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

leewar

I need the info for my mortgage broker. My boss is a foreign national and not in the country a lot, with no access to his files. I need the info urgently so I can complete the P60 to send off. I need the exact figures!!!!HELP Thanks Lee

jem16

leewar wrote: »

I need the info for my mortgage broker.

I can't see why your mortgage broker would be interested in your NI contributions. They are normally only interested in your salary so they can verify your eligibility for a mortgage.

However use this calculator.

http://nicecalculator.hmrc.gov.uk/Class1NICs1.aspx

or this - although it's not totally accurate for NI as it depends on what category of NI you are paid under.

http://listentotaxman.com/index.php

Personally I would just hand in the P60 without adding anything which you are not legally supposed to be doing anyway.

leewar

Hi Jem thanks for the info. but I would like the figures calculated for me as they have been in previous posts. I seem(no offence) not to be getting what I have politely asked for. I am cautious about giving the broker as much info as he and the mortgage lender needs, to complete the process of getting a mortgage. I don't know if the figures given on the site you sent me is exactly what should be included on my P60. P11???? Many Thanks Lee

jem16

leewar wrote: »

Hi Jem thanks for the info. but I would like the figures calculated for me as they have been in previous posts. I seem(no offence) not to be getting what I have politely asked for.

You haven't said what NI category you fall under so no-one would be able to give you the answer based on what you have provided so far. That's why I gave you the HMRC calculator.

Perhaps you should ask on the mortgage sub-forum if NI details would be needed.

leewar

Hi Jem, Category A. I just need to know the four figures to put in in the LEL, LEL up to PT, above PT and above UAP. Thanks Lee

jem16

leewar wrote: »

Hi Jem, Category A. I just need to know the four figures to put in in the LEL, LEL up to PT, above PT and above UAP. Thanks Lee

For each month ( so multiply by 12 I assume) for £3000pm.

LEL = £464
LEL to PT = £170
Above PT to UAP = £2366
Above UAP to UEL = £0
Employee's Contribution above PT = £233.29

For £1500pm it's the same apart from

Above PT to UAP = £866
Employee's Contribution = £103.92.

These I suspect are 2012/13 figures which will not help.

Still would not advise altering your P60 though.

leewar

Hi Jem Thanks for the info. I can't multiply all of them by 12, that doesn't work out. How are these figures worked out? Only if it is not too much trouble. Cheers Lee

jem16

leewar wrote: »

Hi Jem Thanks for the info. I can't multiply all of them by 12, that doesn't work out. How are these figures worked out? Only if it is not too much trouble. Cheers Lee

2011/12 figures for Category A (£3000pm)

LEL = £442
LEL to PT = £160
Above PT to UAP = £2398
Above UAP to UEL = £0
Employee's Contribution above PT = £287.76

Basically the first 2 figures of £442 and £160 are deducted from your gross monthly salary of £3000 to leave £2398. You then work out 12% of £2398 to give your monthly contribution of £287.76.

£1500pm

As above for LEL and LEL to PT
Above PT to UAP = £898
Employee's Contribution of £107.76

Multiplying by 12 should give yearly figures.

You can use the tables here;
http://www.hmrc.gov.uk/nitables/2011/ca38.pdf

leewar

Hi Jem, Your a star. Thanks very much for taking the time to help me out. It is much appreciated and very helpful. Thanks very much. Cheers Lee

jem16

leewar wrote: »

Hi Jem, Your a star. Thanks very much for taking the time to help me out. It is much appreciated and very helpful. Thanks very much. Cheers Lee

No problem.

However as I said, before even contemplating changing your P60, perhaps ask the mortgage sub-forum if these NI figures are even needed.

I suspect that your mortgage broker is only interested in your gross salary.