final calculation

[Deleted User]

What is the figur immediately beside - total tax due

catoutthebag

[Deleted User] wrote:

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.

My last statement is aa follows

June 2014 balance 3563.79
Jan 2014 adjustment to 1st poa for 13/14 from return= 94.60
Balance 3469.19
July 2014 payment 3563.79
Balance -94.60
July 2014 adjustment to 2nd poa from 13/14 from return 94.60
Balance 189.20
Jan 2015: balancing payment due for 13/14 1111.00
1st poa for 14/15 3469.18
Payment thank you 4390.98
Repayment supplement (interest) 0.73
July 2015 2nd poa for 14/15 3468.46

View account
- you have nothing to pay
- no interest, charges or penalties

I haven't submitted this return yet so not sure how I can access this.

I share your though on my why the 1st poa for 15/16 is nor 50%.

Anyone please?

[Deleted User]

You are a bit lost in this. You have given me the figures for the previous year - 2013/14 above.

On the final calculation page, the one before submission, what is the total tax due for 2014/15?

catoutthebag

[Deleted User] wrote:

You are a bit lost in this. You have given me the figures for the previous year - 2013/14 above.

On the final calculation page, the one before submission, what is the total tax due for 2014/15?

I'm not lost. I thought it may help as that was all I could find.

Until now where I've found the meat.

Profit 27792
Interest received from banks 335 (no net interest was 100- something so think I should have left the 2nd questions about untaxed interest blank?)

Total income 28127
-personal allowance = 18127

Pay pensions profit 17793 @20% = 3558.40
Interest received 335 (as above may need amending) @20% =67
Total income on which tax charged 18127
Income tax charged 3625.40


Class 4 NI on 19836 @9% 1785.24
Income tax and class 4 due = 6018.64

Minus tax deductions:
0 deducted from all employment
33.50 interest received from banks etc

Income tax and class 4 due 5985.14

14/15 balancing 5985.14
1st poa for 15/16 2688.57
Total due 8673.71

[Deleted User]

Tax due 3625.40 plus Class IV NIC 1785.24 minus tax paid on interest 33.50 = 5377.14 as I calculated, not 5985.14.

Half of 5377.14 is 2688.57.

Payment due is 2688.57 less overpayment of 951.78 leaving 1736.78 payable.

I suspect student loan repayment is in your figure - you failed to mention this at all. student lion is not included in payments on account

catoutthebag

And I've noticed no student loans in the calculation. That's where I messed up last time.

In the 1st or 2nd page it asked about income continent student loans from befure April 2015. I ticked YES, so not sure why it's not there?

catoutthebag

[Deleted User] wrote:

Tax due 3625.40 plus Class IV NIC 1785.24 minus tax paid on interest 33.50 = 5377.14 as I calculated, not 5985.14.

Half of 5377.14 is 2688.57.

Payment due is 2688.57 less overpayment of 951.78 leaving 1736.78 payable.

I suspect student loan repayment is in your figure - you failed to mention this at all. student lion is not included in payments on account

Why was the 5985 mentioned in the view calculation page along with the 2688 poa? And no other figure?

[Deleted User]

Student loan is in the calculation. Otherwise the amount due would be 5377.14 not 5985.14.

[Deleted User]

Please pay what I have stated in post 16 - away for a lie down!

catoutthebag

[Deleted User] wrote:

Student loan is in the calculation. Otherwise the amount due would be 5377.14 not 5985.14.

I find it odd that slc isn't written in the breakdown. But oh well.

I still can't understand why 5377 was not mentioned in view calculation and instead 5985 was
Never had that type of discrepancy? Is it an error on their part or something?

Anyway 5377 is less than the 2 poa for 14/15 (3468.19 and 3468.46 I think)...so not sure exactly what I do in terms of payment?