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Im trying to do my tax return..despite having done many over the years im always confused!
I have put my amount through..put my expences (that aren't 100% done at the mo but almost there) through and assumed due to a fairly high personal allowance (10k) we have that it would be a lot lower than its come in at? Does anyone know where this bit comes off as doesn't show on the form?
Thanks
If I remember correctly you put in 2 figures - total income and total expenses and the website does the rest, it will then show how much tax and national insurance due hope this helps
I sort of knew before I completed the form, but at the end they worked it all out and also took into account my other earnings. The final screen gave me their suggestion of the tax I owed - Have you gone this far ? If it is saying more than you think is it because of NI 2&4 ?
For some reason this year mine had a list of different expense categories so I ended up putting amounts for car and transport costs, wear and tear, utilities in their seperate boxes and anything I couldn't put in their categories into the other box...it added up to the same total I had so hoping I've done it right.
I came in around £10k after expenses and had just £140 to pay, I'm assuming this is NI, although it seems low, does anyone know if it's about right? So worried I've done something wrong
Mine came in at £1.60!( I made such a loss last year that I can carry it forward to this and next year.i have already paid tax on my other incomes!) I tried to pay and they said I did not owe anything - a week later I received a summary via email - that I owed £1.60 so it was a confirmation that the online system was working!
The summary did outline how I owed the £1.60 though so you should find out where the amount owed is coming from.
There is a system now where you choose the method you enter details - I went for the simplest way of income and expenses so didn't fill in the finer detail - I have this though in my own accounting paperwork. Perhaps you opted for the other way, hence your need to put in the detail?
Hi
Thanks fir the replys.
I had another job up until dec 14 so have put my employed p45 amount (not as much as previous years)
I then put my childminding bit and expenses..
As a whole as an example say if I'm left with a taxable amount of say 16k..shouldn't £10k be knocked off that making it 6k then plus the n.i contributions (that I was paying by DD till not long ago?
Thanks
Hi,
Im still struggling with this..cannot get through tot he tax office though.
As said above I have put my employed income through..this was my last bit as left so my p45 amount
I then did my expences and knocked my wear and tear then expences off..im pretty close to your figure alex17.. im wondering why my bill is so high?
as a made up figure..earnings of 17k..shouldnt 10k be disregarded leaving you working with a 10k income? or am I missing something?
Have you tried the online chat to hmrc
https://online.hmrc.gov.uk/information/helpdesk. An automated response comes up and if that doesn't help they should put you onto someone live
£140 would roughly tally with a year's Class 2 NI. But the Class 2 NI for 2014-15 should have already been collected through direct debit or 6-monthly billing requests. Btw, that system is changing and IIUC the Class 2 NI for 2015-16 will be lumped in with the payment demand we'll receive around this time next year.Quote:
Originally Posted by alex__17
IIRC, you'd pay 20% income tax on profits above £10k and Class 4 NI at 9% if your profits exceed £8k.
My best guess would be that you've made a little bit over the £10k personal allowance, and the £140 is most likely made up of a combination of income tax and Class 4 NI.
It's a really bad time of year to be trying to phone HMRC. I'd be inclined to pay such a small amount, and then make a telephone enquiry to check in a few weeks when the lines are less busy. If it's wrong, it may take some time to refund. OTOH if you don't pay and find it was due, then you'd potentially be faced with additional penalty charges.
Thanks Bunyip.
I see from another posters amount on 10k its a couple if hundred..mines coming in a just under a thousand?! I just don't understand it tbh.
Your ersonal allowance has probably been taken into account ith your employed wages , you cant have it twice x
Did you get it sorted jellybaby?
Jelly baby...check your Tax Code form the PAYE from your employer...by the ned of this tax year they should give you a P60 detailing your earnings and tax deducted for this current financial year
It should be 1060L where they take 20% of your wages at source as per PAYE
That allows you to earn £10,600 tax free per annum and pay tax on the rest.
The current NI weekly contribution is £2.80 for the year 2015 to April 2016....so that comes just over £140 per annum....something like £145.60
Have you paid those by Direct Debit so far to HMRC?