Claiming UK tax rebate? What to do?

[andyandy]

A quick question....

how does the PAYE tax system work? Over the course of a year, how accurate is the tax deduction? If one has an initial allowance of several (£6000?) thousand tax free, then is this adjusted for over the course of the year? How does one check if one is due a rebate and which unneccessarily long winded form would be required?

many thanks.....:)

[Darat]

I've heard they can send you all the relevant information on a couple of CDs...

[Jaggy Bunnet]

A quick question....

how does the PAYE tax system work? Over the course of a year, how accurate is the tax deduction? If one has an initial allowance of several (£6000?) thousand tax free, then is this adjusted for over the course of the year? How does one check if one is due a rebate and which unneccessarily long winded form would be required?

many thanks.....:)

The tax deduction is as accurate as the information used to calculate it. Normally it is reasonably accurate if 1) the info HMRC have at the start of the year is correct and 2) nothing changes during the year (increased or reduced pension contributions, dividend receipts, interest payments etc).

You can check the calculation by completing a tax return on line which does all the calculations for you, but you need to register and will then be sent out a user id and password in the mail.

HMRC self assessment site is here:

https://online.hmrc.gov.uk/login?GAREASONCODE=-1&GARESOURCEID=Common&GAURI=https://online.hmrc.gov.uk/home&Reason=-1&APPID=Common&URI=https://online.hmrc.gov.uk/home

If you need a hand, I am happy to assist here or via PM if you prefer.

[andyandy]

The tax deduction is as accurate as the information used to calculate it. Normally it is reasonably accurate if 1) the info HMRC have at the start of the year is correct and 2) nothing changes during the year (increased or reduced pension contributions, dividend receipts, interest payments etc).

You can check the calculation by completing a tax return on line which does all the calculations for you, but you need to register and will then be sent out a user id and password in the mail.

HMRC self assessment site is here:

https://online.hmrc.gov.uk/login?GAREASONCODE=-1&GARESOURCEID=Common&GAURI=https://online.hmrc.gov.uk/home&Reason=-1&APPID=Common&URI=https://online.hmrc.gov.uk/home

If you need a hand, I am happy to assist here or via PM if you prefer.

thanks....i'll type in some details, and see what the assessment site says....and i'll just have to hope it won't be mailed out to anyone else..... :D

[Mongrel]

The most important thing is to make sure your tax code is correct. Once that's done it's (in effect) a simple lookup table. I remember seeing a simplified version, many years ago, when working in a small shop, basically it was a large grid for the appropriate tax code with "Earnings to date" on one axis and "Tax week" on the other.