Any Advice Gratefully Received

needtosave1977

Hello,

This is my first post on this forum which really seems to be a mine of useful information.

I would really appreciate some advice as I feel I may have overpayed Income Tax by quite some way in 2005/2006. I am loathe to contact my Tax Office in case they somehow end up asking ME for more money.

Here are the stats:

Tax Code: K1311 M1 (i have no idea what the M1 means?)

Total Gross Pay: 19,061.39
Gross For Tax TD: 19,061.39
Tax Paid TD: 8,321.92
Earnings For NI TD: 18934.00
NI Paid TD: 1,547.63

The reason for the high tax code was due to my company car not being taxed for the previous year and the Inland Revenue taking it all back in the following year. I think i may have overpayed by about £1,800 or so......

Thank you all in advance for any advice you can give.

G

jem16

listentotaxman.com makes it £6810.11 in tax that you should have paid.

http://www.listentotaxman.com/index.php?calc=1&year=2007&age=0&add=0&taxcode=K1311&period=1&ingr=19061.39&show%5B%5D=year&show%5B%5D=month&show%5B%5D=week

M1 means Month 1 which means you were not being taxed on a cumulative basis.

needtosave1977

thanks for that.

Does that mean I'm due for a nice sized rebate? Or are there any factors I need to consider?

It seems too good to be true.....

needtosave1977

I've done a bit of digging around in my records and found the old PAYE coding notices. They are as follows:

Dated 26/01/2005: K2339
Dated 11/10/2005: K1068
Dated 10/12/2005: K1311

I'm not the most Tax savvy person in the world and am only starting to get a grip with finances in general. I have no idea why the codes changed so much?

If I'm missing something simple then I apologise.

Thanks again

jem16

Codes will change depending on what taxable benefits you have and what allowances you are able to claim for as well as unpaid tax being due. Each coding notice will explain how the code is worked out.

By the way I put in 07/08 to the calculator and not 05/06 - tax should be £6826.91.

Best to phone HMRC and check on how much rebate you should be due just to be sure.