Made no profit on self assessment

lucystardust87

2013-2014 was the first year I filled in a self assessment form after selling a few crafts, I also have a full time job.

I did a paper return, and filled in details from my P60 and put down that my craft expenses (all direct materials) outweighed my takings. I've just had a letter estimating that I'll owe £1.80 in tax. Why do you think this is?

CLAPTON

lucystardust87 wrote: »

2013-2014 was the first year I filled in a self assessment form after selling a few crafts, I also have a full time job.

I did a paper return, and filled in details from my P60 and put down that my craft expenses (all direct materials) outweighed my takings. I've just had a letter estimating that I'll owe £1.80 in tax. Why do you think this is?

facts always help
but was your PAYE tax code correct?

classy69

Probably just a rounding error on the PAYE. It happens sometimes.

purdyoaten

lucystardust87 wrote: »

2013-2014 was the first year I filled in a self assessment form after selling a few crafts, I also have a full time job.

I did a paper return, and filled in details from my P60 and put down that my craft expenses (all direct materials) outweighed my takings. I've just had a letter estimating that I'll owe £1.80 in tax. Why do you think this is?

The code last year was 944L as the personal allowance was 9440. However the tax tables always round up and 9449 would end up being given. The difference is 9 which, at 20%, is £1.80

For example - check out page 68 which is month 12 - code 500L has allowances of 5009.04 by this time.


https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/320342/pay-adjustment-tables.pdf

zygurat789

lucystardust87 wrote: »

2013-2014 was the first year I filled in a self assessment form after selling a few crafts, I also have a full time job.

I did a paper return, and filled in details from my P60 and put down that my craft expenses (all direct materials) outweighed my takings. I've just had a letter estimating that I'll owe £1.80 in tax. Why do you think this is?

If you tick the right box in losses then you will get a refund.

purdyoaten

zygurat789 wrote: »

If you tick the right box in losses then you will get a refund.

Indeed -if the op is able to advise us of the amount of loss I am sure that we will be able to tell her exactly which boxes to fill in and how much the refund will be.

lucystardust87

The amount of loss was about £100.

purdyoaten

In the box: Loss from this tax year set off against other income enter the £100.

In the box: Total loss to carry forward after all other set-offs enter 0

Your self assessment should now show £18.20 refund.
for 2013–14

lucystardust87

I've already completed and sent back the paper form self assessment return. Will I just have to pay the £1.80 in January?

purdyoaten

lucystardust87 wrote: »

I've already completed and sent back the paper form self assessment return. Will I just have to pay the £1.80 in January?

You could either amend it and claim the refund or let it sit. HMRC will not be issuing a demand for payment for such a small amount and it can simply remain in your account until next year.

lucystardust87

Thanks for the advice!