Tax Return - Savings Interest Calculation

gininteacups

zagfles said:

The figures don't add up. What does it say against the interest? Higher rate at nil band? Does the WAH allowance show? We're just guessing, if you want help you'll have to post the full calculation.

How do I post the full calculation please?

Interest is just noted as £291 in the 'Untaxed UK interest – amounts which have not had tax taken off - read the notes' box.

Yes, the WAH allowance shows as £312.

Dazed_and_C0nfused

Copy and paste the figures from where you got this info

Just done my tax return and the bill is £1,237.

£1,115 of this is Child Benefit payback, the full amount, but my only other non PAYE income was £291 savings interest and I understood, as a higher rate tax payer, that I was allowed up to £500 savings interest that would be tax free

zagfles

gininteacups said:

zagfles said:

The figures don't add up. What does it say against the interest? Higher rate at nil band? Does the WAH allowance show? We're just guessing, if you want help you'll have to post the full calculation.

How do I post the full calculation please?

Interest is just noted as £291 in the 'Untaxed UK interest – amounts which have not had tax taken off - read the notes' box.

Yes, the WAH allowance shows as £312.

You can download the calculation from the SA site, then just copy and paste it, obviously being careful to remove personal info eg name, NI number etc.

gininteacups

zagfles said:

gininteacups said:

zagfles said:

The figures don't add up. What does it say against the interest? Higher rate at nil band? Does the WAH allowance show? We're just guessing, if you want help you'll have to post the full calculation.

How do I post the full calculation please?

Interest is just noted as £291 in the 'Untaxed UK interest – amounts which have not had tax taken off - read the notes' box.

Yes, the WAH allowance shows as £312.

You can download the calculation from the SA site, then just copy and paste it, obviously being careful to remove personal info eg name, NI number etc.

Hi there, is this the detail needed?  Any help to double check appreciated. I had in my mid that any interest below £500 was clear but it appears to increase the amount I owe if included on the return.

Total income £66,719

This is your total income for the year.

Employment	£57,441
Other income	£291 (savings interest)
Benefits from employment	£8,987

Tax-free amount £12,812

This is how much you can earn before you start paying Income Tax.

Personal Allowance	£12,500
Other allowances, deductions and expenses	£312

Income Tax and National Insurance £20,070

This is how much you pay on all your income above your tax-free amount.

Dazed_and_C0nfused

Further down the calculation doesn't it say something like £291 taxed at 0% = £0.00

chrisbur

Are there any details of the tax calculation HMRC have done?
eg total tax at 20%
total tax at 40%
 Or even just total tax

zagfles

gininteacups said:

zagfles said:

gininteacups said:

zagfles said:

The figures don't add up. What does it say against the interest? Higher rate at nil band? Does the WAH allowance show? We're just guessing, if you want help you'll have to post the full calculation.

How do I post the full calculation please?

Interest is just noted as £291 in the 'Untaxed UK interest – amounts which have not had tax taken off - read the notes' box.

Yes, the WAH allowance shows as £312.

You can download the calculation from the SA site, then just copy and paste it, obviously being careful to remove personal info eg name, NI number etc.

Hi there, is this the detail needed?  Any help to double check appreciated. I had in my mid that any interest below £500 was clear but it appears to increase the amount I owe if included on the return.

Total income £66,719

This is your total income for the year.

Employment	£57,441
Other income	£291 (savings interest)
Benefits from employment	£8,987

Tax-free amount £12,812

This is how much you can earn before you start paying Income Tax.

Personal Allowance	£12,500
Other allowances, deductions and expenses	£312

Income Tax and National Insurance £20,070

This is how much you pay on all your income above your tax-free amount.

That looks nothing like a SA tax calculation. It looks more like a tax code calculation. There's nothing about rates used.

Did you get that from "view your calculation" on the SA site?

 

Dazed_and_C0nfused

Maybe it's an Annual Tax Summary???