Claim your Tax Refund.......They won't remind you !

Skippy2roo

Well it's getting close to that time of year for us in the UK to enter a New Financial year. Yes April is fast approaching and i thought now was as good a time as ever to remind you about checking your P60.

Last year 2007 / 2008 friend of mine reclaimed tax he had paid in the 2002/2003 period. I asked him how and i was amazed at the simplicity of it all.

Last year i claimed a Grand total of £1250.50 for 2003/04 and £369.53 for 2006/07 as i was on the wrong codes. I contacted the Tax Office and they confirmed that the figures were correct and 4 weeks later i received a lovely cheque back from the treasury.

I suggest everyone checks their own tax code out, i did write about this elsewhere but the laws that be will not permit me to post the articles whereabouts.

Hope you get some back off

System

Excellent advice Skippy2roo .

It is also advisable to keep the latest coding notice HMRC send you and make sure that your employer is operating the correct one. HMRC issue codes to both taxpayers and their employers/pension providers at the same time and assume that having done so that it will be operated correctly. They have no way of knowing if this is done unless the taxpayer tells them.

thevinternet

How do you know if you're on the right tax codes or not please?

System

thevinternet wrote: »

How do you know if you're on the right tax codes or not please?

Compare the code on the coding notice you receive with what is shown on your payslip.

The normal tax code for the under 65's is 522L (07/08) and 543L (08/09). This is generally applied to your main source of PAYE income. If you have more than 1 and all your tax free allowances are used up at your main source then the other sources would be coded BR (20% in 08/09) or D0 (40%)

The 522L/543L is assuming HMRC are not collecting an underpayment for a previous year in the code, that you don't have any perks such as a company car etc and you aren't claiming flat rate expenses which you have to pay because of your profession.

If you receive a coding notice and don't understand the information on it make an appoinment at your local HMRC enquiry centre and they will explain it to you.

Little_Chicken

Did mine last week. YAY:j:j:j

fengirl_2

May I put in a plea for people to check their PAYE code number during the tax year and not wait until the end of the year!
If you wait until the end of the year to claim a tax refund, you are in a queue with thousands of other people and your claim could take some time. It is always better not to have the taxman owe you money - that way, its you who are in control and you get to use your money at the time its earned.

taxdoctor

That's absolutely spot on Fengirl although time has probably run out now to get a wrong code sorted before the end of this tax year, due to the length of time it would take to get a new one issued.

So anyone who thinks they may be on the wrong code for 2007/08 will most likely need to submit a refund claim to HMRC after the end of the tax year.

Make sure you check next years code as soon as you can though!

Skippy2roo

fengirl wrote: »

May I put in a plea for people to check their PAYE code number during the tax year and not wait until the end of the year!
If you wait until the end of the year to claim a tax refund, you are in a queue with thousands of other people and your claim could take some time. It is always better not to have the taxman owe you money - that way, its you who are in control and you get to use your money at the time its earned.

Hy there,

Yes Good advice and perhaps i should have made this point in my original thread, However could you answer me this one question.
If people do wait as i have done in the past until the end of the tax year is the total money due back inclusive of any interest ? and would the payments i received be reflective of this.

Cheers

taxdoctor

Hi Skippy2roo,

HMRC will add something called a "Repayment supplement" to any refunds that are made after the 31st January following the end of the tax year.

To quote from their website on this matter:

Supplement is the interest arising on a repayment for the period between

• The relevant date (31 January following the year of claim)

And

• The date on which the overpayment is issued, carried forward or set-off

So for example you would only receive interest on any claim made for the 2007/08 tax year if you did not receive your refund until after the 31st January 2009.

Slightly unfair as they've had the use of your money for the majority of the 2007/08 tax year but that's they way they do it!

needtopaymydebts

Hi
i'm really no good with all of this and wondered if someone may be able to help? I've just had a look at my P60 for last year and my tax code on there is 426L ? I was also working, at the time, as a self employed cosmetics consultant and so have been completing Self Assessment Tax Returns. Would this be why my tax code is different? and now that I have closed the self employment business will my tax code change automatically?