My self assessment tax return has always been straightforward.
For my 2017-18 self assessment tax return I have an 'estimated amount £862 for underpaid tax 2017-18 included in tax code 2018-19'.
Tax Code at start of 17-18 was 1165L . In December 2017 I had a P6 reducing Tax Code to 1097L. (1165- 1079 =860). No idea why Tax Code reduced
Looking at 'view my calculation' this leads to a refund of £585.98.
If I do not include the £862 in 'view my calculation' then tax owed to HMRC is £276.02. (£306.22 Dividend tax - approx £30.00 to be repaid for professional subscription cancelled).
£585.98 + £276.02 == £862.
My income for 2018-19 will be below tax threshold for 3 months salary only (retirement) Code for 2018-19 is 1200L (I need to take off professional subscription £150.00.)
I don't know whether to include the estimated tax amount on my 17-18 SA return. I think that the correct calculation to use is the £276.02 owed to HMRC and ignore £862 estimated amount.
jed1
- Home
-
Tax News
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice and Methods
- Professionals in Practice & Industry
- General
- TaxationWeb
-
Tax Articles
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings and Investments, Pensions and Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice & Methods
- Professionals in Practice & Industry
- General
- Tax Tips
-
Tax Forum
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations and Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practices & Methods
- Professionals in Practice & Industry
- General
- Tax Jobs
- Get in Touch