Please help a newcomer to tax
Please help a newcomer to tax
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Discussion

Bat Fastard

Original Poster:

1,031 posts

180 months

Sunday 11th September 2011
quotequote all
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

Eric Mc

124,066 posts

281 months

Sunday 11th September 2011
quotequote all
What is your annual salary going to be?

A UK individual can receive up to £7,475 FROM ALL SOURCES in the current tax year before they have to pay any income tax.

Bat Fastard

Original Poster:

1,031 posts

180 months

Sunday 11th September 2011
quotequote all
£8700 (ish) from what I can work out, all depending on hours smile.

Eric Mc

124,066 posts

281 months

Sunday 11th September 2011
quotequote all
Bat Fastard said:
£8700 (ish) from what I can work out, all depending on hours smile.
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.

Bat Fastard

Original Poster:

1,031 posts

180 months

Monday 12th September 2011
quotequote all
Ahh right, many thanks. I'll pop in to the bank this week smile