Salaried Job - Tax return

[katenollie]

If I get a job within a company that pay by what is called BACS in the UK. THey do my tax etc.

 

Someone (aussie) just said that I would need to do a tax return and see if I get a rebate at the end of the next tax year. I would have thought that with the company paying the tax, it would equal out over the year.

[82rhoads]

There's a form to fill in that you can get from the inland revenue site. My accountant guy has told me I should get a rebate if I haven't reached my tax allowance (code).

quite possibly the same goes in Australia, isn't their tax year July?

[andkel09]

I have heard the same i think your charged a flat rate then at the end of the tax year you submit your expenses etc and you get a rebate, my sister who has been in Perth for 17 years now gets on average upto 9000 dollars a year rebate so it sounds good to me.lol

[verystormy]

Yes, everyone here has to submit a tax return. Some get a rebate, some don't and some get a bill depending on your circumstances. You can do it yourself on line or get an accountant to do it for you. They charge about $250 and that is claimable back on your tax the following year.

[StraighttothePoint]

If I get a job within a company that pay by what is called BACS in the UK. THey do my tax etc.

 

Someone (aussie) just said that I would need to do a tax return and see if I get a rebate at the end of the next tax year. I would have thought that with the company paying the tax, it would equal out over the year.

 

People submit an annual tax return. When you are an employee, and are subject to PAYG, then your employer will give you an annual Payment Summary or Group Certificate confirming what you have been paid, what pension amounts have been paid on your behalf and what you have been taxed for that financial year. You use that information to help you complete your tax return which can be done either online, via a form or by a tax agent you have appointed.

 

All people's circumstances are different and therefore their employee benefits, deductable expenses and other things are different, e.g. many here have second properties they rent out, many own land, some pay childcare, some pay more into their pension, some have capital gains, some have overseas UK bank accounts that pay interest, some have house they rent out in the UK and other overseas locations, some have company cars and so on. An employer therefore does not know the whole story in relation to a persons tax liabilities and it can be fairly complex. Everything relavant to your finances is entered onto your tax return, not only your PAYG deductions, and that is how your final tax demand is caluculated. In some cases you are given a tax rebate and in others you may pay more tax.

 

If you have a lot of issues in relation to your finances other than just your PAYG as an employee it sometimes pays here to use a tax agent to produce your tax return because they know the in's and out's re deductable expenses and allowances. It is not expensive in relation to what rebates can be forthcoming. I think I only pay $150 per year for the service and even that fee is tax deductable. If you have a straight forward situation fair enough but it may not always be that after a few years of living in Oz.

 

As I am constantly saying on these threads "when in Rome".... What people do in the UK in relation to a multitude of things is not necessarily what happens here.