Tax Return - Where to turn for validation?

storeyboy10

I have a simple situation (I think) - I was paid X, I paid Y in tax - I received some dividends, donated a bit to charity and claim tax relief for working from home - that's it. When I punched all my numbers into the self assessment - it tells me I owe best part of £5,000. I don't know where to start to unpick this - why would I owe this much? Should I speak to an accountant? Or my employer? Or HMRC? Is it usual to owe this much with such a simple situation? Please help!

[Deleted User]

Did you enter the tax that you paid? Otherwise we have zero information to go on!

comeandgo

Did you put in the tax you have already paid?  The figure for tax owing could include the first payment for the following year that self employed have to pay.

storeyboy10

Thanks - yes - i entered tax paid as per P60, total earned as per P60. I am not self-employed, and only had 1 single employer.

tacpot12

You could try talking to a tax accountant. You have probably made just one error, and an experienced adviser will be able to see it very quickly. 

[Deleted User]

storeyboy10 said:

Thanks - yes - i entered tax paid as per P60, total earned as per P60. I am not self-employed, and only had 1 single employer.

All going to be a guessing game without some figures. Did you earn over £100000? What tax code was operated?

storeyboy10

Sorry - I didn't know how much to disclose. Yes - over £100,000 and tax code was 1288L.

[Deleted User]

That’s the underpayment. You have received your full personal allowance of £12500 when it should be reduced when your income exceeds £100000 - £1 for every £2 over that amount. At £125000 it is completely lost. The underpayment, if you have earned over £125000 is 20% of (£125000 - £100000) which is £5000. 

Dazed_and_C0nfused

storeyboy10 said:

Sorry - I didn't know how much to disclose. Yes - over £100,000 and tax code was 1288L.

You might want to update your estimated earnings (P60 pay figure) for the current tax year on your personal tax account to help limit how much tax you will owe for the current tax year.

Always best to keep on top of your tax affairs to avoid unexpected surprises like this.

[Deleted User]

Dazed_and_C0nfused said:

storeyboy10 said:

Sorry - I didn't know how much to disclose. Yes - over £100,000 and tax code was 1288L.

You might want to update your estimated earnings (P60 pay figure) for the current tax year on your personal tax account to help limit how much tax you will owe for the current tax year.

Always best to keep on top of your tax affairs to avoid unexpected surprises like this.

Indeed - potentially underpaid by the same amount this year if still on that code and not amended before the end of the tax year.

storeyboy10

Thank you everyone, this was extremely helpful.