Please help a newcomer to tax
Discussion
Hello all,
I'll quickly add some context, I'm 16, just started an apprenticeship, which thankfully pays more than I expected. The issue is that in February (I think) I received a letter from my bank (LTSB) with a HMRC form attached, which I filled out telling them I expected to earn an annual salary low enough that I would not need to pay any tax, what I'd like to know is, do I need to tell them that I'll have earnt c.£8000 as opposed to less than £6000? and if this is the case, how do I do so?
Many thanks,
BF
I'll quickly add some context, I'm 16, just started an apprenticeship, which thankfully pays more than I expected. The issue is that in February (I think) I received a letter from my bank (LTSB) with a HMRC form attached, which I filled out telling them I expected to earn an annual salary low enough that I would not need to pay any tax, what I'd like to know is, do I need to tell them that I'll have earnt c.£8000 as opposed to less than £6000? and if this is the case, how do I do so?
Many thanks,
BF
Bat Fastard said:
£8700 (ish) from what I can work out, all depending on hours
.
That is certainly over the basic tax allowances of £7,475. Therefore all the income you receive in the year over £7,475 will be subject to Income Tax. On that basis you SHOULD NOT instruct your bank to NOT take tax from any interest they are giving you.
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