SOS! HMRC discounting me a really high tax income next tax year!

[Deleted User]

Dazed_and_C0nfused said:

nick74 said:

How much is your salary likely to be in the 2020-21 tax year? 

This is the crucial thing now.

The deduction of £1,564 is going to collect tax of anywhere from £312 to £625.

For most people it will collect £312 (£1,564 x 20%).

How much do you (aaia_1234) think it is going to collect?

My salary will be  £27,000 roughly
Do not have clue on how much they're going to collect.

kuratowski

Then you'll pay an extra income tax of £26 a month to clear the £312 over the full tax year.

Dazed_and_C0nfused

aaia_1234 said:

Dazed_and_C0nfused said:

nick74 said:

How much is your salary likely to be in the 2020-21 tax year? 

This is the crucial thing now.

The deduction of £1,564 is going to collect tax of anywhere from £312 to £625.

For most people it will collect £312 (£1,564 x 20%).

How much do you (aaia_1234) think it is going to collect?

My salary will be  £27,000 roughly
Do not have clue on how much they're going to collect.

Exactly what kuratowski has explained, £312 spread across the next tax year.

[Deleted User]

kuratowski said:

Then you'll pay an extra income tax of £26 a month to clear the £312 over the full tax year.

Dazed_and_C0nfused said:

aaia_1234 said:

Dazed_and_C0nfused said:

nick74 said:

How much is your salary likely to be in the 2020-21 tax year? 

This is the crucial thing now.

The deduction of £1,564 is going to collect tax of anywhere from £312 to £625.

For most people it will collect £312 (£1,564 x 20%).

How much do you (aaia_1234) think it is going to collect?

My salary will be  £27,000 roughly
Do not have clue on how much they're going to collect.

Exactly what kuratowski has explained, £312 spread across the next tax year.

How do you know this? I am not that good at maths neither with tax calculations, sorry. 

Dazed_and_C0nfused

aaia_1234 said:

kuratowski said:

Then you'll pay an extra income tax of £26 a month to clear the £312 over the full tax year.

Dazed_and_C0nfused said:

aaia_1234 said:

Dazed_and_C0nfused said:

nick74 said:

How much is your salary likely to be in the 2020-21 tax year? 

This is the crucial thing now.

The deduction of £1,564 is going to collect tax of anywhere from £312 to £625.

For most people it will collect £312 (£1,564 x 20%).

How much do you (aaia_1234) think it is going to collect?

My salary will be  £27,000 roughly
Do not have clue on how much they're going to collect.

Exactly what kuratowski has explained, £312 spread across the next tax year.

How do you know this? I am not that good at maths neither with tax calculations, sorry. 

HMRC have reduced your tax code allowances from £12,500 to £10,936.  This means your employer will deduct tax on an extra £1,564 of your income by the end of the tax year.

As you are earning £27k this extra amount will be taxed at 20%.

£1,564 x 20% = £312.80.

[Deleted User]

Dazed_and_C0nfused said:

aaia_1234 said:

kuratowski said:

Then you'll pay an extra income tax of £26 a month to clear the £312 over the full tax year.

Dazed_and_C0nfused said:

aaia_1234 said:

Dazed_and_C0nfused said:

nick74 said:

How much is your salary likely to be in the 2020-21 tax year? 

This is the crucial thing now.

The deduction of £1,564 is going to collect tax of anywhere from £312 to £625.

For most people it will collect £312 (£1,564 x 20%).

How much do you (aaia_1234) think it is going to collect?

My salary will be  £27,000 roughly
Do not have clue on how much they're going to collect.

Exactly what kuratowski has explained, £312 spread across the next tax year.

How do you know this? I am not that good at maths neither with tax calculations, sorry. 

HMRC have reduced your tax code allowances from £12,500 to £10,936.  This means your employer will deduct tax on an extra £1,564 of your income by the end of the tax year.

As you are earning £27k this extra amount will be taxed at 20%.

£1,564 x 20% = £312.80.

Oh! I can understand it now, Thank you very much.
So it'll be £26 extra per month.
Well, this is good, I was thinking on a more catastrophic figure. Phew!

Machara

I am new to this forum. I owe the HMRC a sum of around £17500 through self assessment for tax years 2015/2016, 2016/2017 and 2017/2018 whilst working as a contractor. However, in light of unavailability of readily available work, I took up a permanent position last year. On my wage this April, I found that I am without any personal tax allowance (was supposed to be £12500) and a further £420 pounds of deduction from my wage following the taking away of the personal tax allowance. I called HMRC to speak to them regarding this and was informed that the personal allowance has been deducted as part of the debt and a further £5000 will be taken from source (£420) monthly over the next tax year. HMRC agent informed me there was no one of authority that I could be put through on the day that could look into my case. Instead he advised that I write a letter to them regarding this. I am unable to survive on the current wage I received despite having an on and off second job. Is there anything I can do or how I can approach this? I am in desperate need of guidance going forward.   

[Deleted User]

Unfortunately you owe the tax man and they want their money. Presumably you are a higher rate taxpayer (40% of £12500 is £5000). How do you propose to pay the debt?