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Paye + SA Payment on account is this right
iamadave
Posts: 82 Forumite
in Cutting tax
I always seem to find tax taxing... can someone please explain the figures for me. I always get confused with payment on account and don't think I have had to do it before because amount has always been under £1k?
I earn via PAYE (basic rate) and for 2013-14 via Self employment made a profit of 1042.00 - So I thought the tax would be about 29% of that figure.
The SA says total tax due 1491.40 for 2013-14
Plus first payment on account for 2014-15 745.70
Second payment for 14-15 745.70
I dont quite get why I owe 400 more than I actually got?
I earn via PAYE (basic rate) and for 2013-14 via Self employment made a profit of 1042.00 - So I thought the tax would be about 29% of that figure.
The SA says total tax due 1491.40 for 2013-14
Plus first payment on account for 2014-15 745.70
Second payment for 14-15 745.70
I dont quite get why I owe 400 more than I actually got?
0
Comments
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Impossible to say from the figures you've given.
What does your p60 show was your taxable pay (and tax deducted) under PAYE?
Do you have a student loan that's not fully repaid?0 -
Thanks for the replies, sorry for the ropey figures.
I checked the p60 again and I had entered tax paid via paye a fair bit lower than it was.
This brought the tax to 670 which seems better maybe around 32% ish of the profit figure - and no payments on account.0
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