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Thread: PAYE tax question

  1. #1
    Regular Member justin32's Avatar
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    Default PAYE tax question

    Started a new job last october after being unemployed for a while and was being taxed on my wages.Luckly i got a rebate 2 weeks ago shortly followed by a letter saying that i was allowed to earn £8,000+(cant remember the exact amount) but im still being taxed.

    Ive checked my tax code on wage slips before my rebate and after and they are different so thats been changed.

    Should i still be paying tax and also will i get another rebate when the new tax year kicks in?

    Thanks

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    VIP-Member Johnsdutton's Avatar
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    Default

    Yes you should still be paying tax. The way they work it is they divide your £8,000 by either 52 or 12 depending on monthly or weekly pay. anything you earn over that is taxed. That is the simplified version.
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  3. #3
    Regular Member justin32's Avatar
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    Vehicle : Vectra c SRI Facelift

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    Thanks mate

    I get paid weekly so ive devided £8,000(its actually more but cant remember the exact amount) by 52 and got £153.84p but last week i earned £254.11 and got taxed £44.88p.does that sound right?
    Last edited by justin32; 29th March 2012 at 21:45.

  4. #4
    VIP-Member Johnsdutton's Avatar
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    Quote Originally Posted by justin32 View Post
    Thanks mate

    I get paid weekly so ive devided £8,000(its actually more but cant remember the exact amount) by 52 and got £153.84p but last week i earned £254.11 and got taxed £44.88p.does that sound right?
    Normally tax and national insurance is roughly one third of your gross pay. I can't remember what the tax rates are, but I would say that is pretty close. Remember that is just a (very) rough estimate.
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  5. #5
    Regular Member m8internet's Avatar
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    Sounds like your new employer has not yet received your tax coding, so is applying a Week 1 basis
    Compare the tax code you were issued with by HMRC to the payslip
    If they are the same your employer is probably in the wrong

    However your previous employer (DWP benefits) has already repaid the tax due to you, so the amount you have to pay to bring the next period up to date is probably correct
    You will only really know when you receive all your P60 as this will list the total

    Tax money does not roll between years
    If you have overpaid in a previous year then you need to complete a Tax Return
    You can apply for this form NOW, but you will have to wait for the P60
    The HMRC could correct your tax code for next year (2012 - 2013), but personally I would select the "payment" option, and you will get ALL this money about 6 weeks after you submit the Tax Return

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    I'm an accountant and tax codes and paye always causes confusion. Without seeing paperwork its impossible to give a full correct answer. Sorry not to be much help. Just check last tax code you received is for 2011/2012 or 2012/2013.

  7. #7
    Regular Member R-man's Avatar
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    listentotaxman.com has a fantastic tax calculator. Try it.

  8. #8
    Vectra-C Extreme Poster Big Red's Avatar
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    As above go on tax calculator on hmrc and it will tell you if your owed any money back like. The amount of tax you pay is much better than my 350 pound a week I pay

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