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Self Assessment problem
50Twuncle
Posts: 10,763 Forumite
I am trying to fill in my SA for tax year 2010/11 on-line and have run into a problem
I received about £2,500 from investments during the year - these were paid to me NET - ie) Tax already taken off
Yet - there appears to be no way of HMRC allowing this - whatever I try - the calculations insist that it is "rounded up" to a gross figure and that I owe them the tax on this sum
I have emailed HMRC helpdesk from within the site - they claim to respond within 2 days (do they ?)
My options appear to be limited to getting a request in (quickly) for a paper assessment (but will this be any different to the on-line) or cancel SA and return to PAYE (It may be too late for this though) ?
Advice please
I received about £2,500 from investments during the year - these were paid to me NET - ie) Tax already taken off
Yet - there appears to be no way of HMRC allowing this - whatever I try - the calculations insist that it is "rounded up" to a gross figure and that I owe them the tax on this sum
I have emailed HMRC helpdesk from within the site - they claim to respond within 2 days (do they ?)
My options appear to be limited to getting a request in (quickly) for a paper assessment (but will this be any different to the on-line) or cancel SA and return to PAYE (It may be too late for this though) ?
Advice please
0
Comments
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On the UK interest screen it offers you 2 options to enter your investment income. Taxed UK interest and below that untaxed UK interest. You complete the top one with the Net amount of interest your were paid. The calculation at the end will give you credit for the tax deducted at sourceThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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These are OEIC's that are taxed at source at 10% - rather than "normal" rate of 20% or is that 25% (which is what I have calculated they are trying to with me)
This is my first venture in to SA and it is not going very well at the moment...
I am a basic rate tax payer.....0 -
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Thanks - so it looks as if I need to know what tax credits I am receiving to put on the form ?
How do I work this out ?
Is it a percentage of the interest received ?0 -
from what xylophone posted.
When you get your dividend you also get a tax voucher. This shows the amount of the dividend payable and the amount of the tax credit that goes with that dividend. (Your income for tax purposes is the dividend plus the tax credit).0
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