Any accountants? VAT on sales rebates

[schmunk]

You will need to assess the amount you've earned from 6 April 2006 to 5 April 2007.

You pay tax at 0% on the first £5,035; 10% on the next £2,150; 22% on the next £31,150 and 40% above that.

If you find you've paid too much tax, you can claim a refund (this includes where you've had tax deducted at source on bank accounts - although the 22% basic rate is 20% on interest income).

You won't, however, get any refund on National Insurance contributions paid.


To conclude: As JPreston said, if you're only working for part of the year, it's likely you'll pay too much tax and be entitled to a refund - this should happen automatically, but I wuldn't count on it. If you're working for the full year, you should expect that anything over the first ~£400 per month is taxed.

[alsenior]

so i can claim tax back but i cannot claim NI back,correct?

[Robbie G]

What are you studying, Robbie?

CIMA schmunk. It's hard work and my will power is poor when I get back from a long day at work having been there til 8 putting numbers together. The last thing I want to do at this point is dive into an accounting text book!

[schmunk]

Ah, block release FTW - 2x 11 weeks of pain and that's it!

[JPreston]

Think I did 3x 5 weeks for the basic level, then 5 weeks for the last two, and 3 weeks for case.

Failing one exam meant dismissal in my day, though