Another Income Tax Calculation Question...?
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If I have overpaid tax last year, and I am entitled to a rebate this year, where would that fit into my income tax calculation? I believe for my TAX CODE, my personal allowance calculation would be raised by: rebate * (100/22) What about my income tax CALCULATION? I am unsure of whether: 1) my actual personal allowance would increase, meaning that I eventually end up paying less tax by the amound refunded, or... 2)my allowance stays as normal, and the refund is taken off my tax liability to give my final tax payable or... 3)I am totally barking up the wrong tree and something else happens
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Answer:
your allowance stays the same. if you overpaid tax in previous years get a tax reclaim form from the taxman,complete and return it to him.If you are due a refund he will send you a cheque, Happy days eh?
Jim N at Yahoo! Answers Visit the source
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