Tax refund?

spaggy

My husband left his job where he was a 40% tax payer at the end of November. Since then he has registered self employed and earns less than half of what he did last year. When we complete the self assessment will this pick up on the fact he is no longer a 40% taxpayer? would we be owed any tax? if so do we need to claim for this?

Thanks
Spaggy

fengirl_2

As his self assessment will include all his income from all sources, the tax calculation at the end will determine what rate of tax he will pay. If he has made no profit, or a loss in this year, his personal allowances and lower tax bands will automatically allocate themselves to his salary and an overpayment of tax will arise. He just needs to tick the relevent box and provide his bank details on the slef assessment to reclaim this tax.