Another question, my old firm I used to be employed with have 'disappeared' off the face of the earth, whilst I got my p45 i did not get my p60 and I don't have any back up wages slips!
I telephoned HMRC and they said i could estimate the tax figure and note on my self assessment form why this is an estimate. I was therefore going to go through my bank statement and check what my old company have paid me, how should i work out an estimated tax figure ? My old firm would/should have deducted NI as well. If you could give me a rough guide to calculate this and keep HMRC happy
If you left your old job during 2010/11, then the P45 will contain all the information that you need. It wil show the total pay and PAYE suffered in the tax year up to the date that you left. Is this the case or did you leave your job in 2011/12 and it's the P60 for 2010/11 that you're missing?
__________________
Pearce & Co - Chartered Accountant and Chartered Tax Adviser
My P45 shows I left the company on 30/04/2011 so the total pay to date and the tax are only for one month as such. So it is the 2010/11 that I am missing
If you know your gross salary and your tax code for the year, you could use an online tax calculator (such as this one) to calculate the PAYE, national insurance and net wages that should have been paid. You could then compare the net wages figure that the calculator gives you to the actual amount that you were paid in the year to check that you're in the right ball park.
__________________
Pearce & Co - Chartered Accountant and Chartered Tax Adviser
I don't know my gross salary for the year and it was different every month! I only have the 'take home' figure on my bank statements. Any easy to work this 'backwards' as such?
As previously mentioned only really need estimates for HMRC
There are calculators available on the internet that will work backwards from net pay to gross salary. Alternatively, you could use a normal 'gross to net' calculator and just guess your gross salary and keep amending it until the calculator gives you the net pay that you actually received during the year.
__________________
Pearce & Co - Chartered Accountant and Chartered Tax Adviser
