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no savings interest allowance on HMRC SA ?
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C_Mababejive
Posts: 11,668 Forumite


in Cutting tax
I am just ploughing through my SA and for some reason it is not allowing me any personal savings allowance at all. Also although i am a paye employee but delcaring extra income ,the system seems to keep referring to me as a business..for example i keep getting email reminders from HMRC Business help..is this relevant ? thanks
Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..
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There is no such thing as a personal savings 'allowance' - you won't see it added to your tax free allowance. Instead you will see it charged to tax at 0%.....either £1,000, £500 or nil at 0% depending on your level of income.0
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Arggghhh,,yes i can see the issue now,its a lack of understanding on my part. Another thing,,they seem to want payments on acc x2 for 2019-20 but this is only being triggered because they !!!!!!ed up my tax code and gave me a huge paye tax refund in jan 2019 thus leaving me underpaid on paye,do i really have to pay these??Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..0
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If you believe you won't owe anything for 19/20 you can make a claim to reduce the POA's. However if you have 'extra income' you may be due to pay some tax? You will need to estimate that and reduce the POA's accordingly.0
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i just had an online chat with them and they say submit it and the system may autofix it if i am still paying 80% or more of tax via paye which i will be. Leave it 72 hours and then recheck if its autofixed,if not,contact them for manual fix..hopefully itll be ok thanks for your help bogofFeudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..0
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If the 80% rule doesn't apply there is nothing to "fix".
The payments on account for one year are established by the liability of the previous year, 2018:19 in your scenario.
Just because the same problem won't occur in 2019:20 doesn't mean you won't need to make POA for 2019:20.
If you reduce the POA to nil and it turns out you have a liability of say £200 for 2019:20 then each POA will be reinstated to £100 and you will be charged late payment interest on anything paid after the 31 January and 31 July payment deadlines.
But you wouldn't then have POA for 2020:21 as these are based on 2019:20.0 -
Dazed_and_confused wrote: »If the 80% rule doesn't apply there is nothing to "fix".
The payments on account for one year are established by the liability of the previous year, 2018:19 in your scenario.
Just because the same problem won't occur in 2019:20 doesn't mean you won't need to make POA for 2019:20.
If you reduce the POA to nil and it turns out you have a liability of say £200 for 2019:20 then each POA will be reinstated to £100 and you will be charged late payment interest on anything paid after the 31 January and 31 July payment deadlines.
But you wouldn't then have POA for 2020:21 as these are based on 2019:20.
Although I don't agree with this "policy" of charging interest where someone moves to >80% tax deducted at source in a new tax year but still ends up with some tax liability at the end of this new tax year for "natural" reasons.0 -
C_Mababejive wrote: »referring to me as a business..for example i keep getting email reminders from HMRC Business help..is this relevant ? thanks
Don't worry about those. I still get them from filing SA because of my state pension (hardly a business) & they insisted I stop filing SA a couple of years ago. I suspect it is a left hand/right hand problem or total lack of joined up thinking.0
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