PAYE Overpayment

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mudskipper replied

25 January 2013, 13:18
Originally posted by MarillionFan

Well I did earn over the first part of the year, but it was based on an £8k salary and the rest in divvies, which I hit had hit the maximum amount before I went perm. My self assessment is going to be interesting.

Your P45 wouldn't include divvies would it?
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LisaContractorUmbrella replied

25 January 2013, 13:14
Originally posted by MarillionFan

Well I did earn over the first part of the year, but it was based on an £8k salary and the rest in divvies, which I hit had hit the maximum amount before I went perm. My self assessment is going to be interesting.

Yep - hope you've got a big piggy bank
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LisaContractorUmbrella replied

25 January 2013, 13:07
Originally posted by MarillionFan

810L

Does the fact I started half way through the year have any effect?

If you didn't earn anything for the first half of the year then it would explain why your tax is low - PAYE is cummulative and the calculations are based on an extrapolated annual figure e.g. if you earn £1000 in a week your projected earnings for the year will be £52,000 per annum and you will be taxed accordingly. If you have worked from April onwards and your projected earnings would be higher than £42000ish then there would be an element of the higher tax rate. Earnings over £100,000 pa and you begin to lose your tax free allowance.
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SimonMac replied

25 January 2013, 12:57
Originally posted by MarillionFan

810L

Does the fact I started half way through the year have any effect?

When you quit your LtdCo did you give yourself a P45?
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LisaContractorUmbrella replied

25 January 2013, 12:53
What tax code is shown on your payslip MF and did you give them P45 or complete P46??
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Project Monkey replied

25 January 2013, 11:52
Originally posted by SimonMac View Post

Speak to your HR/Finance Monkeys, you're a permie now, start acting like one

Don't waist your time with HR clowns, just SA it.
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SimonMac replied

25 January 2013, 11:49
Speak to your HR/Finance Monkeys, you're a permie now, start acting like one
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Zippy replied

25 January 2013, 11:46
Do it via self assessment and you get to keep the money a lot longer.
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NickFitz replied

25 January 2013, 11:46
You need to ask on permieuk.com.

However, I believe that when they work out what's happened they'll adjust your PAYE tax code to make up the shortfall over the next tax year, or something like that.
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MarillionFan started a topic PAYE Overpayment

25 January 2013, 11:44
PAYE Overpayment

Been perm for three months and so far I've been overpaid by £1500 per month after tax on PAYE. For some reason I'm paying 20% tax. I can see it, but I have no idea why they can't?

Shall I point it out or just sort it out in my Self Assessment later?
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