Self assessment help
Discussion
Anyone able to advise me what I'm doing wrong on my self assessment? My accountant used to do it but having wound up the company it's my first year doing it myself.
All my income in the year has been PAYE except for about £350 interest on savings. I'm a higher rate tax payer so was expecting to only need to pay the additional tax on my savings (£68), however the online self assessment reckons I owe £1700!
In 2011/12 I paid some money in to a private pension, and my tax code for 2012/13 seems to have been changed to take this in to account, to 1176L. However I didn't pay any in to the pension scheme in 2012/13.
Does this explain why I owe so much tax, or have I messed something up?
Annoyingly I seem have have lost my 2012/14 coding notice so will have to give them a ring for a copy as my current tax code is 1319L which sounds like there's still something funny going.
All my income in the year has been PAYE except for about £350 interest on savings. I'm a higher rate tax payer so was expecting to only need to pay the additional tax on my savings (£68), however the online self assessment reckons I owe £1700!
In 2011/12 I paid some money in to a private pension, and my tax code for 2012/13 seems to have been changed to take this in to account, to 1176L. However I didn't pay any in to the pension scheme in 2012/13.
Does this explain why I owe so much tax, or have I messed something up?
Annoyingly I seem have have lost my 2012/14 coding notice so will have to give them a ring for a copy as my current tax code is 1319L which sounds like there's still something funny going.
As Sumo says, the it looks like you MAY have underpaid tax during 2012/13 through the PAYE system. The clue will be in the PAYE coding that you used on your salary during tax year 2012/13. For 2012/13 the standard personal tax allowance was £8,015.
This would have translated into a coding of 801L.
If you had a coding higher than 801L, you would have paid less tax than if the coding was 801L.
This would have translated into a coding of 801L.
If you had a coding higher than 801L, you would have paid less tax than if the coding was 801L.
Yeah, I'm guessing they upped my code on the assumption that'd pay a similar amount in to my pension as I had the previous year, which I didn't, so I now owe them the tax relief they were expecting me to claim if I'd payed in to it?
I'll get a replacement coding notice for this year to see how much they're expecting me to pay in this year so I can either get the code changed or make the relevant payment in to my pension
I'll get a replacement coding notice for this year to see how much they're expecting me to pay in this year so I can either get the code changed or make the relevant payment in to my pension
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