Tax rebate - I think I am entitled.. how and when?

TheGame7 · 5 April 2007 at 11:15PM

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CLAPTON · 5 April 2007 at 11:19PM

is that 12 months or fewer?

TheGame7 · 5 April 2007 at 11:38PM

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CLAPTON · 5 April 2007 at 11:54PM

so it goes like this

gross earning 10,500 per annum
less share scheme 650 (70 x 9)

equals 9,870

tax free 5,035 (tax code 503)
giving 4,835

of which 2150 is taxed at 10% (i.e. 215)
giving 2,685 taxed at 22% (i.e. 590.7)

so tax should be about 805.7 per annum

which seems about right

NI isn't an annual deduction but needs each specific month but seems about right too.

your ICICI interest at 20% is correct

next year (well this year now) once you have finished i would suggest you send your P45 to the HMRC and explain you wont earn any more in 2007/8 and hopefully they will give you a rebate. (keep a copy of the P45 of course).

and put as much of your saving into an ISA so you pay no tax on it.

TheGame7 · 5 April 2007 at 11:59PM

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CLAPTON · 6 April 2007 at 12:04AM

dont understand your question...

give an example of a online calculator

TheGame7 · 6 April 2007 at 12:14AM

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CLAPTON · 6 April 2007 at 12:29AM

that's a particular rubbish calculator as it doesn't include NI but yes you would put in your 'taxable' income ...in your case your gross less the share scheme but otherwise you might take off pension contributions