Estimated taxable income is higher than the Income received to date

danielD70

Dear all,

When I logged in to the HMRC portal i noticed the below. I assume i have overpaid tax. 

Estimated taxable income / Income received to date

£40,005 / £34,816 (Job 1)

9,708 / £4,507(Job 2)

I will receive one more salary from both the jobs before the 6th of April 2023.

Have I overpaid tax? Will i receive any money back?



Thank you

Dazed_and_C0nfused

Impossible to know without having the tax codes for both jobs.

But unlikely to be due a refund unless you're Scottish resident.

danielD70

Dazed_and_C0nfused said:

Impossible to know without having the tax codes for both jobs.

But unlikely to be due a refund unless you're Scottish resident.

1395M and BR

danielD70

What if the estimated is lesser than the actual income received?

lisyloo

The estimated is irrelevant,
it’s the actual that matters.
if you’ve overpaid you’ll be due a refund.
if you’ve underpaid then you’ll need to make a payment

Dazed_and_C0nfused

danielD70 said:

Dazed_and_C0nfused said:

Impossible to know without having the tax codes for both jobs.

But unlikely to be due a refund unless you're Scottish resident.

1395M and BR

Can't see it will make a jot of difference in that case.

Dazed_and_C0nfused

danielD70 said:

What if the estimated is lesser than the actual income received?

It could make a difference, it all depends on the exact figures.

If say HMRC estimated total earnings of £49,000, with the tax codes you currently have, and you actually earned say £5,000 more at job 2 then you could owe tax as you would need to pay some 40% tax but none would have been deducted during the year.

At the end of the day these things are estimates.  However accurate they seem one day things change through the course of a year and I don't think HMRC check your tax code every single time you are paid.

Best plan is to check your tax account occasionally and update it if you think the estimate is wrong.