final calculation

catoutthebag

I've had a final tax calculation of about 8k

Looking at my tax statement I paid a 2nd payment of account on 31st July 2015 for 14/15 of about 3.5k

So I deduct one from another and pay that?
Thanks

[Deleted User]

No - you deduct twice that as presumably the first payment on account was identical in January last year.

That leaves £1k. If £8000 is your final liability for 2014/15 you also have a payment on account of £4000 to pay for 2015/16 TODAY

catoutthebag

Ah yes o see.

Total today is 8673.71...ie 14/15 return plus 50% 15/16 poa.

But my 14/15 poa on account totalled 6908.37

My actual turnover for 14/15 was less 5985.14 so a deficit of 1k.

My 1st poa for 15/16 is 2688.57

So what do I pay as I've never been in a deficit position?


Thank you for you help btw.

catoutthebag

I assume I will get a 1k refund in June for 14/15?
And I just pay the 15/16 poa?

[Deleted User]

I will presume turnover is tax due?

Normally I would tell you to pay 2688.57 less the roughly 1k overpayment. BUT why is your 2015/16 poa not half of your tax due for 2014/15? What is the total amount due for 2014/15 ONLY?

catoutthebag

Sorry yes turnover Is tax due.
I earned less in 14/15 than previous years.
My calculation for 14/15 of tax due is 5895.14
But my total poa for 14/15 came to 6908.37

catoutthebag

And I know my 15/16 will back to similar years. 14/15 was a minor blip. (But I'm not making any poa adjustments)

[Deleted User]

If the tax due is 5895.14 the poa for 2015/16 should be 2947.57 unless you have some one off income like capital gains.

catoutthebag

Could the non alignment be due to

- the paye question in the other thread?
- bank interest section : they wanted to know net interest figure which I put in and the question below was 'untaxed' interest for which I put gross interest received. We're only talking couple hundred pounds. Should that second question have been left blank.

I had no capital expenses in 14/15.
I had capital expenses in 13/14 which I guess would have been taken into the poa calculation for 14/15. I don't know if that would affect anything? Again couple hundred I think.

[Deleted User]

None of those are relevant. The bottom line is that your payment on account for 2015/16 should be half of the tax due for 2014/15 - it isn't. Why?

The amount to pay is your payment on account (whatever that should be) less the £1k or so overpayment from 2014/15. Unless you post up exactly what the final calculation says I cannot help you further.

catoutthebag

The view calculation bit has exactly the figures I posted above I'm afraid. Unless I get find a breakdown elsewhere along the way on the site.