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Tax

Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
I'm 17 and I just got a slip through in my locker with my overtime details and it said that I was getting taxed X amount. I didn't think that I was getting taxed, I mean I hardly earn enough to get taxed on.

How can I get this sorted?

Comments

  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Speak to Human Resources. You'll need to fill in a form or get them to so that they don't charge you income tax. I think you still pay NI though.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Is it tax or NI?

    What is your tax code ? - found on your wage slip.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Didn't think you paid tax till 18 years old.

    Check with your employer.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Tool wrote:
    Didn't think you paid tax till 18 years old.

    Check with your employer.
    You pay tax whatever age, but have to earn over the threshold of about 4 grand.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I think the threshold is currently £4750 - you can check anyway by looking at your tax code number and replacing the letter with a 0...

    I don't know what the N.I. threshold is though.

    Quite often, if you earn a particularly large amount in a month (Christmas overtime etc) the PAYE system assumes that you're earning more money and hence taxes you more. I used to get this over the summer when I was at school - I could comfortably earn a grand over my usual annual salary in overtime and the system assumed i'd go over the limit - but my income for the year was only about 2 grand normally - but I was still taxed. Normally you can either get the H.R. people to sort it out or apply for it back in April.

    Almost forgot - you can never get NI contributions back, even if you have paid them in error.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    If you pay too much tax, you should get a refund at the end of the tax year.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    The NI threshold was about £82 last time I checked, though it changes nearly every year, I think.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    £82 per week I hope?
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    dr_carter wrote:
    £82 per week I hope?

    Lol! Yes, should've mentioned that...
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    You don't pay NI until you are 16 but you pay tax whatever age you are. The tax threshold is currently £4895. NI is refundable, but only if the employer has deducted it in error. Because National Insurance is taken on a non cumulative basis, if you have a really fat wage packet one week, you pay 11% National Insurance on all earnings over £94 a week, and you won't have it refunded in the following weeks. The earnings threshold for NI is £82 per week, but you don't actually pay any until you hit £94 - same as tax.

    It sounds to me like Jazza hasn't completed a form P46 or handed in his previous P45 to his employer, and therefore they are applying basic rate (22%) to all of his wages. Ask your payroll department for a P46 if you haven't already done one, or hand in your P45 from your last job. It may take a few weeks for your correct tax code to come through, but when it does, any overpaid tax will be refunded through your wages.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I filled in a P46 during my induction. After speaking to my Admin Officer and being directed to the IR then told that it wasn't to do with them as they sent out a new tax code I have to phone BACS. I'll be doing that in a minute.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Ugh, this was me all last year... it wasn't sorted until the end of the financial year, and I got a cheque for over £900 :D
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