tax treatment of UFPLS

Tom99

squirrelpie wrote: »

I quite understand that point. IMHO, though, the system wasn't designed sensibly for the continuous case either, although it would probably sort the mistake out faster in that case.

Just to be clear, do you mean the end of the 2017/18 tax year or the 2018/19 tax year?

Agreed, but there wasn't time for that. My fault for not planning far enough ahead, I know.

The total is correct, but where do the £2791.66 and especially the £1248.34, come from?

£2791.66*12=£33,500 ie the 20% band

squirrelpie

the tax calculation tables

Ah, thanks. That's the bit I was missing. When I use those I can reproduce the sum. I also got a letter from the SIPP provider today, with the payment details confirming the tax code etc, so that's all fairly tidy in my mind now.

The only question I have left now is when HMRC will correct the overpayment without prompting?

mark1959

Without prompting probably quite a while. With prompting, online with form p55 or phoning up, within a couple of weeks.

squirrelpie

Just to say that I've just received a P800 for 2017-2018 that does say HMRC owe me £1057.66, and I can have it in 5 days if I create an online account with them or within 60 days if I just let it take care of itself.