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How much tax would you be expected to pay...
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greedybassa
Posts: 109 Forumite
in Cutting tax
...In job number 1 i have earned approx £1500 (since april), in job number 2 i earned £2200
Job number 1 have paid no tax, jon number 2 ive paid £320.00. Job number 2 has finished and by the end of the year i should have earned a further £2500 in job number 1.
I know im entitled to no tax for the first £4165.00 i earn. So do you reckon i am owed any money or what? ???
Job number 1 have paid no tax, jon number 2 ive paid £320.00. Job number 2 has finished and by the end of the year i should have earned a further £2500 in job number 1.
I know im entitled to no tax for the first £4165.00 i earn. So do you reckon i am owed any money or what? ???
Snootchie Bootchies!
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If you go to https://www.sa2000.co.uk you can download a tax return in excel format. Enter all your earnings and savings income and it will calculate the tax you need to pay or have overpaid (page 7 of the tax return).
The software is free to download (you only pay if you submit your return on-line).
If you are due a refund contact your local tax office and they'll send you a form!
EDIT - Just realised you're talking about the 2004/05 tax year (it's early!). The spreadsheet calculates tax for 2003/04 but will still give you an idea about any refund assuming tax allowances increase and tax rates don't. Sorry for the confusion :-[0 -
Job number 1: £1500+ 2500 = £4000
Job number 2: £2200
Total earnings £6200 minus Personal allowance: £4745
leaves £1455 to pay tax on.
First £2,020 above personal allowance are taxed at the starting rate of 10%
so you pay £145.50 tax
So it would seem to me on the figures you gave that you will be due a tax rebate.0 -
Cheers SmurfSnootchie Bootchies!0
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You will not have fully used your 10% tax band but if you have any savings accounts you may be paying 20% tax on the interest. If so you could claim back half of what you have paid up to a maximum repayment of £57...............................I have put my clock back....... Kcolc ym0
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