tax on wagers
 

im in full time education and working part time. last month i made 280 quid and i got taxed 63 quid is this right?


my gf makes £300 a month and only gets taxed £2


is there any way of claiming it back?

Re: tax on wagers
 

Sounds like you're on 'emergancy tax' to me... Ring your tax office (speak to your employers for the number ;))

Whats your tax code ? your probably paying "emergency" tax.

I think your code should be 489L (I'm presuming your single) if its different to this, you need to find out which is your tax office and ring them. They should be able to explain why you are paying what you are and sort it for you. You will get it back if you are paying to much.

forget about it for a while, and just pretend it isn't happening. then in a few years time claim it all back at once and treat yourself to a new bike :wink: it's kinda like a savings account. except you can't get easy access to it so the temptation to draw the money out aint there :wink:

:lol: I never used to even look at pay slip, changed jobs about 7 years ago and paid too much tax for nearly a year, got over a grand back.
\:D/

You are currently allowed to earn £4,895 per year tax free, which equates to approx. £408 per month, so you shouldn't have to pay any tax. Speak nicely to your employer to get your tax codes updated. You have up to 5 years to cliam it back

Here's a link that explains it http://www.direct.gov.uk/MoneyTaxAnd...566&chk=U5MTGt

cheers

so asuming you stick at this job for 5 years without claiming your cash back, and you work the same hours, with the same pay. in 5 years time you can claim over £15000 back. try asking if they will give ya interest on it :wink:

I got £400 cash back due to this sort of mistake before. As people say, it's a low risk, low interest savings account :)

yup. my old flatmate has been on the highest rate for 2 years now and he is due about 7 grand. hes just waiting till it gets to that magical 10k mark :lol:

just done an online tax rebate form and it said i may be able to claim some back so lets wait and see. :D

thanks for your help guys :up:

You didnt say how old you are and what education you are in.

AFAIK if you are a full time student, you do NOT pay ANY tax on your earnings.

You need to complete a form at your local bank/building society which makes this declartion.

18y/o

and in college

Hmmm does that £63 include your National Insurance contributions?

Because it works out at 22.5% of your earnings which is about right if you were above the threshold.

When you pay tax, it is usually calculated on the basis that you work 12 months of the year. So each month you get £407 tax free, pay tax at basic rate on the element above that until you reach the higher tax bracket, then pay 40% on the monthly element which falls into that bracket.

Speak to your employer - sounds like they have made a **** up as £280 should be under the tax free limit. If they haven't contact the IR. You may have to wait til next month and the end of this tax year before you can claim it back though.

Contact details can be found on: www.hmrc.gov.uk

I dont beleive you should by paying any tax at all then buddy.

I know i was earning 600 a month when i was 18 at college, i didnt pay tax on it - i had to complete a form to declare as such.

Jeez, when I grow up I want to be a full time student! :lol:

yer till lots of fun i tell theee :d

:lol:

I did Customer Retention for a major card security company in York. They paid by the hour, i did every hour god sent, plus overtime when it was up for grabs. Only problem was, cos i was a student with all that cash it was like catch 22. I couldn;t party all the time as i had work to worry about. D'oh!

Was a good time in my life though... 8) Ahh bring back the good ol' days.

just had a quick look. it's cheaper to pay for a years worth of full time education than it is to pay a years worth of taxes. so, providing there is no age limit. couldn't you just enrol at college, pay the fees and go to work instead. saving yourself a nice little bundle? handy if you work night shift

Hehehe SV650.org tax scammers! We need a new forum to discuss this... :lol:

How many hours did you work ? did you give up sleeping for three years ? :wink:

Nah... lol

My courses were really good. They were all in the mornings, so i used to work from 1pm till 10pm. Some days i only had one, one hour long lecture in the morning, so i could get a few hours OT in too.

The special rules only apply if you are working in the holidays. If you work all year round they don't and you are subject to the normal rules.

As per: http://www.hmrc.gov.uk/students/work...d_hols_9_1.htm
and http://www.hmrc.gov.uk/students/work...tudent_8_1.htm

Of course GYKD will confirm they were only holidays he worked? :wink: :P :lol:

Congratulations. You have committed tax fraud by making an incorrect declaration to the Revenue.

Aren't you glad I'm back? :P :wink: :twisted:

:lol: No it was full time.

Rules must have changed, i am talking about 6 years ago now. Sorry for mis-information.

And if the rules arent the same... oh well.

They can come a knocking if they want.. i aint paying ****.

What religion has enough hollidays to make my evil scheme plausable?

The Church of Trickyness has many holidays, beleivers are expected to make generous donations to the church though :wink:

Do they accept ex-girlfriends?

Normally cash only, howver exception can be made. It largely depends on how pretty she is and how bonkers she isn't.

If by "isn't" you mean "is" then i may be in the tax scamming busines

Nope, I think you're out of luck mate :lol:

Ok I believe you :wink: :twisted: :twisted:

OK, my boy is 16 and in full time education at college doing a Btec National Diploma (equivelent to 3 A levels), so he's pretty busy. However, he does work every Saturday (8-5) and 2 hours of an evening 3 times a week. He was told by his employers that he doen't have to pay any tax, whether in term or not....

Lyn, please tell me I'm not going to end up with the tax man at my door.... :roll:

.

Ties in with what i was told when i was studying/working Steve...

Ive had no come back from my years... yet. :?

I don't know. When I was in sixth form, me and a few mates worked a couple of nights a week as waiters. I used to try and juggle my shifts so they'd fall under (I think it was) £60, which was the threshold past which you started being taxed. I remember a bizarre situation where a mate who worked 2 hours more than me one week got taxed and ended up with less after tax than me.

I think it may well have just been NI, rather than income tax, but we still begrudged paying it.

I worked similar hours to Jelster junior when doing my A levels - but got taxed and paid NI for the duration.

As long as he's under the threshold mentioned earlier there shouldn't be a problem. They can't tax him on that first £4895 as thats the personal allowance. If he earns more than that, and he is working during term time then the rules don't apply - the basis being he is earning for the full twelve months as opposed to about 3 months which is why students working in holidays only don't pay it.

GYKD, you can tell the Revenue to get stuffed all you like. The fact is you made a false declaration to them - which if they find out will see a penalty.

And you won't have any choice about paying it. The Revenue will issue you with a really low tax code effectively meaning you pay tax on what everyone else gets tax free until you pay off what you owe. Failing that, they could levy a personal assessment and failure to pay will see a second charge levied against any mortgage or assets you have. A rough guess on what you quoted means you have avoided tax of around £1900. You better hope they don't catch up with you.