Tax calculation: check my working!

Hi guys, I've just recieved my end of year P60, and have worked out that I'm owed a little bit of a tax rebate. I think i've taken everything into account in my sums, but i'd gratefully recieve any
corrections/advice.
Pay: 22470.59 PAYE Tax deducted: 3763.15 Code: 474L
So,
22470.59 - 4740 (tax free allowence) - 2020 (lower band allowence, to be factored back in later) = 15710.59
(15710.59/100) x 22 = 3456.33
(2020/100) x 10 = 202
3456.33 + 202 = £3658.33
I actually paid £3763.15, so i'm owed £104.82 (not a huge ammount, but worth claiming for if its correct).
Any comments?
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

Apologies if this is a stupid question, but will your future tax payments not be adjusted so that you will pay £104.82 less in tax?
That is, you will always get this money back later without having to claim it?
Or not?
--
Thomas

Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

There's something wrong here - you haven't got a funny tax code so the PAYE system should have deducted the correct amount of tax automatically.
Was there some earnings in a previous employment on your P60? Or does your employer tax any benefits "at source"?
--
Andy



Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
Andy Pandy wrote:

the PAYE

your

I assumed it was because I earn a varying amount every month depending on how much over-time I do. That's what prompted me to check. I've since phoned the IR and they've confirmed that I am owed a rebate, so I guess I worked it out correctly after all.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

Yup, your calculations look right (to be pedantic a code of 474L gives you 4749 tax free). But your employers PAYE system has got it wrong. It shouldn't matter that you earn varying amounts per month cos PAYE works on a year to date basis. Suggest you ask your payroll dept to look into it otherwise you'll have this hassle every year (you might end up owing them money next year!).
--
Andy







Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
In message of Mon, 9 May 2005, Andy Pandy writes

Unless it was a 474L(W1/M1) code in which case it could go wrong if monthly/weekly pay had wide variations.
DF
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

BeanSmart.com is a site by and for consumers of financial services and advice. We are not affiliated with any of the banks, financial services or software manufacturers discussed here. All logos and trade names are the property of their respective owners.

Tax and financial advice you come across on this site is freely given by your peers and professionals on their own time and out of the kindness of their hearts. We can guarantee neither accuracy of such advice nor its applicability for your situation. Simply put, you are fully responsible for the results of using information from this site in real life situations.