Self Assessment tax rate

harry1963

Hi
I've just filled in but not sent my on-line SA form. There's a profit of just over £8000 for 2009-10 yet when it gets to the tax calculation it says I will owe £4,000! There is nothing outstanding from previous years.

It looks like the calculator has doubled up my profit and not taken personal allowance into account. So should I put this through then query it or does it get sorted when /if they send a statement/demand out to me

thanks!

Mikeyorks

I wouldn't hit the button without first rechecking all your figures are in the right place.

£8000 profit should only give rise to £305 in tax .... and no payments on account? Is there PAYE income as well?

harry1963

No, there's no PAYE - I'm checking back through the whole thing again now but it all seems to be in the right place...will check oince more!

cheers

juliehedgerider

similar thing happened to me last yer - it was national insurance at 8% and that is payable on all profit with no personal allowances - came as a bit of a shock - still looks too high on you fures though

harry1963

Seem to have have cracked it - on one page it asks you to input your turnover again. When I left this blank the final calculation was correct

Mikeyorks

Around £305 .... with no POAs to make?

Did you make POAs in Jan and July 2010? Which will offset the £305. But you won't see that for 48hrs. As the SA accounting system is offline to the online system. So any payments made only get updated overnight once you've submitted the Return.