HMRC Self assessment 2021

Matthewt1

vickymarkham said:

Has anybody submitted their self assessment yet?
xx

Mines all done on the 6th repayment pending, no stupid bank holidays to slow it down this year !!!!!

purefantasy

We should have the money around 20th of April , fingers crossed

Alexarsenal

Matthewt1 said:

vickymarkham said:

Has anybody submitted their self assessment yet?
xx

Mines all done on the 6th repayment pending, no stupid bank holidays to slow it down this year !!!!!

Looks like with those grants from them this year not getting anything on tax return, anyone got this problem?

Nearlyold

Alexarsenal said:

Matthewt1 said:

vickymarkham said:

Has anybody submitted their self assessment yet?
xx

Mines all done on the 6th repayment pending, no stupid bank holidays to slow it down this year !!!!!

Looks like with those grants from them this year not getting anything on tax return, anyone got this problem?

 Not really sure what you are asking, do you mean you are not getting a tax refund?

Alexarsenal

Nearlyold said:

Alexarsenal said:

Matthewt1 said:

vickymarkham said:

Has anybody submitted their self assessment yet?
xx

Mines all done on the 6th repayment pending, no stupid bank holidays to slow it down this year !!!!!

Looks like with those grants from them this year not getting anything on tax return, anyone got this problem?

 Not really sure what you are asking, do you mean you are not getting a tax refund?

Yes, cos this year you need to put all this grants amount in your tax return, because of that their calculations says nothing to return to me
did you put your grants amount in?

Alexarsenal

purefantasy said:

We should have the money around 20th of April , fingers crossed

Hi, did you put any of your grants in your application for tax return this year?
thanks

Nearlyold

Alexarsenal said:

Nearlyold said:

Alexarsenal said:

Matthewt1 said:

vickymarkham said:

Has anybody submitted their self assessment yet?
xx

Mines all done on the 6th repayment pending, no stupid bank holidays to slow it down this year !!!!!

Looks like with those grants from them this year not getting anything on tax return, anyone got this problem?

 Not really sure what you are asking, do you mean you are not getting a tax refund?

Yes, cos this year you need to put all this grants amount in your tax return, because of that their calculations says nothing to return to me
did you put your grants amount in?

Yes I will do, haven't done my return yet but have worked out my tax bill  which will be lower than previous years

You should note:-

1)The grants are included as part of your gross trading income in calculating the tax you should pay, they're not tax free.

2) The tax you pay will depend on the overall balance between income and allowable expenses etc. 

Matthewt1

Alexarsenal said:

purefantasy said:

We should have the money around 20th of April , fingers crossed

Hi, did you put any of your grants in your application for tax return this year?
thanks

I think your confused mate.

you should be getting a tax return if you have had the grant or not , the grant will be added to total earnings and the reductions will be made.

Iv stated all mine in my return and I have a good amount to be returned. 

Dazed_and_C0nfused

Matthewt1 said:

Alexarsenal said:

purefantasy said:

We should have the money around 20th of April , fingers crossed

Hi, did you put any of your grants in your application for tax return this year?
thanks

I think your confused mate.

you should be getting a tax return if you have had the grant or not , the grant will be added to total earnings and the reductions will be made.

Iv stated all mine in my return and I have a good amount to be returned. 

It will all depend on each person's particular circumstances/income.

The SEISS grants were paid gross with no tax deduction so for some people who couldn't work very much they may have a large proportion of income with no tax already deducted and a smaller than normal portion with (CIS) tax deducted.

In which case there may not be any refund due.

Particularly if there is Class 2 and 4 National Insurance due.

[Deleted User]

It appears that some are expecting to claim tax deducted from income (the grant) where no tax has been deducted - like my relative! 

If one has received a grant in excess of 12500 and is a basic rate taxpayer any refund will be as a result of expenses only. 

Example :  2019/20 - Turnover 22500 less expenses 2500 = Net Profit 20000.. Tax and NI due is 2679.12. Tax under SC60 paid  4500 results in a refund of 1820.88.

2020/21 - Turnover 22500 including grant of 12500 less expenses 2500 = profit 20000. Tax and NIC due 2601. Tax under SC60 paid  2000. Tax owed 601.

Very simplistic I know but it makes  the point. Many will not anticipate this.