Self Assessment

[edition]

Hi

I have some millage to claim this year I.e the difference between what my employer pays me (18p) and the 45p allowance. I belive I can claim this difference and then I should get a refund at 60% as I pay 40%?

If I do my self assessment on the 6th of April am I likely to see any refund in the near future or do they wait until the deadline?

I normally do the self assessment for the child benefit repayment (earn over the threshold but still claim) and claiming for working from home.

Any advice would be appreciated, thanks.

[worsy]

edition said:

Hi

I have some millage to claim this year I.e the difference between what my employer pays me (18p) and the 45p allowance. I belive I can claim this difference and then I should get a refund at 60% as I pay 40%?

If I do my self assessment on the 6th of April am I likely to see any refund in the near future or do they wait until the deadline?

I normally do the self assessment for the child benefit repayment (earn over the threshold but still claim) and claiming for working from home.

Any advice would be appreciated, thanks.

I've been waiting on an NI refund since early Feb. Last time I called after having waited for an hour for an answer they told me they were working on late January submissions.

For SA though, it should be automated although it sounds like the process was a check then a double check before money was paid.

Be aware HMRC have tightened up the rulkes for claiming WFH so make sure you are still "in policy".

[bogie]

I do my self assessment every year as soon as possible, so will be doing it next week. I usually get a refund within 10 days direct into my bank account.

I have variable business mileage, pension contributions, gift aid and bonuses, so usually HMRC owe me money and im keen to get it back

[The Leaper]

bogie said:

I do my self assessment every year as soon as possible, so will be doing it next week. I usually get a refund within 10 days direct into my bank account.

I have variable business mileage, pension contributions, gift aid and bonuses, so usually HMRC owe me money and im keen to get it back

That's super quick.

I don't get the P60 until round about early June, and getting all the interest statements from quite a number of sources also takes them some time to det delivered. I don't have pension contributions or bonuses to contend with, but I do have dividends and gift aid all of which I collate as things occur so these create no problems for me. All this means I cannot submit SA until, say, September, each year. I am in no rush as I always owe tax to HMRC.

R.

[edition]

Thanks all, I hadn’t thought about P60!

[redrabbit29]

Can I hijack this by asking my own question as this has been really bugging me...

• I am fortunate enough to earn over 6 figures and have not previously had to worry too much about tax, or self assessment.
• In February I received an unexpected bonus of £12k. I opted for almost all of this to go into my pension.
• However, my pension is "relief at source" and so I was taxed very heavily from my pay and in fact my net pay was only about £1500 due to all the deductions.
• My tax for that month was about £9000

I keep getting told so many different things, either:

• HMRC say this is correct and they don't see any issue (which I don't understand)
• I spoke with an accountant who said "wait until March as it will all correct itself" - I have waited and my pay was the same as usual, tax the same as usual and nothing different
• Others online (Reddit mainly) say tax changes each month so it will correct itself through the year - it hasn't
• Some say to do a self-assessment

In short, I don't know.

I basically just want to receive the tax I paid back which I believe I am elgible for, and also gain a little extra as some of the bonus I intended to keep just for a bit of a treat.

Final question: I may receive a standard yearly bonus around June. I am likely to face this exact situation again - is there anyway, to avoid it or at least avoid the huge tax deductions despite paying into pension? I don't mind if I can get the money back within a few weeks, but I don't want to wait an entire year again

[Eric Mc]

Do a self assessment

You are obviously a higher rate taxpayer.

It looks like you are getting basic rate tax rtelief at source on the monthly payments. You are therefore entitled to further tax relief because you also pay tax at higher rates.

One way to ensure you get this is to complete a self assessment tax return. In effect, YOU tell HMRC what your correct tax situation is rather than sitting around waiting for them (or maybe your employer) to sort it out.

[redrabbit29]

Eric Mc said:

Do a self assessment

You are obviously a higher rate taxpayer.

It looks like you are getting basic rate tax rtelief at source on the monthly payments. You are therefore entitled to further tax relief because you also pay tax at higher rates.

One way to ensure you get this is to complete a self assessment tax return. In effect, YOU tell HMRC what your correct tax situation is rather than sitting around waiting for them (or maybe your employer) to sort it out.

Thank you, that's a really good way of explaining it in terms of me telling them how it is.

I'll do the SA and hopefully get the tax back from the bonus.

[worsy]

redrabbit29 said:

Can I hijack this by asking my own question as this has been really bugging me...

• I am fortunate enough to earn over 6 figures and have not previously had to worry too much about tax, or self assessment.
• In February I received an unexpected bonus of £12k. I opted for almost all of this to go into my pension.
• However, my pension is "relief at source" and so I was taxed very heavily from my pay and in fact my net pay was only about £1500 due to all the deductions.
• My tax for that month was about £9000

I keep getting told so many different things, either:

• HMRC say this is correct and they don't see any issue (which I don't understand)
• I spoke with an accountant who said "wait until March as it will all correct itself" - I have waited and my pay was the same as usual, tax the same as usual and nothing different
• Others online (Reddit mainly) say tax changes each month so it will correct itself through the year - it hasn't
• Some say to do a self-assessment

In short, I don't know.

I basically just want to receive the tax I paid back which I believe I am elgible for, and also gain a little extra as some of the bonus I intended to keep just for a bit of a treat.

Final question: I may receive a standard yearly bonus around June. I am likely to face this exact situation again - is there anyway, to avoid it or at least avoid the huge tax deductions despite paying into pension? I don't mind if I can get the money back within a few weeks, but I don't want to wait an entire year again

What is your tax code, specifically does it have an X or M1 after it?

[redrabbit29]

worsy said:

What is your tax code, specifically does it have an X or M1 after it?

Tax code is K172 until the end of the tax year

HMRC states that it will then change to 530T and they estimate I'll pay £526 less tax over the year

A while back I did update my salary too. For a few months it was recorded as being about £20k more than it was (due to a weird month where I was paid by old employer and the new one, plus received a sign-on bonus.

[worsy]

redrabbit29 said:

worsy said:

What is your tax code, specifically does it have an X or M1 after it?

Tax code is K172 until the end of the tax year

HMRC states that it will then change to 530T and they estimate I'll pay £526 less tax over the year

A while back I did update my salary too. For a few months it was recorded as being about £20k more than it was (due to a weird month where I was paid by old employer and the new one, plus received a sign-on bonus.

Put your latest payslip details into here and see what it calculates

https://www.thesalarycalculator.co.uk/salary.php