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Self Assessment
Hemo
Posts: 10 Forumite
Im currently self employed and my partner is at university, my partner applied for an access to learning grant and was given a very low amount even though she received the full award the 2 previous years. There reason for this is my income showing on my self assessment. What figure should they be taking into account here?
Profit from self-employment £*****
Total income received £****
minus Personal allowance £****
Total income on which tax is due £****
How we have worked out your income tax
Amount Percentage Total
Pay, pensions, profit etc £**** @ 20% £****
Total income on which tax has been charged £****
Income Tax charged £****
plus Class 4 National Insurance contributions £**** @ 8% £****
Income Tax and Class 4 National Insurance contributions due £****
minus Tax deducted
CIS25 vouchers and profits £****
Total tax deducted £****
Income Tax overpaid £****
Estimated overpayment at 31 January 2012
2010-11 balancing credit £****
1st payment on account for 2011-12 due 31 January 2012
(Note: 2nd payment of £0.00 due 31 July 2012)
£0.00
Total overpaid at 31 January 2012 £****
This calculation does not take into account any 2010-11 payments on account you may have already made or tax due for earlier years
They've used the 'Profit from self-employment' figure, which shows all the money ive received.
I would of thought it would be 'Pay, pensions, profit etc' the actual figure I was taxed on, this is the figure after expenses.
Obviously the figure they are using is much higher and not the money I have to live off. Am i right in thinking they are usint the wrong figure?
If so is there any information on the HMRC website that confirms this that I can send them? I have looked with no luck.
Thanks for your help.
Profit from self-employment £*****
Total income received £****
minus Personal allowance £****
Total income on which tax is due £****
How we have worked out your income tax
Amount Percentage Total
Pay, pensions, profit etc £**** @ 20% £****
Total income on which tax has been charged £****
Income Tax charged £****
plus Class 4 National Insurance contributions £**** @ 8% £****
Income Tax and Class 4 National Insurance contributions due £****
minus Tax deducted
CIS25 vouchers and profits £****
Total tax deducted £****
Income Tax overpaid £****
Estimated overpayment at 31 January 2012
2010-11 balancing credit £****
1st payment on account for 2011-12 due 31 January 2012
(Note: 2nd payment of £0.00 due 31 July 2012)
£0.00
Total overpaid at 31 January 2012 £****
This calculation does not take into account any 2010-11 payments on account you may have already made or tax due for earlier years
They've used the 'Profit from self-employment' figure, which shows all the money ive received.
I would of thought it would be 'Pay, pensions, profit etc' the actual figure I was taxed on, this is the figure after expenses.
Obviously the figure they are using is much higher and not the money I have to live off. Am i right in thinking they are usint the wrong figure?
If so is there any information on the HMRC website that confirms this that I can send them? I have looked with no luck.
Thanks for your help.
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