- Check your tax code
- Your tax code should be - 543L. Your code would only usually be lower
if your company provide you with any benefits (i.e. Car, Medical Insurance
etc.), or if you have
underpaid tax from previous years.
- Keep all your tax
related paperwork i.e. Change of tax code forms, End of Year P60 and
P11D, and your P45 if you change Jobs (your new employer
will need your P45 when you start a new job).
- If you have children living with you may be entitled
to Children's Tax Credit.
- Company Cars can
really hammer your tax allowances and leave you with a lot less money
in your pocket, the Fixed Profit Car Scheme lets your employer pay you
to run your own car. The rate per mile is 40p for the first 10,000 miles
and 25p per mile thereafter.
- Mileage Allowances
can be set against tax on your tax return at full Fixed Profit Car Scheme
rates even if your employer pays mileage at a lower rate. Alternatively
the business proportion of the actual costs can be calculated, including
some Capital Allowances (depreciation). Even some interest can be claimed
on a car loan - see booklet IR125 available from the Inland
Revenue website.
- If tax has been deducted on Emergency
Tax Code or at Basic Rate there
is a fair chance that you could be due for a tax rebate at the end
of the year(unless you have more than one job at a
time).
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