Online S.A calulation question

Tarasam

Stavros wrote: »

1. It is the standard code (or 543L) which means my personal allowance is £5435 for the tax year
2. My main employment income prior to retirement from previous tax year (20%)
3. No idea
4. Salary £9117 (tax deducted £1823)
Pension £17,102 (tax deducted £2212)

Your pension has been using 603L code incorrectly, if you work it out 17102-6035 (PA 08/09) then multiply the rest at 20% you get the amount of tax you paid at OCCP, you should have paid 17102 x 20% which is 3420 at your OCCP, so that discrepancy plus your SE untaxed income will be the SA calc you've been provided with at submission.
Please make sure that your OCCP is being taxed correctly asap for this tax year to prevent this happening again.

nikki2804

Might be worth contacting the self assessment helpline to go through your form with them (not to be mixed up with the online service helpdesk!) They can help you check all your figures etc.

If you have made any payments on account previously the calculation does not take this into account.

Stavros_3

Rolo_Tomasi wrote: »

Did you retire before September 08?

Yes I retired January 08, but then re-employed as a civilian (and in receipt of my OCCP). I then finished that totally in August 08, by which time I went self employed from Aug 08. Not in receipt of state pension, just my occp, and untaxed self employed income. No other income apart from that

Edit to say that my P60 for final end of year (April 09) tax coding was 603L

Rolo_Tomasi

kellyshay wrote: »

Your pension has been using 603L code incorrectly, if you work it out 17102-6035 (PA 08/09) then multiply the rest at 20% you get the amount of tax you paid at OCCP, you should have paid 17102 x 20% which is 3420 at your OCCP, so that discrepancy plus your SE untaxed income will be the SA calc you've been provided with at submission.

But surely the PA has been set against the pension income with the employment taxed at BR (£9117 x 20% = £1823). The total pension and employment income is £26219 less PA leaves £20184 taxed at 20% = £4036 which equals the total tax deducted from both sources.

Tax on interest is slightly wrong - £7241 at 20% = £1448 but everything else seems OK so the Return must have been incorrectly completed.

Tarasam

Rolo_Tomasi wrote: »

But surely the PA has been set against the pension income with the employment taxed at BR (£9117 x 20% = £1823). The total pension and employment income is £26219 less PA leaves £20184 taxed at 20% = £4036 which equals the total tax deducted from both sources.

Tax on interest is slightly wrong - £7241 at 20% = £1448 but everything else seems OK so the Return must have been incorrectly completed.

Aha, I stand corrected, I had had a couple of glasses of wine!!!!

Stavros_3

I have discovered why my figure is higher than it should be. Its because I went self employed I have been billed an additional 'payment on account' for the next tax year 09/10, the figures have been broken down and explained to me by HMRC, thanks to you who responded