sebbatical

robby_d

Hello everyone.
I have asked for and been given a year off work , a sabbatical. :j
Being less than pension age , and always been employed as a P.A.Y.E employee i wondered if i can get tax back from this years employ and possibly stop paying tax on any interest i get from my bank ?
Is there anything else i should know about from anyone who has done the same ?
Just wondered ?

CLAPTON

robby_d wrote: »

Hello everyone.
I have asked for and been given a year off work , a sabbatical. :j
Being less than pension age , and always been employed as a P.A.Y.E employee i wondered if i can get tax back from this years employ and possibly stop paying tax on any interest i get from my bank ?
Is there anything else i should know about from anyone who has done the same ?
Just wondered ?

in principle yes although it depends upon the numbers

how much will you earn this tax year?
how much will your gross interest be?

robby_d

Earn just over £9,000 before tax ..... april to august .:rotfl:
Interest £180 ish . same months .

CLAPTON

robby_d wrote: »

Earn just over £9,000 before tax ..... april to august .:rotfl:
Interest £180 ish . same months .

you can register for gross interest

and you can claim back tax using P50

https://www.gov.uk/government/publications/income-tax-claiming-tax-back-when-you-have-stopped-working-p50

chrisbur

Speak to your payroll dept. to see how you are being treated by them during the sabbatical. If you are being kept on the books any month with no earnings should produce a tax rebate which would be paid in the same way as your salary. This would then continue until all tax had been refunded or the tax year ended whichever comes first.

robby_d

I will do both , thank you very much guys!