Tax statement always fishy

nkomp18

hi all,

I received my annual tax statement and this year, again, it seems to contain a substantial amount at "tax underpaid last year". I remember last year that figure was something like £800 and this year it's £550.
I am employed by a company and I pay my tax with PAYE with a tax code that appears to be correct, but somehow they seem to find random underpayments so I am starting to think I should investigate that and I am not sure where to start?
Any ideas how to find more information? I want to be certain of my findings before I call them.

jem16

nkomp18 wrote: »

I am employed by a company and I pay my tax with PAYE with a tax code that appears to be correct, but somehow they seem to find random underpayments so I am starting to think I should investigate that and I am not sure where to start?

First of all is this your only source of income?

If it is check your P60 - do the figures match what is on the P800 ( I'm assuming this is what you are referring to by tax statement ).

Do you have any taxable benefits like car or medical insurance which require a P11d each year?

nkomp18

Hi , I will check my P60s.

The only taxable benefit I had was medical insurance which I cancelled last April. HMRC was always informed by my employer about that and I had to sign a form that accepts that it's a taxable benefit. Haven't had it for a year and a half though. (How much tax would that be though? £30 a year?)

So I should look into the P60s of 2013 till 2014 to see why they think I underpaid by £550. But if I don't spot anything strange and since this charge is backdated by a whole year, shouldn't they have to explain where they got it from?

jem16

nkomp18 wrote: »

(How much tax would that be though? £30 a year?)

I've no idea as it depends on the value of the benefit.

So I should look into the P60s of 2013 till 2014 to see why they think I underpaid by £550. But if I don't spot anything strange and since this charge is backdated by a whole year, shouldn't they have to explain where they got it from?

They will have explained their calculation so if the figures don't match then you need to ask further questions.

You say P60s of 2013/14 - have you more than one?

nkomp18

No I should have only one. I meant my P60 of 2013/2014 and also the one from 2014/2015

I changed jobs twice since 2013 so I never really know what's going on with these calculations and it's hard to make them myself

jem16

nkomp18 wrote: »

I changed jobs twice since 2013 so I never really know what's going on with these calculations and it's hard to make them myself

Changing jobs will probably have caused the underpayments and it's a time when you should be taking more care over your tax to ensure it's correct.

AnotherJoe

Medical insurance can be substantial as a tax liability, I very much doubt its £30 !!
Mine is about £1500 (its for a couple) for example.