SA: 'adjustment of tax.'?

System

catoutthebag wrote: »

Just completing my 11/12 return. My turnover/profit is slightly higher than 10/11, so I guess I will have the cough up a bit more plus pay the POA 50% 12/13. I'm full Self employed.

So, I'm on section 4 and I don't 'get it'?

Underpaid tax included in PAYE coding (Page 1 of 2)


* indicates required information

Our records show that your 2011-12 PAYE Notice of Coding includes an adjustment for tax underpaid. Please complete the following question(s).

Underpaid tax for earlier years included in your tax code for 2011-12: £ 0.00 If this figure is not correct, select 'No' and you will be given a chance to amend it below.*

Since you say you are fully self-employed then I assume you would not have a PAYE source such as employment or a pension to apply a tax code to so 0.00 is correct and you should have hit yes.

catoutthebag

That is correct

So I've submitted it now but payment is further delayed since I don't know the exact amount

Cotswoldacc: I'm guessing it's not purely done via the medieval postal system and that I should get an email or an update on my online Hmrc account in a day or two saying 'amount due', surely

Dazed_and_confused

What reason is to delay payment? All this is does is leave you with an interest charge to pay and you start getting into surcharge territory for the 11/12 balancing payment.

nomunnofun has explained how to calculate what is due to be paid and this should be simple for you to do. Waiting for a statement id only going to cost you more mone, particularly if you get the late payment penalty/surcharge

cotswoldaccountant

Yes you should certainly get an update on your online account within the next few days. The postal statement will provide a payslip, but there is no reason not to pay the tax before you receive a physical payslip.

As others have said, you can calculate the amount due by taking the total tax/NI to pay less the two payments on account made already for 2011-12, and add on the first payment on account for 2012-13 (which is 50% of the total tax/NI bill for 2011-12). This will minimise any interest charges.

If there is a discrepancy for any reason, this will show up on your online or postal statement, and you can either pay any extra due, or request a rebate if you happen to have overpaid.

catoutthebag

I didn't make a payment today because I'm waiting 1-2 days for my bonds to hit my current account. (think there's a charge for cc?)

But also because I didn't see a 'payment due' bit

And with rounding up/down, didn't want to be left a penny overdue as that would still incur a charge

I think I can get away with the penalty but if that's waived do I still get interest added or can that be waived/appealed?

Ill make a payment tomorrow hopefully when the cash hits my account

catoutthebag

'view account' 'nothing to pay'

Dazed_and_confused

I think you're confusing the late return penalty (not an issue per your previous posts) and the late payment penalty (surcharge). Think this only applies to tax paid after end of february so you look like this wont be a problem but you will still be liable to pay late payment interest on any tax that is due to be paid on 31/01.

Don't think you can appeal against an interest charge but even if you could i'm not sure what grounds you have to appeal?

Doesnt sound like your return has hit your account yet. This doesnt change the date the tax has to be paid by.

catoutthebag

Ah. So there's a late return payment & late payment penalty, which I won't have to pay since my extension? But still due the interest charge - a Tenner a day is it?

May not be able to appeal that, but I'll certainly give it a bash with a few tricks up my sleeve

nomunnofun

catoutthebag wrote: »

'view account' 'nothing to pay'

Choose earlier years from drop down menu i.e. 2011/12

catoutthebag

The payment appeared yesterday and I paid in full, 5days late, but filed within their 15/2 deadline. I haven't received any penalty or interest charges letters yet. I doubt I will receive a £100 penalty, and will dispute til the end those that arrive demanding interest. :beer: