Additional tax/student loan owed - writing to HMRC?

newfoundglory

Hello everyone.

I believe I have slightly underpaid income tax by around £4 for the 2013-14 year. This is because of some income from Zopa loans which were not taxed at source. I don't currently complete self-assessment and therefore i'm wondering how best to deal with this.

I was going to write to HMRC with: a copy of my P60, my Zopa summary, as well as details of my savings and dividend income. I wondered if I should wait for them to carry out the calculations (am I too late?) or attempt to make the calculations myself and send a cheque?

I have also realised that as interest from savings was more than £2000 during 2013-14 that I am probably liable to additional student loan repayments of 9%. This would be about £220 in my case.

My student loan is coming to an end soon. While I still make repayments though PAYE, what I have paid this tax year has not yet been reflected in my student loan balance. Taking that into account I estimate that I will be finished repaying part-way through 2015-16. I would prefer not to overpay - what would be the best course of action here?

mgdavid

newfoundglory wrote: »

Hello everyone.

I believe I have slightly underpaid income tax by around £4 for the 2013-14 year. This is because of some income from Zopa loans which were not taxed at source. I don't currently complete self-assessment and therefore i'm wondering how best to deal with this.

I was going to write to HMRC with: a copy of my P60, my Zopa summary, as well as details of my savings and dividend income. I wondered if I should wait for them to carry out the calculations (am I too late?) or attempt to make the calculations myself and send a cheque?

I have also realised that as interest from savings was more than £2000 during 2013-14 that I am probably liable to additional student loan repayments of 9%. This would be about £220 in my case.

My student loan is coming to an end soon. While I still make repayments though PAYE, what I have paid this tax year has not yet been reflected in my student loan balance. Taking that into account I estimate that I will be finished repaying part-way through 2015-16. I would prefer not to overpay - what would be the best course of action here?

do nothing?

Lokolo

Firstly you should be contacting student finance mentioning that your student loan will be ending soon. A stop notice will be put to your student loan payments and you can set up a direct debit to pay off the rest of the loan. This is meant to stop you overpaying.

You can also get an up to date calculation via studentfinancerepayment (assuming you still remember your login details).

There is some information here re. additional tax for Zopa

https://www.gov.uk/tax-overpayments-and-underpayments

However, I would give them a call ASAP, its likely to be busy over January and only get busier as the month progresses. I suspect sending them the information and ask for a calculation would be best.

booksurr

mgdavid wrote: »

do nothing?

Zopa clearly tells all its lenders that they do and must report the annual interest figure to HMRC. Whilst it is true HMRC have bigger fish to catch, advising someone not to declare earnings to HMRC when those earnings relate to money which the other party is required to report to HMRC is idiotic and is simply inviting trouble.