P50 tax refund form - any experts?

Floozie

I am trying to compete the above form and and not being a tax expert am confused about how to answer some of the questions. Can anybody help as when I try to ring HMRC I can never get through to speak to someone.
I have been doing voluntary work one day per week and have been receiving travel expenses from home to place of volunteering. Does this have to be included in the "amount of income received since your last employment" box?
Do I put the gross amount (figure before tax) for my income from savings interest/ dividend payment or the net amount (after tax) in the "amount of income received since your last employment" box?
On my share dividends some I have received as cash and some the money is reinvested in more shares such as my unit trusts, does this figure get included with the figure I put down for dividends paid as cash?
Can anyone assist as I am struggling to complete the form.

laticsforlife

1. This isn't 'income' so I'd say no - in other words it is purely reimbursing you a cost, so it's a net nil profit figure in any case.
2. I'd put net of tax (interest) - but see below
3. Not until you sell these and make a Capital Gain would it need returning - if you receive dividend certificate then you can include that in the relevant box.


Having just looked at the electronic form on the website, it doesn't ask me for interest or dividends, just income from employment or from taxable benefits.


Very simple questions for you to answer.

booksurr

Volunteers are not "in employment" - by definition they are not employed as they are not "office holders"

as such provided the travel costs money you received is reimbursement of what you paid in the first place or, is a "reasonable" rate then it does not have to be declared as it is not taxable income
http://www.hmrc.gov.uk/manuals/eimanual/eim71100.htm

savings interest is net provided it has already had tax deducted at source by the bank/building society (your statement will show that)

dividends paid are the net cash received (provided there are no amounts received from foreign companies not subject to UK dividend tax rules - those need to be declared differently)

lacticsfor life is incorrect in respect of dividends reinvested (eg through a DRIP or SCRIP) - you must declare these in the same way as above as though you received the cash in the first place (effectively that is what has happened, you just chose to spend the cash on buying more shares)

as far as the P50 is concerned:
- reimbursed travel expenses are not employment income upon which tax has been paid so should not be listed

- bank/savings interest is refundable if your income for the year is below the tax threshold

- tax on dividends is not refundable

Floozie

Do I have to include small premium bond win, isa, share sales and redemption payment return of capital from a company in the "amount of income" box even though I am well under the capital gains allowance figure and there are no tax amounts showing on the relevant documents?

dori2o

Floozie wrote: »

Do I have to include small premium bond win, isa, share sales and redemption payment return of capital from a company in the "amount of income" box even though I am well under the capital gains allowance figure and there are no tax amounts showing on the relevant documents?

NO to all.

The phone lines are not that busy at the moment and a P50 repayment claim can be made over the phone as long as at least 35 days have passed since your last payment from your employer AND you do not expect to work again before the end of the tax year,and HMRChave the details of any other employer you may have worked for since April 2015.

If 35 days have not passed you must not send in the P50 as HMRC will return it to you,they will not hold it on file until the 35 days pass.

Also please be advised that when dating the form after your signature, this date must also be at least 35 days from your last payment.

If you are requesting an unemployment repayment, i.e a payment of the tax due to be returned to this point in the tax year,then you must send in the P50 with the P45 so that HMRC can send you a new P45 and retain the old one. This is done so that you cannot hand in the P45 to another employer after receiving the refund and before the end of the tax year and claiming the refund again via the new employers payroll.

Kathy777

I have a similar query - I ceased full-time employment and got a P45 but subsequently did 2 day's casual work for the same employer under a new zero hours contract. Do I declare this as additional income or will HMRC pick it up anyway?

Savvy_Sue

Kathy777 wrote: »

I have a similar query - I ceased full-time employment and got a P45 but subsequently did 2 day's casual work for the same employer under a new zero hours contract. Do I declare this as additional income or will HMRC pick it up anyway?

Did you get a payslip? What tax code was used on it? Unless the employer is treating you as self-employed then it should have been taxed, but not necessarily correctly!

Kathy777

Tax code 0T NONCUM, it was taxed.

Savvy_Sue

Ok, then it's likely you'll be due a small refund (depending on your other taxable income) as it's been taxed at 20% with no regard to your personal allowance.

Unlikely to be a lot as we're so near the end of the tax year.

Kathy777

Thank you for that