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Based on last financial year, when I have mostly been on an Internship/placement and also worked weekends when at University, I earned just enough to pay a few quid in Tax last Financial year.
This year, based on that performance, I have been placed on £200 of Income Tax per month, on an income of £1100/month before tax.
Along with NI I am now paying £300 of tax a month, but will be only staying in work for 4 months.
I do not intend to work in my 3rd year of University, just concentrate on my studies. But I was trying to save up to go back with a few squids in the bank. Now it looks like I won't be seeing that £800 or so until next May?!?
How can I get it back sooner? I don't mind paying Taxes at all, but I am not going to earn £9500+ this year, and I really need this money now!
Any suggestions?
Phone the Tax office, and ask them?
We're in month 2 of the current tax year, so your tax will reflect this.
Look here
http://www.thestudentroom.co.uk/wiki/Income_Tax_and_National_Insurance
Are you paid PAYE? If so you're tax code sounds wrong.
If you are PAYE at your workplace, you need to speak to your finance team and ask them to amend your tax code accordingly. That looks like an "emergency tax" code rather than a real estimate. However, if you are on some sort of rolling contract, it may be that their hands are tied by HMRC rules. Either way, once you have finished employment and got your P45 from your current employer, you can fill out a form confirming that you won't earn any more wages until next financial/tax year and HMRC will send you a cheque for the amount they owe you back (i.e. all of it, if your earning £1100 a month for 6 months). But, you MUST NOT earn ANY other income. If you take weekend work / work over holidays before the end of the tax year HMRC won't be impressed! I got my tax back by cheque within 4 weeks of filling out the forms.
I will indeed call the tax office, but was under the impression that the situation was "correct" - i.e. according to the law I will have to wait 'till next year etc etc.
I have to admit I find it extremely confusing.
Bikes - I'm your man, Electronics/PC's yes also - but Tax?! P'ah!
Thanks everyone.
Phone them up and tell them you think you're on the wrong tax code.
I did just this, this morning and he just changed it on his system straight away.
To pass security you'll need:
National Ins Number
Address
DoB
Employers Name
Very easy to do.