Am I missing something.

td23

Currently submitting self assesment as I do every year. Usually I'm near enough bang on with my guesses as to what I owe, need repaying. This year I'm way out. Any of you guys help?

Figures rounded for ease and are therefore not tallying up.

Total takings. £43k

Total allowable expenditure £6k

AIA. £10k

Total profit £27k

Total tax paid £7700

Total tax replayed to me £1600.

Is this correct?

I have always thought that I would only be paying tax on £17k as you can earn £10k (roughly) before tax.

Also to note, this is the first year my tax return shows me earning enough to start paying student loan back. Do they automatically take that years loan repayment from me? Also national insurance. I don't pay monthly.. Do they automatically take this from me too? I owe no tax from previous years.

Thanks.

Darksparkle

Where is the total tax already paid £7700 come from? Is that your payments on account or do you have other income that's taxed at source?

td23

I'm a sub contracter so I'm taxed by the firm I subby too. In total for the tax year I paid £7700

Darksparkle

Tax £3400
Class 4 NIC £1713

What student loan plan are you on?

https://www.gov.uk/repaying-your-student-loan/overview

Assuming Plan 1 - Student Loan £908

So that's £6021 so far so just £79 unaccounted for.

td23

Your a good man. Makes sense now.

So my student loan is automatically taken off? That's good.

Thanks a lot.