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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15950
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Personal tax / p60

Resolved Question:

personal tax / p60
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

Can you tell me what your question is please.
Customer: replied 2 years ago.

Hi , i am working in a company and have salary for the last 3 months from 215.000pa (monthly 10.300 net around) before last 9 months i was working with 170.000pa (monthly was 8390 net around)

As mentioned above i have an increase for the last 3 months , and they are deducting from my salary £7,538.69 each month now.

I didint submit my personal account and will i pay tax again or i dont need to pay anymore tax to hmrc ?

Expert:  TonyTax replied 2 years ago.
Thanks but I don't understand your figures.

The new tax year started on 6 April 2015. Can you tell me what your P60 for the 2014/15 shows for gross earnings and tax deducted please. Do you have your April 2015 payslip? If so, let me have the gross pay and tax deducted figures please.
Customer: replied 2 years ago.

hi , starting from April 2014 to 2015 feb my salary was 170.000pa

from March to May this year 215.000pa

Expert:  TonyTax replied 2 years ago.
Thanks.

As I said previously, you are crossing the end of the tax year so you cannot compare your pay for March 2015 with that for April 2015. They are two different tax years.

If you earned £173,750 in 2014/15 (£170,000 / 12 x 11 + £215,000 / 12 x 1) you should have paid tax of £64,315 for the year. Check your 2014/15 P60.

If you are now on £215,000 you should be paying £6,908 per month in tax.

The figures above assume that you have no employment benefits such as a company car or private medical insurance.

Unless you complete annual tax returns, you can have your 2014/15 tax checked by contacting the tax office on the number here and asking them to issue a P800 tax calculation for the 2014/15 tax year. You will need to tell them if you had any other income in 2014/15 such as savings interest, dividends, rental income etc.

I hope this helps but let me know if you have any further questions.
Customer: replied 2 years ago.

do i need to do a personal tax return? Are there any tax that i should pay for my income on top of what has been deducted from my salary?

thanks

Expert:  TonyTax replied 2 years ago.
Do you have any income other than your salary?
Customer: replied 2 years ago.

no i dont , thats the only income i have

Expert:  TonyTax replied 2 years ago.
Thanks.

Take a look here for the criteria that require completion of a tax return. As you earn over £100,000, you should strictly be completing tax returns but as you only have a PAYE source of income you may not need to. When you call the tax office, ask them if you need to complete a tax return.

So long as the correct amount of tax is deducted from your salary, there will be no more tax to pay.
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