Owe too much tax

catoutthebag

Think I'm in a muddle

Today I paid over 10k in tax for 12/13 & 50% poa for 13/14

This is 2-3k more than I paid in 11/12. But I earned 3k more in 12/13

However, I hadn't saved up enough tax money & had to use savings

Which makes me think I've not put enough away. I put away 1/3 for all earnings

Now, if I paid 12/13 & 50% 13/14, I should have tax for the remaining bit of 13./14, ie oct-jan because the 50% 13/14 poa roughly equates to apr-oct (6months)

Would that be correct? Or have I misinterpreted?
If it is correct, I have zilch in my tax account when I should have a few k for oct13 to now

My poa is 3-4 k for jul 2014 which I'll have by then away. So
Is all well?

warwicktiger

Sorry, so many abbreviations I cannot understand your post!

Blackbeard_of_Perranporth

Suggest OP gets an accountant instead of guessing on an internet forum

purdyoaten

catoutthebag wrote: »

Think I'm in a muddle

Today I paid over 10k in tax for 12/13 & 50% poa for 13/14

This is 2-3k more than I paid in 11/12. But I earned 3k more in 12/13

However, I hadn't saved up enough tax money & had to use savings

Which makes me think I've not put enough away. I put away 1/3 for all earnings

Now, if I paid 12/13 & 50% 13/14, I should have tax for the remaining bit of 13./14, ie oct-jan because the 50% 13/14 poa roughly equates to apr-oct (6months)

Would that be correct? Or have I misinterpreted?
If it is correct, I have zilch in my tax account when I should have a few k for oct13 to now

My poa is 3-4 k for jul 2014 which I'll have by then away. So
Is all well?

Have to admit that is hard going! Did you make payments on account for 2012/13 in January and July 2013?

zygurat789

catoutthebag wrote: »

Think I'm in a muddle

Today I paid over 10k in tax for 12/13 & 50% poa for 13/14

This is 2-3k more than I paid in 11/12. But I earned 3k more in 12/13

However, I hadn't saved up enough tax money & had to use savings

Which makes me think I've not put enough away. I put away 1/3 for all earnings

Now, if I paid 12/13 & 50% 13/14, I should have tax for the remaining bit of 13./14, ie oct-jan because the 50% 13/14 poa roughly equates to apr-oct (6months)

Would that be correct? Or have I misinterpreted?
If it is correct, I have zilch in my tax account when I should have a few k for oct13 to now

My poa is 3-4 k for jul 2014 which I'll have by then away. So
Is all well?

Your first line says it all
It is well nigh impossible to tell if all was well.
You need to post figures for profit and tax.

catoutthebag

warwicktiger wrote: »

Sorry, so many abbreviations I cannot understand your post!

Ie = that is
K = 1000
Poa= payment on account

Bless you

catoutthebag

Blackbeard_of_Perranporth wrote: »

Suggest OP gets an accountant instead of guessing on an internet forum

Instead of posting on a secfically dedicated 'cutting tax' forum like dozens of others?

Bless you too

purdyoaten

catoutthebag wrote: »

Instead of posting on a secfically dedicated 'cutting tax' forum like dozens of others?

Bless you too

On the assumption that this is not a wind up, you could answer my previous question?

catoutthebag

zygurat789 wrote: »

Your first line says it all
It is well nigh impossible to tell if all was well.
You need to post figures for profit and tax.

Ok, net turnover 11/12 ~ 29k
Net 12/13 ~ 32k

Total I paid on jan 2012 ~ 8k
Total paid today ~ 10.5k

That's fine

A) poa due jul 2014 I think was 3-4k. I thought it would be ~5.25k?

I've been saving 1/3 gross earnings. But I've had to delve into savings for ~£500. Does this mean I've not put enough away?

My logic is: 10.5k is all of 12/13 & first half of 13/14 (estimate). That first half takes me to oct 2013 (first 6months of the tax year).
So I question, I shouldn't have had to use my savings as I should still have tax cash from November & December 2013 & jan 2014?

catoutthebag

purdyoaten wrote: »

On the assumption that this is not a wind up, you could answer my previous question?

See above? Actually don't, if you think I have time or inclination to post a wind up on my tax affairs.

catoutthebag

Ignore a) I understand that bit now