Confused about tax and rebaits etc

Timmanc

Hi Everyone, I have finally joined after using the site many times for everyones amazing insight and tips.

The reason for my post is as follows:

I have been on a 73T tax code for the financial year 13/14 due to a previous company of mine making a massive error and informing HMRC that I had the same 2 company cars at the same (2010) time which is ludicrous.

It appears that I have had to pay for this over the past year as the company I used to work for has been bougth out and HMRC told me I would have to get proof from them that I did not havethe same 2 cars at the same time.

Any adviseon this would be much appreciated as I have just had to pay up, although this isnt my main question.

As we are approaching a new financial year, I have recieved a letter telling me that my code for 2014/15 will be 498t which is more reasonable. However, I am due a bonus payment in March and as I will still be on the 73t a large proportion of it will be taxed. This will however mean I have paid far more than I 'Owed' so my question is will I recieve a rebait the following month? How does it work?

For clarification I earn 35k basic and the bonus is 4k.

All help will be very much appreciated and thank you in advance.

CLAPTON

Timmanc wrote: »

Hi Everyone, I have finally joined after using the site many times for everyones amazing insight and tips.

The reason for my post is as follows:

I have been on a 73T tax code for the financial year 13/14 due to a previous company of mine making a massive error and informing HMRC that I had the same 2 company cars at the same (2010) time which is ludicrous.

It appears that I have had to pay for this over the past year as the company I used to work for has been bougth out and I could HMRC told me I would have to get proof from them that I did not havethe same 2 cars at the same time.

Any adviseon this would be much appreciated as I have just had to pay up, although this isnt my main question.

As we are approaching a new financial year, I have recieved a letter telling me that my code for 2014/15 will be 498t which is more reasonable. However, I am due a bonus payment in March and as I will still be on the 73t a large proportion of it will be taxed. This will however mean I have paid far more than I 'Owed' so my question is will I recieve a rebait the following month? How does it work?

For clarification I earn 35k basic and the bonus is 4k.

All help will be very much appreciated and thank you in advance.

why do you consider 498t as reasonable?
do you have a company car?


Any tax owing at the end of 2013-4 tax year (i.e. after March pay) will have to be reclaimed from HMRC

Timmanc

CLAPTON wrote: »

why do you consider 498t as reasonable?
do you have a company car?


Any tax owing at the end of 2013-4 tax year (i.e. after March pay) will have to be reclaimed from HMRC

I suppose because its a awful lot better than 73t!

I do have a company car and private fuel paid.

How do I claim back? I have read in some instances the tax is automatically adjusted and paid back in future pay packets.

As you can tell I am not particulalry well versed in taxation so an idiots guide to solve this issue would be very helpful

Tinker009

As it's the end of the tax year in March you won't get a rebate through your pay next month. You can contact HMRC after you get your final March payslips by calling them or writing to them (details on HMRC website). You will need all your pay and tax details for the 2013/14 year from your payslips along with the benefits that were shown on your P11D. They will be able to calculate if you are entitled to a refund - you could even post the details here and someone will let you know what your position is.

Timmanc

Tinker009 wrote: »

As it's the end of the tax year in March you won't get a rebate through your pay next month. You can contact HMRC after you get your final March payslips by calling them or writing to them (details on HMRC website). You will need all your pay and tax details for the 2013/14 year from your payslips along with the benefits that were shown on your P11D. They will be able to calculate if you are entitled to a refund - you could even post the details here and someone will let you know what your position is.

Thank you thats much appreciated. I will dig out my P11D when I get home and post some info and if somebody could advise that would be fantastic.

I have thought about asking if my company will delay the payment by a month but not sure hwo this fits with their financial year.

CLAPTON

Timmanc wrote: »

Thank you thats much appreciated. I will dig out my P11D when I get home and post some info and if somebody could advise that would be fantastic.

I have thought about asking if my company will delay the payment by a month but not sure hwo this fits with their financial year.

you won't get anything back from HMRC until you resolve the 2 cars issue.

Timmanc

CLAPTON wrote: »

you won't get anything back from HMRC until you resolve the 2 cars issue.

They have told me that the 2 cars issue will be resolved once the 73t code is up, this code is dictating the pay back on the amount i owe apparently.

CLAPTON

Timmanc wrote: »

They have told me that the 2 cars issue will be resolved once the 73t code is up, this code is dictating the pay back on the amount i owe apparently.

I'm afraid I don't understand what you mean

Timmanc

It was claimed I had 2 of the same car at the same time, HRMC said on this basis I owed extra tax.

Therefore ehy placed me on a 73t code so claim back the 'oustanding' monies owed.

At the end of March my the outstanding is paid and my tax cde changes to 498t.

Thats how I understand it, I may be wrong.

CLAPTON

Timmanc wrote: »

It was claimed I had 2 of the same car at the same time, HRMC said on this basis I owed extra tax.

Therefore ehy placed me on a 73t code so claim back the 'oustanding' monies owed.

At the end of March my the outstanding is paid and my tax cde changes to 498t.

Thats how I understand it, I may be wrong.

yes your tax for the year 2014-15 will then be correct (assuming your tax code reflects your BIK)

however you will not get back the extra tax you have paid this tax year on the basis you had two cars.

Timmanc

CLAPTON wrote: »

yes your tax for the year 2014-15 will then be correct (assuming your tax code reflects your BIK)

however you will not get back the extra tax you have paid this tax year on the basis you had two cars.

Ah, no i understand that I wont get the 'overpaid' back automatically. IU am afradi I am sort of resigned to losing that because I do not have a way of contacting the previous emplyers for them to confirm I only had 1 vehicle at that time.

My main concern was the bonus and the fact that a 73t on this would mean I heavily over pay.

Thanks for your help