Tax return - Business travel
Discussion
Hi All,
Quick question for you as i'm not sure i've got this correct (better safe than sorry)...
Filling in my first tax return as my mileage claim for 2012/13 was over £2,500. This time last year I filled out a form (which I can't remember the name off) for a mileage claim in 2011/12 of approx. 7.5k miles.
7,583 x .xx (figure varied due to car allowance kicking in) = £1,632.83
7,583 x .45 = £3,412.35
Difference = £1,779.53 / Of which I claimed approx 20% (£350) back last year (lower rate tax payer), the tax man also changed my tax code for 2012/13 (my P60 has it showing as 993L for the year).
2012/13 I did 14,383 miles which were all claimed at .18p and was paid £2,588.94.
Now if i've got my sums correct I can claim:
10,000 @ 45p = £4,500
4,383 @ .25p = £1,095.75
Total - £5,595.75
Mileage paid - £2,588.94
Difference - £3,006.81.
Now i've put the £3,006.81 into my tax return and it's calculated that I have a balancing credit of £469.80 (which i'm assuming is the rebate i'm due). However I was expecting it to be closer to £1200 (40%) as i'm now a higher rate tax payer... Have I got something wrong?
Looking at Page 6 'View your calculation' it has my personal allowance as £8,105 which doesn't look right either (should be £9,930 (993L)).
I thought this was going to be easy!
Phill
Quick question for you as i'm not sure i've got this correct (better safe than sorry)...
Filling in my first tax return as my mileage claim for 2012/13 was over £2,500. This time last year I filled out a form (which I can't remember the name off) for a mileage claim in 2011/12 of approx. 7.5k miles.
7,583 x .xx (figure varied due to car allowance kicking in) = £1,632.83
7,583 x .45 = £3,412.35
Difference = £1,779.53 / Of which I claimed approx 20% (£350) back last year (lower rate tax payer), the tax man also changed my tax code for 2012/13 (my P60 has it showing as 993L for the year).
2012/13 I did 14,383 miles which were all claimed at .18p and was paid £2,588.94.
Now if i've got my sums correct I can claim:
10,000 @ 45p = £4,500
4,383 @ .25p = £1,095.75
Total - £5,595.75
Mileage paid - £2,588.94
Difference - £3,006.81.
Now i've put the £3,006.81 into my tax return and it's calculated that I have a balancing credit of £469.80 (which i'm assuming is the rebate i'm due). However I was expecting it to be closer to £1200 (40%) as i'm now a higher rate tax payer... Have I got something wrong?
Looking at Page 6 'View your calculation' it has my personal allowance as £8,105 which doesn't look right either (should be £9,930 (993L)).
I thought this was going to be easy!
Phill
Phill
The tax code has effectively given you a big chunk tax free during the tax year : 9930 v 8100. This results in a tax saving of 1830 @ 40% = £732.
You are doing your return now which shows you are due an additional £470 , so that makes £1202 in total.
You are due relief of £3006 @ 40% = £1202.
Sounds like its worked out just as it should.
David
The tax code has effectively given you a big chunk tax free during the tax year : 9930 v 8100. This results in a tax saving of 1830 @ 40% = £732.
You are doing your return now which shows you are due an additional £470 , so that makes £1202 in total.
You are due relief of £3006 @ 40% = £1202.
Sounds like its worked out just as it should.
David
Edited by sumo69 on Tuesday 4th June 14:09
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