Tax rebate

lysa847

Hi there tax return has added my

Grants to net profits is that correct 

I have tax bill

To pay which I was expecting but not as much as  it is as
i also received a rebate that ate some of it up 

I pay tax at source as cis so don’t usually pay tax so was just expecting to pay 29% on grants which would have been around 6300 I also got a rebate of 5000 but still

Asking for nearly 3k of me

Also there is an amount for year 21-22 that I don’t know what is is a we havent even finished that tax
year 🤷🏼‍♀️

Thanks !

Caz3121

lysa847 said:

Also there is an amount for year 21-22 that I don’t know what is is a we havent even finished that tax
year 🤷🏼‍♀️

that will be payment on account. 50% of an estimate of tax due with a further 50% in July 2022
https://www.gov.uk/understand-self-assessment-bill/payments-on-account

lysa847

Thanks do you have to pay that as I have never had this before as I dont usually have a bill
to
pay as pay my tax at source through CIs scheme so
dont see why I should be paying tac every week and they they ask for more 

I only had to pay this year due to grants 

Jeremy535897

If you did not put your SEISS grants 1, 2 and 3 in box 27.1 of form SA103S (assuming you complete the short version of SA103), HMRC will have auto-corrected your return. If you did not include your SEISS grants anywhere else (such as in turnover, or other business income) on SA103S, this is correct. However, if you did include SEISS grants in one of these other boxes (or somewhere else apart from box 27.1), HMRC's auto-correction will mean they are asking you to pay tax twice on the SEISS grants. You will need to amend your tax return if this has happened.

That is one reason why you are also being asked to pay on account of 2021/22. If you owe more than £1,000 in tax on your self assessment, HMRC assume that you will owe money next year too, so they ask for money on account. If you don't believe you will owe any tax for 2021/22 (for example if you did not claim SEISS 4 or 5, and all your income is paid under deduction of tax), you can make a claim to reduce your payments on account using your personal/business tax account with HMRC.