We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Tax Refund Question

Options
Straight out of university, I'm new to this whole paying tax business so I have a few questions about this and if my calculations are correct. If I worked at a job that pays £280 a week for 35 weeks, I'll have earned £9800 before tax. Every week £59.33 would be deducted, which means in total I'd have to pay £2,076.55 income tax.

Am I right in thinking that after 35 weeks of working and quitting with no intent to work for the rest of the tax year, I can get a refund of that £2,076.55? I've read that it is possible if I submit a P50 application and confirm I do not intend to work for 4 weeks. But what if after submitting that I decide I want to work again, and end up working after 2 weeks?

After successfully getting a tax refund and then working elsewhere again during that tax year, I assume the total amount of tax I will have to pay depends on my total income from the first job (the one I collected a tax refund from) and second the job I take up. What if my second job I work part time and earn £56 a week, am I correct in assuming no tax will be deducted? I assume if my total earnings from both jobs exceeds £11,000, I'll have to fill out a tax return.

Will I be informed by DWP that I need to fill in a tax return, or do I have arrange this myself?

Thanks in advance!

Comments

  • chrisbur
    chrisbur Posts: 4,248 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Ryse wrote: »
    Straight out of university, I'm new to this whole paying tax business so I have a few questions about this and if my calculations are correct. If I worked at a job that pays £280 a week for 35 weeks, I'll have earned £9800 before tax. Every week £59.33 would be deducted, which means in total I'd have to pay £2,076.55 income tax.

    Am I right in thinking that after 35 weeks of working and quitting with no intent to work for the rest of the tax year, I can get a refund of that £2,076.55? I've read that it is possible if I submit a P50 application and confirm I do not intend to work for 4 weeks. But what if after submitting that I decide I want to work again, and end up working after 2 weeks?

    After successfully getting a tax refund and then working elsewhere again during that tax year, I assume the total amount of tax I will have to pay depends on my total income from the first job (the one I collected a tax refund from) and second the job I take up. What if my second job I work part time and earn £56 a week, am I correct in assuming no tax will be deducted? I assume if my total earnings from both jobs exceeds £11,000, I'll have to fill out a tax return.

    Will I be informed by DWP that I need to fill in a tax return, or do I have arrange this myself?

    Thanks in advance!

    Need a bit more detail.
    Have you actually been working at £280 a week and paying £59.33 as this would suggest you have a K code so would need to know details of this to know your tax position. Or is this just a hypothetical case and you have mis-read a tax calculator as £59.33 is the tax figure per month on £280 a week.

    Also would need to know the dates of working as you seem to be assuming that all this would happen in one tax year.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.