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Where Taxpayers and Advisers Meet

20% payment due for earning £12,500 a year? is that right?

gibbage
Posts:8
Joined:Tue Jan 10, 2017 4:37 pm
20% payment due for earning £12,500 a year? is that right?

Postby gibbage » Mon Jan 14, 2019 5:45 pm

hi everyone
Filling in the form this year i have noticed is is in a different format
there are a lot of sections in it that i did not have to fill in.
That might be the reason that after i submitted my total earnings (£12553) i was shocked to see the tax that was owed is £958
That's practically 20%.
just wondering if anyone knows why?
Regards
gibbage

coffeeman
Posts:3
Joined:Sun Jan 06, 2019 4:21 pm

Re: 20% payment due for earning £12,500 a year? is that right?

Postby coffeeman » Mon Jan 14, 2019 9:18 pm

Is this after your tax allowance about £11,500 gibbage? coffeeman

gibbage
Posts:8
Joined:Tue Jan 10, 2017 4:37 pm

Re: 20% payment due for earning £12,500 a year? is that right?

Postby gibbage » Tue Jan 15, 2019 5:23 pm

Thanks for your reply.
Yes
The Tax Returns are my wife's.
She has previously earned under this figure so my tax code has changed.
Looking at the breakdown of figures our marriage allowance transfer is £1,150
income tax due £440.60
National Insurance contributions (2 & 4) £543.21
The only reason i can think that these figures are so hi is that maybe i have the wrong tax code now my wife is earning over the £11,500 limit.
so maybe the figure is correct but i owe most of this tax bill?
Regards
gibbage


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