Paye
studentphil
Posts: 37,640 Forumite
I filled out a form last April to be paid without income tax deductions as I thought I wouldn't earn over my personal allowance. However, now I have a more stable job I will earn about 3000 over my allowance. But because I filled in this form I am not being taxed using PAYE at the moment, therefore, rather than me having 14 pound a month tax taken under PAYE I am paying no tax at the moment.
So am I right in thinking I don't have to do anything about this and all that will happen is that I will get a lot of tax taken off in the months in last 1/4 to April (once I am over my personal allowance) as I have not been doing PAYE?
So am I right in thinking I don't have to do anything about this and all that will happen is that I will get a lot of tax taken off in the months in last 1/4 to April (once I am over my personal allowance) as I have not been doing PAYE?
:beer:
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Comments
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Probably best to give them a ring, just in case they don't notice (you never know!) xGone ... or have I?0
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Think it is probably best that you do phone them phil....
You may be emergency taxed for the rest of the year..... but if you overpay at least you should get it back at the end of the tax year0 -
I don't think you should overpay under this scenario: if you have already been paid more than your personal allowance, there may be a biggish clawback the first month but after that it would settle down.
But I think you're supposed to tell them that your situation has changed and the exemption you had no longer applies. Same applies on any accounts you have which are being paid net of tax because you signed the form to say you weren't paying tax this year.Signature removed for peace of mind0
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