How much tax will I get back??

kimmy393

Hi all - I have recently gone backto being a full time student, so gave up work at the end of Decemeber... I was wondering if anyone could calculate how much of a tax rebate I should be looking to get financial year 07/08...

Details from my last statement dated 31/12/2007.


My Total Gross Pay TD was 7931.57

My total Tax TD paid 919.14

My Tax code is 522L

This is how I calculated it: 7931-5221 = 2710

2710 @ 22%

= 596.20

919 - 596 = 323

So I should be looking to get back around 323 pounds

Is that correct ???????????

TIA

CLAPTON

no
because the figures you quote dont seem right to me... can you check them

Mac_Sami

Hmm, the figures you quote don't seem quite right. If you are on the 522L tax code, the figures should read:

Gross Pay: £7,931.57
Tax Free Allowance: £5,220.00
Total Taxable: £2.711.57
Tax Paid: £328.95
NI: £300.47
Total Deductions: £629.42
You (should) take home: £7302.15

The only way you could have paid too much tax is if you've been on the wrong tax code for part of this financial year i.e. since April 2007? If so, then the figures make a little more sense, and I'd tentatively say that yes, you are owed a refund - but it's worth double checking your payslip figures first.

Viks

Does your tax also include any national insurance?

Also, i can see why you have this figure as they are taxing you on the basis you will continue to earn as much in the months Jan-March.

What you have forgotten to take into account is the 10% tax band which is for just over £2,000 so you should be claiming back, asuming the figure doesnt include NICs, around £650.00+

kimmy393

mitchaa wrote: »

Figures are wrong as you've missed the 10% rate.

Total pay = £7931.57
P.A = £5225

Taxable income = £2706.57

The 1st £2230 is taxed at 10% so (£223)

The rest is taxed at 22% so £2706.57-£2230 = £476.57 (£104.85)

Total tax = £327.85

If you have paid £919.14 in tax you are due a rebate back of £591.29

Thats not taken into account NIC deductions which would be £7931.57-£5200 (NI allowance) = £2731.57 taxable @ 11% = £300.47.

Your overall total deductions should be £327.85 in IT and £300.47 in NIC

You didn't state in your original post if you have taken the NI into account.

Hiya .. Yes my national insurance has already been deducted.. so does that mean I would be getting 591.29 back from the tax office ??

mrkbrrws

My Total Gross Pay TD was 7931.57

My total Tax TD paid 919.14

Have you got a P45 that confirms these figures, because they do look wrong. I assume that this was your only job in the tax year.

kimmy393

mrkbrrws wrote: »

Have you got a P45 that confirms these figures, because they do look wrong. I assume that this was your only job in the tax year.

Yes I do and yes it was my only job for the year ... As I have gone back to be a full time - student .. so won't be working again till I finish my masters in September...

Hmmm How do you mean that the figueres look wrong .. little confused LOL

kimmy393

mitchaa wrote: »

Yes that's what you'll get back:D

Wicked thats even better than I thought YAY :j ...

Mikeyorks

kimmy393 wrote: »

Wicked thats even better than I thought YAY ...

Not necessarily ..... read posts #2 and #3. The figures of pay to date (£7931) and tax deducted (£919) - don't add up, if your code is 522, and has been since 6th Apr 07? Are the figures from a P45?

kimmy393

The figures are from my last pay slip

chrisbur

kimmy393 wrote: »

The figures are from my last pay slip

Can you advise your tax basis from your payslip or P45. This is usually after your tax code on a payslip or it is to the right of your tax code on a P45 where it will be either a blank space or an X.