Overpayment of tax?

susie2_2

I thought i had paid too much tax in the year 06/07 but spoke to the inland revenue today and they assured me i have not could someone please help?
My salary is 16500 but in February this year i had some shares gifted to me by my employer, (graduate bonus) this went through in my salary in February. I received approx 14000, in February i was taxed 40% and my employer informed everyone that this would happen in the monthly salary, but if your total yearly earing were less than 33000 then you would get a tax refund. I was under the impression that as my tax rate is 22% i would get the difference between the 40% and the 22% i paid in February. My P60 states my earnings were 29432.38 and i paid 5108.46 in tax, tax code is 503L. Any help would be greatly appreciated.

CLAPTON

your total earning are 29432

the first 5035 is tax free

the next 2,150 is taxed at 10% so you pay £215
the the remainder which is £22,247 is taxed at 22% so you pay 4894
so your total tax should be =215 plus 4894 = 5109 which is about right.


(you weren't taxed at 40% in February although a small part of your salary might have been).

tigtag02

This will also have righted itself in March where you will probably find you paid less tax than usual.

HTH
tigtag