ChatterBank0 min ago
Reclaiming tax
4 Answers
If my personal tax allowance this financial year has been about �6000. If I earn �7000 for the year, can I then claim the tax back that I paid on the first �6000? Or is it a case that I've earned more than �6000 so have to pay tax on the full �7000 amount?
Answers
1 to 4 of 4
Best Answer
No best answer has yet been selected by spike5792. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.
If you are PAYE try playing about with this and see if you can follow how to work out your own tax:
http://listentotaxman.com/
http://listentotaxman.com/
Yes, you only pay tax on the amount above the personal allowance.
If you work for a company, though, the chances arethat your employer has already taken your personal allowance into account so your tax deductions should have been small, and there will be little or nothing to reclaim.
How much tax do you think you've paid this tax year?
If you work for a company, though, the chances arethat your employer has already taken your personal allowance into account so your tax deductions should have been small, and there will be little or nothing to reclaim.
How much tax do you think you've paid this tax year?
Thanks for all the answers.
It was more fo a general enquiry for when I graduate this year. At the moment I'm earning under the 6k mark so shouldn't be paying any tax at all however I was on the wrong code so I'm due for a refund in my next paycheque or so the boss tells me.
The question was prompted by some students doing internships who believe they can claim their tax back for the entire year even though they've earned way over the �6k mark.
I said they could only claim back what they earn after April as that's the start of a new financial year and they finish their placements around July time. But they remain unconvinced.
It was more fo a general enquiry for when I graduate this year. At the moment I'm earning under the 6k mark so shouldn't be paying any tax at all however I was on the wrong code so I'm due for a refund in my next paycheque or so the boss tells me.
The question was prompted by some students doing internships who believe they can claim their tax back for the entire year even though they've earned way over the �6k mark.
I said they could only claim back what they earn after April as that's the start of a new financial year and they finish their placements around July time. But they remain unconvinced.
1 to 4 of 4
