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Where Taxpayers and Advisers Meet

Self assessment query

Lambert1704
Posts:1
Joined:Sat Jul 13, 2024 3:22 pm
Self assessment query

Postby Lambert1704 » Sat Jul 13, 2024 3:28 pm

Hello

Can someone please help me with a query I have regarding self assessment? I live in scotland with my girlfriend and last tax year I earned £72215 (tax year ending April 2024). I owe no tax from previous years.
I also received £2445 in savings interest and my girlfriend received £719 in child benefit which I need to pay back (because of my earnings are too high) I also pay student loan (plan 4)

My understanding was that I would need to pay back £719 (child benefits) plus 40% of £2445-£500(savings allowance for my tax bracket) which in total would be £1497? When I complete my self assessment it says I need to pay £3111? Am I wrong in my assessment or is hmrc wrong? It's more than double!

bd6759
Posts:4342
Joined:Sat Feb 01, 2014 3:26 pm

Re: Self assessment query

Postby bd6759 » Sun Jul 14, 2024 11:21 pm

The tax liability on £72,215 is around £18,350, so neither of those figures is correct.

darthblingbling
Posts:725
Joined:Wed Aug 02, 2017 9:09 pm

Re: Self assessment query

Postby darthblingbling » Mon Jul 15, 2024 9:00 am

I'm assuming he's not taking into account PAYE in the background below so only essentially needs to pay tax on the excess (at the Scottish rates).

Did you put in your student loan contributions from your employer?


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