Permie earnings at start of year - too much tax

[lje]

Yeh, I understand I'll pay tax because I've used up my allowance already.

Is that true for NI though? Am I right in saying this is calculated on a per week/month basis rather than total for the year? (so as long as my pay per month is below the NI threshold I wont pay any).

Like you said, same as paying dividends tax wise but I never thought of doing this...

My understanding is that each employment you have (even if concurrent) is treated separately for NI purposes. So you could have lots of jobs each earning you £7k and you wouldn't pay any NI. However, whilst I know this is true for people with concurrent jobs I am only assuming that it also carries over to people with sequential jobs - a bit of research should answer that for you.

[psychocandy]

Accountant tells me that tax code from P45 is week 1 / month 1 so any previous tax is not taken into consideration. And I'll have to wait until self-assessment. Bummer.

[psychocandy]

Actually tax code from last employer is normal its just that JSA people seem to have given me a P45 with week1 ticked.

Any ideas how I sort this?

[craig1]

If you're not going to earn any more money in this financial tax year, or are going to be not earning for a decent wad of time without benefits, and you can prove it to a reasonable level, then use HMRC P50. HMRC usually pay out in a few weeks for straight-forward cases, if the assessor isn't sure about your story and why you should get the money back then it could take a few months as it goes through the system.

[psychocandy]

If you're not going to earn any more money in this financial tax year, or are going to be not earning for a decent wad of time without benefits, and you can prove it to a reasonable level, then use HMRC P50. HMRC usually pay out in a few weeks for straight-forward cases, if the assessor isn't sure about your story and why you should get the money back then it could take a few months as it goes through the system.

Yeh. I did think of that. The notes do seem to indicate that its for people who have retired/ gone back to college/ unemployed more than people who've become company directors.

After all, what do I put as my current status? I'm guessing 'Do not expect to go back to work before end of tax year'. I suppose this is correct because even though I'm company director I dont intend to pay myself a salary as company employee until then.

Worth a try I suppose !!!

[craig1]

Yeh. I did think of that. The notes do seem to indicate that its for people who have retired/ gone back to college/ unemployed more than people who've become company directors.

After all, what do I put as my current status? I'm guessing 'Do not expect to go back to work before end of tax year'. I suppose this is correct because even though I'm company director I dont intend to pay myself a salary as company employee until then.

Worth a try I suppose !!!

When I started my LLP company, I transitioned from a brolly-type situation. I submitted a P50 and covering note explaining that I wasn't going to be making more employment earnings that year due to the way LLPs get taxed. I received my cheque in about 3 weeks.

[psychocandy]

When I started my LLP company, I transitioned from a brolly-type situation. I submitted a P50 and covering note explaining that I wasn't going to be making more employment earnings that year due to the way LLPs get taxed. I received my cheque in about 3 weeks.

Cheers Craig. Thanks for info.