL: £1,920
Earnings above the PT: £9,124
Earnings above the UAP: £0
Employees contributions due on all earnings above the PT: £1,097.76

Statutory payments: all of them £0 (on my P60, there's no entries, never mind a £0!)

Other details: Student loan deductions = £108

CLAPTON

well

yours


income 15,413

'normal' tax allowance for 2011-12 was 7479 (i.e tax code 747L)
but you have a little extra allowance (presumbaly you know why maybe uniform ?) of 753L i.e allowance of 7539

so you pay 20% on 15415- 7539 = 20% of 7,876 =1,575

NI is in fact based on your yearly pay but on each month (or week) depnding how you are paid
but aprox you pay 12% on anything above the primarly threshold (PT)
so 12% on 8,900 = 1,068


your GF

pays 20% on 16,366 -7479= 20% x 8,887 = 1777

and NI at 12% on 9124= 1094 approx

Nine_Lives

So based on that, all is in order.

Thanks for your help.

CLAPTON

K_P83 wrote: »

So based on that, all is in order.

Thanks for your help.

just out of interest, why is your tax code 753L rather than 747L?

Robyn552

Hi

Can anyone let me know how to do the calculation for the 2011-12 P60?

Total for the year: 25710.46
Tax deducted: 3647.08
Tax code: 747L

Earnings at lower LEL: 5304

Now this is where I am confused, how do I calculate the;

Earnings above PT
Earnings above UAP

I have looked at the HMRC website but I still dont understand how to do the calculation.

Help!

AirlieBird

K_P83 wrote: »

Have my P60 in front of me - how do you use it to calculate whether you've over (or under) paid tax? And the role of NI too - whether you've paid too much there as well.

Use the HMRC tax calculator

CLAPTON

Robyn552 wrote: »

Hi

Can anyone let me know how to do the calculation for the 2011-12 P60?

Total for the year: 25710.46
Tax deducted: 3647.08
Tax code: 747L

Earnings at lower LEL: 5304

Now this is where I am confused, how do I calculate the;

Earnings above PT
Earnings above UAP

I have looked at the HMRC website but I still dont understand how to do the calculation.

Help!

TAX:
earnings 25710.46

less tax free allowance of 7479 ie. 18231.46

on which you pay 20% ie. 3646

NI:
you pay 12% on your earnings over the primary threshold of 7225
so 12% of 18485 is = 2218

00ec25

Robyn552 wrote: »

Hi

Can anyone let me know how to do the calculation for the 2011-12 P60?

Total for the year: 25710.46
Tax deducted: 3647.08
Tax code: 747L

Earnings at lower LEL: 5304

Now this is where I am confused, how do I calculate the;

Earnings above PT
Earnings above UAP

I have looked at the HMRC website but I still dont understand how to do the calculation.

Help!

you have not given enough info - do you want someone to tell you what you should have paid or are you asking for a worked example apoplicable to your figures?

in order to work out your NI (you have been told how to do your income tax in #5 ) you will have to state whether you are in a contracted out company pension scheme or not to determine which NI category you belong to- there are links to explain how to work that out
after that the earning figures between the various thresholds are just basic maths, using the table for Class 1 NIC for empolyee

you earn 2142.5 per month
taking the siimple case of NI category A you pay 12% on everything between PT (634) and UEL (3540) so 12% x (2142.5 - 634) = 181.02 per month IF you are category A

if you are in a contracted out scheme (so in simple terms category D) then you pay the bit between PT and UAP @10.60% and the remainder (which is not applic in your case as your pay is too small) between UAP - LEL @12%.
As a Cat D you will also always get a fixed rebate of £2.38 if you eanr more than £634 per month

class 1 NIC tables here
http://www.hmrc.gov.uk/paye/rates-thresholds.htm

NI calsses and categories here
http://www.hmrc.gov.uk/paye/intro/ni-basics.htm#3