Self assessment question
Discussion
williaa68 said:
You mention personal account interest "which is dealt with at source". It isnt necessarily any more if you are a higher rate tax payer (or a basic rate tax payer with a lot of interest) - any chance this is it?
Nope. Certainly not to the extent that HMRC are talking about droopsnoot said:
Would I be correct in saying that the liability may not have occurred during the tax year you're doing the return for, it might be historic? In much the same way as if you pay this and it subsequently turns out that you've overpaid, and it would be corrected the other way.
I don't think so. I've done Self Assessment for at least the last 7 or 8 years, so I assume that everything is settled in the previous years Eric Mc said:
The only way anybody can really check why you need to pay £700 is for you to set out all your income and BIK figures - but you probably don't want to do that.
No I don't, and that wasn't the intention of the thread to be honest. I just wanted to understand that if I submitted and paid that I'm not totally tied to that payment as I've not been able to get through to HMRC yet.It's actually called SELF assessment for a reason.
YOU have calculated the liability, not HMRC.
You are supposed to pay the liability you have calculated by the due date, which is 31 January.
If you chose not to because you aren't happy, HMRC will charge interest on the overdue amount. If the overdue amount remains unpaid at 28 February, they will add on a 5% surcharge - plus ongoing interest.
The SAFE course of action is to pay the £700 now. If it turns out it was too much, HMRC will refund it to you, with interest.
YOU have calculated the liability, not HMRC.
You are supposed to pay the liability you have calculated by the due date, which is 31 January.
If you chose not to because you aren't happy, HMRC will charge interest on the overdue amount. If the overdue amount remains unpaid at 28 February, they will add on a 5% surcharge - plus ongoing interest.
The SAFE course of action is to pay the £700 now. If it turns out it was too much, HMRC will refund it to you, with interest.
Eric Mc said:
It's actually called SELF assessment for a reason.
YOU have calculated the liability, not HMRC.
You are supposed to pay the liability you have calculated by the due date, which is 31 January.
If you chose not to because you aren't happy, HMRC will charge interest on the overdue amount. If the overdue amount remains unpaid at 28 February, they will add on a 5% surcharge - plus ongoing interest.
The SAFE course of action is to pay the £700 now. If it turns out it was too much, HMRC will refund it to you, with interest.
This is the best advice..YOU have calculated the liability, not HMRC.
You are supposed to pay the liability you have calculated by the due date, which is 31 January.
If you chose not to because you aren't happy, HMRC will charge interest on the overdue amount. If the overdue amount remains unpaid at 28 February, they will add on a 5% surcharge - plus ongoing interest.
The SAFE course of action is to pay the £700 now. If it turns out it was too much, HMRC will refund it to you, with interest.
Even if you have overpaid, it will take weeks for HMRC to address the issue and apart from short term cash issues, there is no downside.
arguti said:
Eric Mc said:
It's actually called SELF assessment for a reason.
YOU have calculated the liability, not HMRC.
You are supposed to pay the liability you have calculated by the due date, which is 31 January.
If you chose not to because you aren't happy, HMRC will charge interest on the overdue amount. If the overdue amount remains unpaid at 28 February, they will add on a 5% surcharge - plus ongoing interest.
The SAFE course of action is to pay the £700 now. If it turns out it was too much, HMRC will refund it to you, with interest.
This is the best advice..YOU have calculated the liability, not HMRC.
You are supposed to pay the liability you have calculated by the due date, which is 31 January.
If you chose not to because you aren't happy, HMRC will charge interest on the overdue amount. If the overdue amount remains unpaid at 28 February, they will add on a 5% surcharge - plus ongoing interest.
The SAFE course of action is to pay the £700 now. If it turns out it was too much, HMRC will refund it to you, with interest.
Even if you have overpaid, it will take weeks for HMRC to address the issue and apart from short term cash issues, there is no downside.
I've been having a nightmare with them the last few months, get a letter saying I'm due x amount phone them to check they tell me a different amount so I pay it. Few weeks later get another letter for a different amount phone and as before get another amount so pay that.
Got a 3rd letter phoned up and got someone obviously a bit more sensible turns out the money I had paid the last 2 times has just gone in as a regular payment the computer is not clever enough to to allocate it to older stuff.
Got a 3rd letter phoned up and got someone obviously a bit more sensible turns out the money I had paid the last 2 times has just gone in as a regular payment the computer is not clever enough to to allocate it to older stuff.
To round this one off, managed to speak to HMRC tonight. They explained that because I had claimed for personal pension contributions in the previous return, they had assumed that I was doing that again this year. So they had built that into my code. They have now removed it for this year, and it should be ok by the end of the year.
Next time I'll make sure I do my return earlier to clear anything like this up.
Next time I'll make sure I do my return earlier to clear anything like this up.
theboyfold said:
To round this one off, managed to speak to HMRC tonight. They explained that because I had claimed for personal pension contributions in the previous return, they had assumed that I was doing that again this year. So they had built that into my code. They have now removed it for this year, and it should be ok by the end of the year.
Next time I'll make sure I do my return earlier to clear anything like this up.
Or even better ensure you have the right tax code in the first place. You can ring HMRC up and get your tax code changed if you believe it is wrong. Next time I'll make sure I do my return earlier to clear anything like this up.
plasticpig said:
Or even better ensure you have the right tax code in the first place. You can ring HMRC up and get your tax code changed if you believe it is wrong.
Yeah, I didn't believe it was wrong though, I don't know how my pension contributions are shown in my code. Anyway. What's done is now done and I'll be ok for this year. Gassing Station | Finance | Top of Page | What's New | My Stuff