Income Tax Calculation for rebate....?
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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:
No, your refund comes in the form of a cheque from HMRC - it is not put into your code number. If yu owe tax from a previous year, that will be offset before any refund is made. Does this answer your question?
Jim N at Yahoo! Answers Visit the source
Other answers
If you fill in a Tax return it asks you how you want to deal with refunds etc. In my case they just send me the credit due but in some cases moneys can also be taken into account for the new tax year.
Huge
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