Owe too much tax

zygurat789

catoutthebag wrote: »

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?

Net turnover is NOT profit. Do you mean profit?
Have you made any poa in jan & jul 2012 & 2013?
What made you think you had to pay £10,500?

catoutthebag

zygurat789 wrote: »

Net turnover is NOT profit. Do you mean profit?
Have you made any poa in jan & jul 2012 & 2013?
What made you think you had to pay £10,500?

Yes profit
Yep made poa on both those times (obviously increased now due to 3k higher profit in 12/13)
That's what my calculation came out as on my return

zygurat789

catoutthebag wrote: »

Yes profit
Yep made poa on both those times (obviously increased now due to 3k higher profit in 12/13)
That's what my calculation came out as on my return

How much are the poas?
Was your calculation the page which says that the payments on account have NOT been deducted.?

purdyoaten

catoutthebag wrote: »

Yes profit
Yep made poa on both those times (obviously increased now due to 3k higher profit in 12/13)
That's what my calculation came out as on my return

You should be deducting the payments on account that made on account of 2012/13 tax year from the final liability for that year. It does say at the bottom of the calculation:

This amount does not take into account any 2012-13 payments on account that you may have aleady made.

For example - Total Income tax due 2012-13 £10000

Payments on account 2012-13 made = £6000 - balance due £4000


Payments on account due 2013/14 due £5000 each in January and July.

zygurat789

Do you have any other taxable income or are your £29K and £32K after you have deducted the personal allowance?

catoutthebag

Here's some numbers

3150 paid jul 2012
4470 jan 2013, inc 1230 balancing payment
3241 jul 2013
10,500 jan 2014

Profit 29k 11/12, 32k 12/13

catoutthebag

zygurat789 wrote: »

Do you have any other taxable income or are your £29K and £32K after you have deducted the personal allowance?

No other income
Expenses slightly higher 12:13, little higher personal pension too (4k total), expenses ~3k, harshly any bank tax/interest, £100 charity

catoutthebag

Tax, Slc, cl4 ni ~7.1k
Poa for 13/14 ~3.6k

purdyoaten

catoutthebag wrote: »

Here's some numbers

3150 paid jul 2012
4470 jan 2013, inc 1230 balancing payment
3241 jul 2013
10,500 jan 2014

Profit 29k 11/12, 32k 12/13

On those figures - assuming no other entries.

Tax due 2012/13 - £4779
Class 4 due - £2196
Total payable - £6975 less payments on account made £6482 - balance due £493 on 31st January 2014.

Payment on account 2013/14:

31st January 2014 - £3987.50
31st July 2014 - £3987.50.

You should have paid £4480.50 this month.

**You have posted since I started typing and it would appear that £32000 is approximate. You can clearly see the process and it does appear that you have not taken into account the payments on account that you made and have hugely overpaid.

zygurat789

catoutthebag wrote: »

Here's some numbers

3150 paid jul 2012
4470 jan 2013, inc 1230 balancing payment
3241 jul 2013
10,500 jan 2014

Profit 29k 11/12, 32k 12/13

So jan & jul 2012 paid on ac £6300
Jan 2013 balancing payment £1230
Total tax paid for 2011/12 £7530
Jan & jul 2013 paid on account £6482
Jan 2014 balancing payment £????? (you haven't said)
Total tax paid for 2012/13 £ You'll have to do the maths.

Have you gone back and read the page with the calculation on it?