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Aug 20, 2017 14:51:48 GMT
Post by Deleted on Aug 20, 2017 14:51:48 GMT
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Aug 20, 2017 15:11:11 GMT
Post by Roadsterstu on Aug 20, 2017 15:11:11 GMT
I don't know. Sorry.
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Aug 20, 2017 16:55:18 GMT
Post by ChrisM on Aug 20, 2017 16:55:18 GMT
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Aug 20, 2017 17:16:11 GMT
via mobile
Post by Alex on Aug 20, 2017 17:16:11 GMT
There is a small tax rebate available to workers whose job requires them to wear a uniform. It could be that?
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Aug 20, 2017 17:55:22 GMT
Post by humphreythepug on Aug 20, 2017 17:55:22 GMT
I got a text last week stating that I was owed a £2700 tax refund, just go to "whatever website" and go from there to action a refund, amazing, I still haven't done it though.
Oddly the shortened version of my name was used as the contact and no surname either; HMRC are becoming a bit too familiar for my liking!
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Aug 20, 2017 18:14:15 GMT
via mobile
Post by ChrisM on Aug 20, 2017 18:14:15 GMT
The uniform thing used to be a tax code allowance, to include you having to wash it, applied to your code in the same way as membership of professional bodies rather than as an annual refund
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Aug 20, 2017 18:31:31 GMT
Post by Bob Sacamano v2.0 on Aug 20, 2017 18:31:31 GMT
I got a text last week stating that I was owed a £2700 tax refund, just go to "whatever website" and go from there to action a refund, amazing, I still haven't done it though. Oddly the shortened version of my name was used as the contact and no surname either; HMRC are becoming a bit too familiar for my liking! I got a letter last week stating that HMRC owed me a similar amount so I went online to my tax account via the Government Gateway- amazingly it's true. Result! Actually while I was there I was able to check my NI contributions going back to 1982. Apparently I have paid the required 33 years to guarantee me a full State pension (£155 quid - woot woot!). Unfortunately this doesn't mean my NI contributions reduce from now on...
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Aug 20, 2017 18:58:18 GMT
Post by Deleted on Aug 20, 2017 18:58:18 GMT
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Aug 20, 2017 19:05:53 GMT
Post by Deleted on Aug 20, 2017 19:05:53 GMT
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Aug 21, 2017 7:03:59 GMT
Post by Big Blue on Aug 21, 2017 7:03:59 GMT
Actually while I was there I was able to check my NI contributions going back to 1982. Apparently I have paid the required 33 years to guarantee me a full State pension (£155 quid - woot woot!). Unfortunately this doesn't mean my NI contributions reduce from now on... Yes. I'm in the same boat. At current levels the state OAP will pay Council Tax and all the bills leaving my other non-job-related incomes to pay for food and luxuries. I just have to wait to get old.....
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Aug 21, 2017 10:46:25 GMT
Post by PetrolEd on Aug 21, 2017 10:46:25 GMT
I'm delighted for all you guys getting your rebates, I sit on the other side of the curve this year. Having returned from holidays a letter was sat on the doormat informing me that they have miscalculated my earnings and I owe them over 4k but fear not I can pay it back over the next years tax take and therefore have no allowance ? WTF, I'm a PAYE earner who has no other benefits apart from Medical how has this happened? I'll call them when I'm less busy and have an hour to sit on the phone listening to their hold music
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Aug 21, 2017 10:54:19 GMT
Post by Martin on Aug 21, 2017 10:54:19 GMT
I'm with you unfortunately Ed. I'm PAYE as well, but a pay rise and bonus took my allowance and that wasn't calculated at the time. The only way to avoid it is estimate your total annual salary inc bonus and ask them to use that to calculate your tax code. I did that for last year after getting a bill of just under £4K for the previous year, which I had to pay in one go.
Didn't quite work as I've just completed my tax return for 16/17 year and I owe £900, but that will be paid through my tax code.
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Aug 21, 2017 11:13:20 GMT
Post by PetrolEd on Aug 21, 2017 11:13:20 GMT
Don't know how they've done that though as my commissions are paid monthly after deals are converted so should be taken on each month should it not. Its been a decent year but I'm not earning at the 50% rate so didn't predict any suprises outside the usual.
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Aug 21, 2017 11:35:54 GMT
Post by Martin on Aug 21, 2017 11:35:54 GMT
The tax you pay will be increas in line with the bonus payment, but your employer won't reduce your personal allowance if you go over £100k in a year, they will only amend the tax % as your salary moves into another band. That's my experience anyway. I had a decent conversation with them this time last year and adjusted the expected salary which did help.
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Aug 21, 2017 12:00:11 GMT
Post by PetrolEd on Aug 21, 2017 12:00:11 GMT
This Personal allowance things a fecking disgrace. Turns out that you end up paying something like 60% tax in real terms with the reduction of the personal allowance. Consider me schooled and pissed in equal measure
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Aug 21, 2017 13:20:17 GMT
Post by johnc on Aug 21, 2017 13:20:17 GMT
I'm with you unfortunately Ed. I'm PAYE as well, but a pay rise and bonus took my allowance and that wasn't calculated at the time. The only way to avoid it is estimate your total annual salary inc bonus and ask them to use that to calculate your tax code. I did that for last year after getting a bill of just under £4K for the previous year, which I had to pay in one go. Didn't quite work as I've just completed my tax return for 16/17 year and I owe £900, but that will be paid through my tax code. Or you can make additional pension contributions or gift aid payments and effectively receive 60% tax relief on them.
You lose your personal allowances at a rate of £1 for every £2 your gross income (gross pay less personal pension contributions less gift aid payments) exceeds £100,000. With a 40% tax rate but an extra £1 taxed at 40% for every £2 above £100K, you have a marginal tax rate of 60% + 2% NI = 62%
If your gross income were £110,000 and you paid a gross pension contribution of £10,000 (physically cost you £8,000), you would save £4,000 in tax. In other words you would have £10K in a pension for a net cost of £4,000. Some employers will also allow a salary sacrifice scheme where you reduce your salary and they pay the same amount (or a fraction more to take account of the 13.8% NI they save) into your pension. This also saves an extra 2% in NI for the employee.
The above is not intended to be financial advice but merely an example of how pension contributions (if they are appropriate) can help in the areas where high marginal tax rates apply.
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Aug 21, 2017 14:44:15 GMT
Post by Bob Sacamano v2.0 on Aug 21, 2017 14:44:15 GMT
This Personal allowance things a fecking disgrace. Turns out that you end up paying something like 60% tax in real terms with the reduction of the personal allowance. Consider me schooled and pissed in equal measure Don't be ridiculous, don't you know you wealthy people should be paying much more tax as you've never had it so good.* * I believe that's the mantra from certain politicians.
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Aug 24, 2017 7:03:05 GMT
Post by Deleted on Aug 24, 2017 7:03:05 GMT
The last few years I have had every cent of tax paid refunded
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Aug 24, 2017 8:26:40 GMT
Post by johnc on Aug 24, 2017 8:26:40 GMT
The last few years I have had every cent of tax paid refunded When a new client walks in and says that kind of thing, I look for the mistake!
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Aug 24, 2017 9:35:16 GMT
Post by Bob Sacamano v2.0 on Aug 24, 2017 9:35:16 GMT
The last few years I have had every cent of tax paid refunded Who let Donald Trump join the forum?
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Aug 24, 2017 11:58:33 GMT
Post by Deleted on Aug 24, 2017 11:58:33 GMT
I still cannot see why the tax system is so convoluted and downright obfuscated (Sorry, midnight munchies on the dictionary). Why not cut the bloat and introduce a simple reasonable level of taxation and make it universal. Cut the methods of tax avoidance and simplify to paying on every pound earned, just make it lower and more reasonable. Apart from a whole heap of folk who make a living at this and it is win win.
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Aug 24, 2017 13:17:42 GMT
Post by Tim on Aug 24, 2017 13:17:42 GMT
It's a great theory Mike, and one I'd go along with, but the 1st problem is that you'd have to raise the tax rate at the bottom and lower the rate at the top so those earning less would pay more tax and vice versa. Nobody's going to propose that.
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Aug 25, 2017 7:34:09 GMT
Post by Deleted on Aug 25, 2017 7:34:09 GMT
The last few years I have had every cent of tax paid refunded When a new client walks in and says that kind of thing, I look for the mistake! I have built up a small portfolio of rentals. I re-invest any profit in renovation or the purchase of further properties in order to enhance my tax profile. German tax law is very good in this respect.
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