I've been paying too much tax for the last 18 months as HMRC didn't think that I'd be handing back my company car or stopping medical insurance when I changed jobs.
Basically they deducted £2.5k off my allowance.
How much am I likely to get back (basically 11 months of last year over paid) and when?
Just that I got my eye on a funcy ti bride and it would take out the sting between the steel one and that...
They should pay you back last year's over-payment ASAP - they may adjust your code for this year to bring that back into line
That's what they did with me anyway
you've paid tax on &2500 that you shouldn't have. What's the tax rate, 25% ?
I guess you're owed about £625.
Don't hold your breath - same issue as you, changed employers company car was replaced with an allowance and was continued to be taxed for 10 months as if I still had one. Then spent another 8 months trying to get my money back, eventually got a cheque from them for half of what was owed. AND THEN two weeks later had a tax inspector on my doorstep unannounced saying I owed over £7k -still not sorted, ****ing halfwitts!!!!!
similar to you, I got £385 cheque back for previous years medical insurance overpayment
last years stuff though they just ammend your tax code - my tax code has changed which has resulted in extra £300 a month take home pay that is result of previous year overpayments and claiming the extra 23pence per mile fuel I use for business miles in my own car
they'll only code it out (put it into next years code) when they run annual coding) as they're currently running End of year reconciliation you'll be getting a cheque
The only good thing about doing a tax return is this stuff gets sorted pretty easily.
Could be worse, you could get one of 'those' letters. I got mine at the weekend. I now appear to have 6m new friends in similar circumstances...
Could be worse, you could get one of 'those' letters
On the flipside, the wife got one of 'those' letters... that turned out to be a £2500 cheque for overpayment over the last two years...... beers are on her this w/e 😉
I'll do you a swap... (letter not wife 🙂 )
You can have the letter if you like - the interesting bit to me/us is the cheque which is a) made out to her name and b) is already in the bank. HTH 🙂
It also depends on how quickly the company car you had went onto your tax, to how quick it (the value) comes off.
tbh I've never had a problem, whenever I've had (or not) a benefit I've rang to inform them and usually sorted pretty quickly (although with higher rate tax its usual that there is a yearly 'hangover' anyway). And in the last few years employers have had to inform HMRC of benefits more quickly, as opposed to the once a year at P60 time.
Okay. Advised that tax code will be changed so should kick in for next months pay. Also that an internal e-mail was sent to someone re. last years overpayment.
Hmm, my take home should increase and it means I should get something reasonable before or at the end of financial year. Just might be the excuse I need...
Thanks for everybody for your replies.
Well what do you know, just got a cheque from HMRC for the tax year 09-10. For over 500 of your english poonds.
Result!
