This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Search found 37 matches

Go to advanced search

by D&C
Thu Jun 11, 2020 7:14 pm
Forum: Income Tax
Topic: Tax Code affected by Untaxed Savings Interest
Replies: 8
Views: 850

Re: Tax Code affected by Untaxed Savings Interest

You need to remember your tax code will be based on the latest information available, HMRC do not have a crystal ball. So if your expected taxable income is going to be less than your Personal Allowance then the interest will use up some of that Personal Allowance. If circumstances change however an...
by D&C
Thu Jun 11, 2020 5:30 pm
Forum: Income Tax
Topic: Tax Code affected by Untaxed Savings Interest
Replies: 8
Views: 850

Re: Tax Code affected by Untaxed Savings Interest

Op is original poster not old person :D You are overthinking this and contradicting yourself I was not aware that as a non-tax payer, I would not get the savings interest allowance and I am assuming that the £18 is subtracted from my personal allowance to ensure that I effectively pay tax on this am...
by D&C
Thu Jun 11, 2020 4:23 pm
Forum: Income Tax
Topic: Tax Code affected by Untaxed Savings Interest
Replies: 8
Views: 850

Re: Tax Code affected by Untaxed Savings Interest

Final figure should have been £11,250 not £11,259
by D&C
Thu Jun 11, 2020 4:22 pm
Forum: Income Tax
Topic: Tax Code affected by Untaxed Savings Interest
Replies: 8
Views: 850

Re: Tax Code affected by Untaxed Savings Interest

I think the issue here is a misunderstanding on how interest is taxed. I suspect that the op is not able to benefit from the savings nil rate band (aka Personal Savings Allowance) or the savings starter rate band because their expected income is less than the (Marriage Allowance reduced) Personal Al...
by D&C
Tue Apr 21, 2020 8:37 pm
Forum: Company Taxation
Topic: COVID 19 - Job Retention - Annual Pay Frequency
Replies: 3
Views: 725

Re: COVID 19 - Job Retention - Annual Pay Frequency

I suspect you need to speak to HMRC however before doing that you might want to get your facts straight. You refer to being paid in April 2019 and also to April 2019 wages but say the last payroll was 31/3/2019. We are both paid with 'Pay Frequency : Annual' once per year in April. We have both been...
by D&C
Fri Apr 17, 2020 7:41 am
Forum: Savings & Investments, Pensions & Retirement
Topic: Personal Allowance and Personal Savings Allowance
Replies: 2
Views: 647

Re: Personal Allowance and Personal Savings Allowance

Your list is somewhat contradictory, you start by saying, No other incomes , pensions, benefits or anything else . Standard salary tax code. But then ask about the PSA, which relates to income from taxable interest. Anyway to set your mind at rest the Personal Savings Allowance is not actually an "a...
by D&C
Mon Apr 13, 2020 8:49 pm
Forum: Income Tax
Topic: How do I reclaim HMRC "payment on account"
Replies: 8
Views: 775

Re: How do I reclaim HMRC "payment on account"

If the 2019/20 return itself is showing an overpayment then each POA for 2019/20 will automatically be reduced to nil once the return has been submitted to HMRC and processed. You will be due a refund of £123.60, the tax overpaid for 2019/20, plus the payment you have made of £1829. POA aren't just ...
by D&C
Mon Apr 13, 2020 5:32 pm
Forum: Income Tax
Topic: How do I reclaim HMRC "payment on account"
Replies: 8
Views: 775

Re: How do I reclaim HMRC "payment on account"

That's correct although not sure about any excess being automatically refunded? My post was more based on the fact that the op seemed to be ready to file their 2019/20 return. Which would over-ride any claim to reduce. The POA for 2019/20 would then be based on the actual amount due for 2019/20 (ass...
by D&C
Mon Apr 13, 2020 4:51 pm
Forum: Income Tax
Topic: How do I reclaim HMRC "payment on account"
Replies: 8
Views: 775

Re: How do I reclaim HMRC "payment on account"

The need for payments on account are based on your liability, not the individual income sources that might have contributed to the liability. So nothing unusual in having POA for the subsequent tax year. Your Self Assessment tax calculation does not (and should not) reflect any payments you have mad...
by D&C
Sat Apr 04, 2020 7:34 pm
Forum: Income Tax
Topic: Charitable giving above £100k
Replies: 5
Views: 698

Re: Charitable giving above £100k

Not quite. I think the requirement to have to file a Self Assessment return (in this scenario) is having taxable income in excess of £100k. It could be taxable pay of £90k and some other income, not just taxable pay itself. Adjusted net income is totally different to taxable income. Your Personal Al...

Go to advanced search