HELP - Self Assessment Tax Return - Second Job

SamMc1994

Hi there, 
I was looking for some help/advice if anybody out there can offer anything.
I am currently in full time employment where i pay tax each month automatically from my wage (PAYE) - I also have a little side business/project on the go. (Not a big earner yet)
I am currently working through my tax return for the 2019 - 2020 tax year.
So, my full-time job paid me £25,000 before tax, i was taxed a total of £2082.00 over the year. 
My side business had a net profit of £3794.00 for the year. 
I have entered this information into the HMRC website and my tax calculation has come up at £1176.80.
Does this sound correct? I thought personally that was high given the net profit was only £3794 & i have already paid £2082 tax for that year.
Could somebody help me please? I am quite new to this so any help would be appreciated. 
Many Thanks, 
Sam.

Dazed_and_C0nfused

Sounds spot on to me.

You owe £418 on your PAYE job plus £758.80 on the self employment.

That's assuming you have entered the correct information on your return of course.

SamMc1994

Thank you, is there any reason why i would have to pay the £418?
Should this have not already been taken from my wage throughout the year?

[Deleted User]

Op - did you enter the salary from your P60? This will be less than your gross pay on your final payslip for that tax year if pension contributions exist.

unholyangel

Yep. But is it possible you've missed something? On 25k taxable income, you should have paid £2500 in income tax. 

25000 - 12500 (personal allowance) = 12500 * 20% = £2500
3794 * 20% = 758.80.

758.80 + 2500 = 3258.80 - 2082 = 1176.80

Your employer only deducting 2082 suggests a possibility of the code being wrong or that you've missed info on your return (allowable expenses or relief of some sort perhaps). As a starting point, was the 25k the gross taxable on your p60? What tax code was your employer using and what were the entries in it? 

SamMc1994

Thank you for your help, i think i've found where i've gone wrong. 
After having another look, i didn't take into consideration my payrise which occurred in July 2019, so from April 19 - April 20 i actually earn't £22,918.17 before tax. 
I paid £2136 in tax & now my tax return is down to £706.40.

[Deleted User]

SamMc1994 said:

Thank you for your help, i think i've found where i've gone wrong. 
After having another look, i didn't take into consideration my payrise which occurred in July 2019, so from April 19 - April 20 i actually earn't £22,918.17 before tax. 
I paid £2136 in tax & now my tax return is down to £706.40.

If you didn’t include a pay rise from July, how have you come up with a smaller figure than previously. From where are you taking your 2019/20 salary figure?

SamMc1994

My pay rise occurred in July 2019 - so i was only on £25,000 from July 2019 - July 2020 & not April 19 - April 20.
I have 3 months from April 19 to July 19 where i wasn't earning the monthly salary of a £25,000 a year wage

[Deleted User]

SamMc1994 said:

My pay rise occurred in July 2019 - so i was only on £25,000 from July 2019 - July 2020 & not April 19 - April 20.
I have 3 months from April 19 to July 19 where i wasn't earning the monthly salary of a £25,000 a year wage

You need to make sure that the figure that you have entered corresponds with the P60 as this is what HMRC will have.

SamMc1994

[Deleted User] said:

SamMc1994 said:

My pay rise occurred in July 2019 - so i was only on £25,000 from July 2019 - July 2020 & not April 19 - April 20.
I have 3 months from April 19 to July 19 where i wasn't earning the monthly salary of a £25,000 a year wage

You need to make sure that the figure that you have entered corresponds with the P60 as this is what HMRC will have.

Yeah it does, i've just double checked, i think i've had a stupid moment with my calculations (Been a long day)
Thank you for the help guys.