Tax return in year of discharge

Discussion in 'Finance, Property, Law' started by TABBER, Dec 15, 2006.

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  1. Hello fellas,
    Noticed the date is closing up for tax returns.

    I left in January of this year (06) and did not work for the rest of the last tax year (05-06 ending last april).

    So do I have to bang off a tax return to someone?

  2. Probably not, but that depends on what your total earnings were, your expenses, allowances and tax paid already. If you don't complete a return, the taxman will hang onto any money he might owe you!

    My understanding is that if you are not a 40% taxpayer, you did not receive a return and have not previously filed electronically, it is unlikely that you would have to file a return.

  3. Cheers Litotes

    Might be worth a phonecall to someone me thinks
  4. You don't have to complete a tax return unless you are sent one by HMRC, as pointed out by Litotes. However you would have been paying tax until Jan at a rate based on the assumption that you were going to be working till April and therefore you won’t have received your full tax free allowance, lower rate band and if applicable, basic rate band. So it is in your interest to complete a Tax Return to get a refund. However to avoid the possibility of being sent compulsory Returns in future years it may be beneficial to use this form instead of a full Return, Form R40 - Claim for Repayment. Takes about quarter of the time to complete compared to a full Return as well. Just post it to your tax office and you should get a refund in about 6 weeks.

    It might be worth checking to see how much tax you should have paid.
  5. much oblieged jim_bob, should realy have taken the time to learn these things before getting out.
  6. engr172

    engr172 Old-Salt Book Reviewer

    Go down to your local tax office with your NI number. They are usually quite helpful, will send off to Cardiff for your details, and then, hopefully, a nice big fat beer token cheque will wing its way to you. Good luck
  7. I was in slightly the reverse situation in that I left with an army pension and managed to get paid for my civilian job for the last 3 months of my army service as well, so I knew I owed thee money and set it aside. I contacted them recently and was told the threshold for self assesment was now £100,000 and for anything less than that, a simple covering letter and any relevant P45's/P60's would do to calculate tax owed/due
  8. oldbaldy

    oldbaldy LE Moderator Good Egg (charities)
    1. Battlefield Tours

    I think not.
    I would love to do a self assessment for self employment by sending a letter.
    But for those who are employed & also have employment any tax owed up to £2000 can be collected by PAYE.

    I think what you are taling about is having two employers & sending in your P60/P45s so that they can sort it out. Not the same thing & definately NOT self assesment.
  9. Ah, yes, sorry if that was misleading. I am refering to Employees only, not self employments or Directorships etc.

    edit: My original point being, that in the original posters very simple scenario, a tax return is not needed
  10. oldbaldy

    oldbaldy LE Moderator Good Egg (charities)
    1. Battlefield Tours

    Agreed! :wink: