Will i get TAXED this month if i havnt earnt over £6000 during this tax year?
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I have only earnt about £2000 this year and as there are only 2 months left in this tax year i was wondering if i will get taxed? I will get about 1500 before tax and with only 2 payments left i will only have earnt 5000 which is under the limit. Will i get taxed and then get it back or will they just not tax me? Any help is much appreciated thanks.
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Answer:
If you have been with the same employer all year (so they have your tax records and salary history) or you are with a new employer who has received and processed your P45 / P46, then you will not pay any income tax. This is because, as you suggest, your estimated annual earnings, based on your pay so far, will be below the personal allowance so there will be no income tax to pay. However, if you have started with a new employer and they have not process your paperwork, you will go onto emergency tax and will have 20% deducted. But you will be entitled to get this back once the paperwork is sorted out. Be aware, that you will pay national insurance regardless. This is calculated on a per pay packet basis, irrespective of how much, or little, you have already earned in the year. For £1500 salary this will be about £120. Also, most benefits (including jobseeker's allowance, income support) are taxable income. If the reason you have earned so little is that you have been on benefits for most of the year, you might find that you are actually a lot closer to (or even over) the personal allowance than you think.
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Other answers
HI IF YOU EARN LESS THAN 6475 INCLUDING BENEFITS YOU WILL NOT BE TAXED. AND IF THEY TAX YOU YOU WILL GET IT BACK EVENTUALLY. NOT TO WORRY.
sam
The following is a free book of how to make tax free money and save more money with economy; it might answer many of your questions
Charleton
Depends what code number employer using. If not 647L, contact tax office, and ask for correct cumulative code number to be issued. Act quickly, tax offices can't send out new codes once we get past first week in March, it is too late for employers who may have already done payroll.
steffi
Unless you gave your employer your P45 and they processed it in time, you will likely be on emergency tax (40%). If they did process it in time then you may not be taxed so heavily. You will still pay some NI though. If you get taxed then you will likely just have your tax code changed in april.
The Drunken Fool
More than likly you will get taxed. Then in April or May you should get a tax rebate and get it back.
sycopath24
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