Tax Caluculation

pmartin86

Hi

I received a letter this morning from HMRC. I've tried to work it out myself and 3 of my friends/family have looked and we all get different answers, basically I can't tell if I owe tax, or if tax is owed to me. I was wondering if anyone knew of anywhere that would help me understand it in greater details, using plain English? I don't consider myself stupid and I feel i have a reasonable grip on financial things, but this form is just plain confusing.

Basicly, at the end it says "Repayment Due £xxx.xx" with a note saying "This is either: What you have to pay, or, what we owe you" which doesn't really help...

Any help or advice would be greatly appreciated as i need to know if I've got to pay this or expect a small gift.

Paul

pmartin86

Sorry, I re-read my original post and realize its rather vague! I'll attempt to scan the letter in a few moments and blank out anything personally identifiable.

Paul

pmartin86

Apparently as a new user I'm not allowed to post links, this seems to include images. If anyone is willing to help me perhaps I could send them a personal message or an E-Mail?

Thanks in advance
Paul

ctm_2

When HMRC refer to 'Repayment' in terms of income tax, they mean an amount that is due to be paid back to you because you have paid too much.

If you confirm what the form is (there will be a number somewhere, probably in one of the bottom corners) then we can confirm this.

McKneff

Don't pm please, your problem and the answers may help a lot of people on here.

If you are referring to last year
Youwere allowed to earn 7475 pounds before you pay any tax, if you have earned below this and you have paid any tax, then you are due this tax repaid to you

The good news is that if it says 'repayment due' this is what they will send you in a few days.

Thank goodness it doesnt say 'tax to pay' lol

ceeforcat

Youwere allowed to earn 7145 pounds before you pay any tax, if you have earned below this and you have paid any tax, then you are due this tax repaid to you

7475 actually

pmartin86

I earned 4088 last year, i was unemployed for a large portion of the time due to being laid off and unable to find a job. however there is a figure in the "other adjustments section" which isn't explained, I'm not sure if I have under or overpaid in a previous year? The form is "P800T".

Paul.

Edit: Seem if i remove the "http;//" and replace . with (DOT) i can get a link to the scan up.


img839(DOT)imageshack(DOT)us/img839/3627/scan01.gif

McKneff

ceeforcat wrote: »

Youwere allowed to earn 7145 pounds before you pay any tax, if you have earned below this and you have paid any tax, then you are due this tax repaid to you

7475 actually

Typo, one day I will learn to read what I type.:D

jem16

pmartin86 wrote: »

I earned 4088 last year, i was unemployed for a large portion of the time due to being laid off and unable to find a job. however there is a figure in the "other adjustments section" which isn't explained, I'm not sure if I have under or overpaid in a previous year? The form is "P800T".

It is a refund of £317.60 that you are due.

However it would be helpful to understand where the £248 other adjustments came from. Did you work the whole of the previous tax year? Did you have JSA at any time?

Link to image;

http://img839.imageshack.us/img839/3627/scan01.gif

McKneff

:j:j:j:j

See, we told you so, and dont spend it all in one shop lol

McKneff

jem16 wrote: »

It is a refund of £317.60 that you are due.

However it would be helpful to understand where the £248 other adjustments came from. Did you work the whole of the previous tax year? Did you have JSA at any time?

Link to image;

http://img839.imageshack.us/img839/3627/scan01.gif

The OP said he was 'laid off' for a time, I wondered if it had to do with any JSA or other benefit during that time.