Tax Refund

[MO!]

Picked up my wage slip and was pleasantly suprised to see my income tax amount was a negative amount.

Seems a strange time to recieve one. Have I missed something?

 

[Telkman]

We're due a total rebate of £120 from the 10p tax kerfuffle - didn't notice anything in my payslip, will have to take a look!

Edit: Here you go: http://news.bbc.co.uk/1/hi/business/7590870.stm

Edit 2: Not stated in my payslip that there's a rebate, but tax paid is obviously reduced!

 

[Bob McC]

£60 rebate this month, the rest in reduced tax take.

 

[mr cat]

is it everyone, or only people who earn a certain amount..?

 

[MO!]

Mark assuming you're still in the same job, everyone in our office had it today. Varying amounts. At the top in the messages section "Tax refund of # 5.60 paid" then on the deductions income tax is listed as 5.60-

I tend to pay about £50 a week income tax, so I'm guessing I've had about £55 refund.

In our office it seemed to range from £2-£40.

So if it's a total of £120, shall I be recieving more?

Woo hoo!

 

[Telkman]

is it everyone, or only people who earn a certain amount..?

The tax free allowance went from ~£5400 to ~£6000 for basic rate tax payers, so it saves them roughly £120 a year in tax. People have just got 6 months back dated from April, and will now pay a tenner or so less tax a month... not a huge decrease!

People on low earnings suffered a loss of £200+ with the loss of the 10p tax rate, so this doesn't really make up for it for many. I believe higher rate tax payers are also worse off as the point at which the 40% comes in was also lowered?

Mark assuming you're still in the same job, everyone in our office had it today. Varying amounts. At the top in the messages section "Tax refund of # 5.60 paid" then on the deductions income tax is listed as 5.60-

I tend to pay about £50 a week income tax, so I'm guessing I've had about £55 refund.

In our office it seemed to range from £2-£40.

So if it's a total of £120, shall I be recieving more?

Woo hoo!

You should have had six months worth backdated as above - rest will just be a tenner change a month as far as I can tell!

No mention at all on mine, MO - normal Christmas recruiting message at the top - only paid £20 tax, however - would normally have been ~£70. I'm not sure how the weekly pay would affect things?

 

[themadhippy]

Great init,the tax man owes you money and they get 6 months to pay it back,you owe them money and they want it yesterday,with interest.

 

[Paul Ranson]

The taxman has borrowed money and given it to you. You shouldn't be that happy since who do think has to pay it back?

OTOH they get a better interest rate than most.

Paul

 

[shrink]

this explains why i wasnt as poor this month as i thought i would be

 

[Bob McC]

I don't think high rate tax payers get anything cos they had their threshold adjusted.

 

[I-S]

It's great all of this messing about by the "labour" government.

First change: abolition of 10% rate, lowering 22% to 20%. Winners: Middle income and high earners. Losers: Low earners.

So, they've upset labour base. Better fix it.

Second change: Increase of personal allowance, lower 40% threshold. Winners: Low and middle income groups. Losers: High earners.

So, overall the low income groups haven't really seen much change. High earners haven't seen much overall change. Middle earners won both times (ie I now pay a lower rate of tax on a smaller part of my income).