Tax return for all of us???

[aliando]

from someone on the wife's site but havent got any sources for it yet - hoping to get some....

In September you will get a tax refund from HMRC (via your pay) for the 10% tax band that was withdrawn this year, on average you should get between £100 & £200, of course it always depends on your own tax position but many of you will be getting this, your basic tax code will change from around 543L to about 603L or a bit more, you don't need to do anything except chack your next pay slip from 06/09/08 if it is not on there ask your payroll what is going on, all employers have been notified about the position.

I'm not sure about any of the facts - has anyone heard anything similar?

[aldric]

Just had a look in to this for you.... certainly looks like basic rate tax payers will be paying less from September: (there is a lot more to read on the website)

http://www.hmrc.gov.uk/employers/epa-understanding.htm
How the changes will affect your pay and tax

If you pay tax at the basic rate of 20 per cent

The changes take effect from the first pay day on or after 7 September and equate to a tax saving of approximately £120 over the course of the tax year. If your September pay day is on or after 7 September, you will pay up to £60 less tax that month. If you’re paid monthly and your September pay day is before 7 September, you will pay up to £70 less tax in October. How much your tax reduces will depend on how much you’ve paid already – and in some cases you might get a repayment as part of your pay.
After this if you’re paid monthly you will pay up to £10 a month less tax and if you’re paid weekly you will pay up to £2.30 less tax. (The actual figures will depend on your income.)

[aliando]

any money back is good!


thanks aldric!

[manckevin]

The way I understood this (for most basic rate tax-payers) is £60 this month, then a further £10 from October to March - note this is nett (you can't be taxed on tax)

Of course everyone's individual circumstances may vary.

[Jonesy Knows]

Cool !!! some more ammunition to fire at the bookies

[AK1979]

This is all due to Gordon Browns u-turn on the 10% tax band