Sold shares

Chelseablue · Post by **Chelseablue** » 08 Nov 2016, 14:03

A lot more ppl than i thought have sold there shares , gonna sit n wait myself , heres hoping . Totally understand some taking theres now though .

Exrep · Post by **Exrep** » 21 Nov 2016, 18:39

Sold mine for just over £3000 now minus the tax and NI not so good but hey come brexit I think the arse may well drop out of them.

I hate walk 38 · Post by **I hate walk 38** » 23 Nov 2016, 16:26

I sold my shares on the 8th & had the settlement email on the 10th. When does the pay period reopen, as I've been waiting over 2 weeks for any info?

Exrep · Post by **Exrep** » 25 Nov 2016, 15:32

Waiting for payment myself I was expecting it in this weeks pay packet, fingers crossed will be in next weeks now.

LouBarlow · Post by **LouBarlow** » 31 Mar 2017, 08:35

Exrep wrote:Waiting for payment myself I was expecting it in this weeks pay packet, fingers crossed will be in next weeks now.

How long did this end up taking? They seem reluctant to let go of our money. I've had two paydays go by without the funds, and have had no notification in the post.

Shocking really, but not surprising, as everything RM touches turns to s**t.

Exrep · Post by **Exrep** » 04 Apr 2017, 16:16

It took 2 weeks to process I done mine online

LouBarlow · Post by **LouBarlow** » 04 Apr 2017, 19:14

Yeah mine is due this week apparently. Thanks.

LouBarlow · Post by **LouBarlow** » 06 Apr 2017, 15:41

Could someone explain how the tax is worked out for this as I have paid over £900 tax and a further £90 NI on what I sold! That doesn't seem right as that is way more than what I was expecting.

Post by **soi6tiger** » 10 Apr 2017, 11:38

LouBarlow wrote:Could someone explain how the tax is worked out for this as I have paid over £900 tax and a further £90 NI on what I sold! That doesn't seem right as that is way more than what I was expecting.

If you sell your shares in the very first week of a new tax year you get hammered on tax and NI. HMRC dont know that you are not getting £2000+ a week for 52 weeks a year, £2000x52= £104,000 !!!! That's why HMRC tax you 40% .

LouBarlow · Post by **LouBarlow** » 10 Apr 2017, 17:15

soi6tiger wrote:
LouBarlow wrote:Could someone explain how the tax is worked out for this as I have paid over £900 tax and a further £90 NI on what I sold! That doesn't seem right as that is way more than what I was expecting.
If you sell your shares in the very first week of a new tax year you get hammered on tax and NI. HMRC dont know that you are not getting £2000+ a week for 52 weeks a year, £2000x52= £104,000 !!!! That's why HMRC tax you 40% .

I phoned them up and she confirmed it was correct, even after I told her my weekly wage etc. Not much else I can do really, if HMRC are saying it's correct.

Andy_07 · Post by **Andy_07** » 10 Apr 2017, 17:45

I thought we could sell our next allocation of shares today is that correct ?

Post by **fb1969** » 10 Apr 2017, 17:52

LouBarlow wrote:
soi6tiger wrote:
LouBarlow wrote:Could someone explain how the tax is worked out for this as I have paid over £900 tax and a further £90 NI on what I sold! That doesn't seem right as that is way more than what I was expecting.
If you sell your shares in the very first week of a new tax year you get hammered on tax and NI. HMRC dont know that you are not getting £2000+ a week for 52 weeks a year, £2000x52= £104,000 !!!! That's why HMRC tax you 40% .
I phoned them up and she confirmed it was correct, even after I told her my weekly wage etc. Not much else I can do really, if HMRC are saying it's correct.

HMRC changed the way they calculated things about 5 or 6 years ago and brought in this system. My previous job was in pay and this happened to a few people with backdated allowances - then it happened to me with redundancy money!

LouBarlow · Post by **LouBarlow** » 10 Apr 2017, 19:03

fb1969 wrote:
LouBarlow wrote:
soi6tiger wrote:
LouBarlow wrote:Could someone explain how the tax is worked out for this as I have paid over £900 tax and a further £90 NI on what I sold! That doesn't seem right as that is way more than what I was expecting.
If you sell your shares in the very first week of a new tax year you get hammered on tax and NI. HMRC dont know that you are not getting £2000+ a week for 52 weeks a year, £2000x52= £104,000 !!!! That's why HMRC tax you 40% .
I phoned them up and she confirmed it was correct, even after I told her my weekly wage etc. Not much else I can do really, if HMRC are saying it's correct.

HMRC changed the way they calculated things about 5 or 6 years ago and brought in this system. My previous job was in pay and this happened to a few people with backdated allowances - then it happened to me with redundancy money!

Did you manage to get it back? I phoned payroll initially, who said to phone HMRC. First I signed up for their online service, and, as you say (and I suspected) it was showing my income and tax allowance all incorrectly. I then phoned them, and the woman changed all that online information, but said, she put my totals into her calculator and it was the correct amount. I said to her that I know of people who have paid a lot less, but she wasn't having any of it. No idea how I would even go about enquiring further to be honest. I'm wondering if I now have to wait till the end of the tax year to claim it back as an overpayment.

Post by **fb1969** » 10 Apr 2017, 19:51

My redundancy payment was in the October, so half just over half way through the tax year, and I was taxed at 40% and given a higher rate tax code. At the time I had no job lined up and wasn't going to claim Job Seekers' Allowance, so just wanted a straight refund of the overpayment. Not the same position as you.

I was sent the forms and had to show all of my income received that year (savings interest etc as well as pay) and an estimate of how much more I expected to earn. Around the December I received a cheque for the overpayment. At the end of the tax year I received a further refund, I guess because they saw I hadn't claimed any JSA.

Experience from my previous job was that HMRC either refund the whole amount, or sometimes readjust the tax code so that less tax was paid for the remainder of the tax year - possibly after they'd noticed the regular amount would mean less than £45001(the 40% threshold) would be earned that year. That was pre-2011 so they may have changed their systems since then. I was in a government job and tax was deemed to be a "personal matter" so I could only advise on experience rather than facts or rules.

I don't know if they could reassess your tax code at this stage, or depending on your plans as you are leaving they may do it then. If I was in my previous job and advising you then I would suggest you call HMRC again and explain that the amount you received was due to selling RM shares and was a one-off figure - stress the shares were part of the privatisation process so count as wages and are not subject to Capital Gains Tax. You will be reverting to your regular salary immediately and your income for the tax year will be below the 40% threshold - they should see this from this week's pay.

Jefferson Starfish · Post by **Jefferson Starfish** » 11 Apr 2017, 04:54

Andy_07 wrote:I thought we could sell our next allocation of shares today is that correct ?

Yes.