Fairly Complicated Tax Calculation

EvilJaz

Hi All,

Recently i received a fairly large back payment at work, and i am quite certain that i have overpaid some tax.

In November 2013 i got a company car and was moved to Tax Code 626L from code 921L (as of 30/11/2013).

I received the back payment at the end of Feb.

Last pay in the financial year stated i had taxable pay of £41,914 (31/03/2-14) (this includes the back payment).

Tax paid in total in the year was £8,247.

Pension: 6%

Student Loan: Plan 1

Anyone able to help? if i have missed anything out that's needed to calculate this just let me know. I have tried to keep it as simple as possible.

EvilJaz

I did the calculation manually.

And i came out with i'm owed about £1,500 which is pritty much what your saying too.

Just wanted to check as i got a few other accountants (like me) to calculate it and the values they got were £500 and £800 compared to my £1,500. Which obviously is a big difference.

How do i go about claiming this back?

CLAPTON

EvilJaz wrote: »

Hi All,

Recently i received a fairly large back payment at work, and i am quite certain that i have overpaid some tax.

In November 2013 i got a company car and was moved to Tax Code 626L from code 921L (as of 30/11/2013).

I received the back payment at the end of Feb.

Last pay in the financial year stated i had taxable pay of £41,914 (31/03/2-14) (this includes the back payment).

Tax paid in total in the year was £8,247.

Pension: 6%

Student Loan: Plan 1

Anyone able to help? if i have missed anything out that's needed to calculate this just let me know. I have tried to keep it as simple as possible.

your tax code is irrelevant ; what actually matters is the benefit in kind

once you know that there is only one answer to the tax owed

EvilJaz

I thought the Tax code takes into consideration the Benefits in Kind.

I.e. reducing it from the 921L to 626L meaning that the BiK associated with the car is the reduction of my personal allowance from 9,210 to 6,260. No?

If not i do not understand what you are saying :P

CLAPTON

EvilJaz wrote: »

I thought the Tax code takes into consideration the Benefits in Kind.

I.e. reducing it from the 921L to 626L meaning that the BiK associated with the car is the reduction of my personal allowance from 9,210 to 6,260. No?

If not i do not understand what you are saying :P

that is indeed how it should work but presumably you have the actual BIK figure

EvilJaz

I do, ha ha but i would have to go away and get it from work tomorrow.

Its roughly, a £22,000 car and on the 20% band for C02 = £4,400.