Earned less than £5000 in financial year, claim tax back?

owenmc60_2

Hi everyone, im new to these forums and have a question ive searched everywhere for the answer to no avail.

Basically, im aware that you are only taxed on income over £5225 (approx). Now as ive only been working since the start of November (as i have just left college) my earnings for this financial year will be below £4000.

I have been taxed approx £170-200 each month off my earnings. Can this be claimed back? how would I go about this, and how much would i be expected to get back in April? Cheers :rolleyes:

bandraoi

Yes you can get it all back.
It's a great way of saving.

What I've done is to send my P60 back to the tax office with a covering note to say why you're claiming back/weren't working in the interim.

ie I was a full time student for much of the year and commenced full time employment on the 1st november 2007 at XYZ.ltd
I believe I am entitled to some tax back.

Send it off with the original version of your P60 (keep a photocopy for safety) to your tax office and they should get back to you 40 days later with a nice big check.

fengirl_2

Well, I disagree that it's a great way to save as HMRC pays no interest!
You can get your tax back now by getting yourslef on the right code number. Did you sign a P46 when you started this job to say it's your first job? If not, then ring HMRC and ask them what info they need to put you on to a cumulative code. They should then issue a cuml code and your employer will refund your tax through your wages.
If you wait until after 5 April, you will be in a queue with 1000's of other claimants.
Remember, its' always better to owe the taxman than have him owe you - it puts you in chrage.