Have Tax Questions? Ask a Tax Expert for Answers ASAP
It's a bit complicated...
I'm employed (full-time) but I wasn't employed between July 2013-Feb2014.
I've never completed a tax return (but wondering if I should?).
My current annual salary is 19,000 (PAYE) and I travel to work by car and regularly visit clients away from my usual workplace, so need to pay parking fees, extra fuel etc.
I also pay tax for savings so wondered if that would be taken into account in regards XXXXX XXXXX income tax?
No, I don't.
Thanks! Please be as specific as possible!
Hi again.As an employee, you won't normally need to complete a tax return unless you have other sources of income which aren't taxed at source such as rental income or you are a higher rate taxpayer.You need to have your tax for the 2013/14 tax year reviewed at the end of the tax year on 5 April. It may be that your are on the right tax code and that you have paid the correct amount of tax. You should be on a tax code of 944L. Your payslips may have the code on them. Your employer will tell you what tax code they have for you. Alternatively, call the tax office on the number here and ask them to check your tax code for you. If it needs changing, they will do it while you are on the phone. Any excess tax will be repaid through your salary unless your employer doesn't receive the tax code in time for the last payroll run for 2013/14. You should also shortly receive a tax code for 2014/15 which should be 1000L. At the end of the tax year, call the tax office and ask for a form P810 to complete. You should disclose all your income in the form and send it to the tax office. The tax office will then calculate your tax position for 2013/14 and let you know where you stand, ie if you owe tax or are overpaid. I hope this helps but let me know if you have any further questions.
So do you mean I should call the Tax Office at the end of this tax year (i.e. early April 2014) or the next (i.e. 2015)?
Also, could you tell me whether I'd be eligible to claim income tax credits (for the running tax year or the next) and whether I'm eligible for a tax relief in regards XXXXX XXXXX savings?
Thanks so much, this really helps!
And yes, I am paying 20% tax on my bank interests and they're deducted by my bank but I think I read somewhere that those deductions might be taken into account in regards XXXXX XXXXX tax. Is that not the case?
You will get credit for tax deducted from your bank interest and won't have any more tax to pay on that income as you are not a 40% taxpayer.
What do you mean by "you will get credit for tax deducted by your bank interest"?
What does that refer to and if any action is required by me, what will that be?
Will I still be able to fill in a P810 for the running tax year, i.e. 2012/2013?