self assessment advice

joev

Good evening everyone,

I've just filled out most of the form for 2011-2012 so I can see exactly what tax I will owe. And i have two questions:

1. I have yet to enter the amount i paid to a pension last year as i havent had the annual statement from the provider. Will entering this increase or decrease (or not effect) the tax due?

2. The tax is coming out at roughly 2k for the last tax year. But the form is telling me that as well as that, I need to pay another 1k in advance for the following year. Granted this is not until jan 2013, but I only registered self employed in order to do the right thing and declare a one off piece of work that i did as a contractor. If i do some more work like that this year, its more acceptable. But what can i do if not? Will un-registering the following year cancel this?

thanks in advance for you help

jem16

joev wrote: »

1. I have yet to enter the amount i paid to a pension last year as i havent had the annual statement from the provider. Will entering this increase or decrease (or not effect) the tax due?

if you are a basic rate taxpayer it will have no effect. If you are a higher rate taxpayer it will lower the tax due. Remember to enter the gross amount and not the net amount that you paid.

suso

On the online filing system, on the left hand side, there is an option to reduce the payments on account.

If in January you know you haven't done any self employed work and do not expect to, then simply reduce the payments on account down.

If it is not your intention to do any more self employed work, remember to put an end date of your self employment, otherwise another you'll be issued with another return to complete for 2012/13

joev

thanks both. suso, ill take a look for that option

and jem16, i do pay 40% tax on a very small percentage of my combined earnings. does that make me a 'higher rate' payer?

jem16

joev wrote: »

and jem16, i do pay 40% tax on a very small percentage of my combined earnings. does that make me a 'higher rate' payer?

Yes but you will only get 40% tax relief ( 20% through self assessment ) on that very small percentage, not the whole lot.

joev

still worth it though!

and thanks again