HMRC return 23/24

ThatChippie

Another self assessment done. Now to nervously wait for the next couple of weeks. Judging by last years bank holiday involvement, we could be looking as early as 18-19th April this year.

Ayr_Rage

What are you waiting for?

SA calculates your tax on the fly as soon as you submit the figures online.

Dazed_and_C0nfused

Ayr_Rage said:

What are you waiting for?

SA calculates your tax on the fly as soon as you submit the figures online.

But the repayment can take longer.

Particularly where CIS tax is involved and (some) people don't really understand how to fill in the return properly.

Strummer22

I have a question about my SA return.

It doesn’t ask for my PAYE tax code (1390M for last year) and applies the usual personal allowance of £12,570. I assume this is because it calculates tax from scratch so the tax code is irrelevant - is that correct?

I intend to make a gift aid payment to make sure I receive marriage allowance and minimise HICBC. I just used trial and error to work out the amount needed, and have determined that a charitable donation of £1,650 is sufficient to turn an £830 underpayment into a £330 refund - a tax saving of £1,160. So for £490 net payment to charity, my chosen charity will receive £1,650 x 1.25 = £2062.50. A great result I’d say. 

eskbanker

Strummer22 said:

It doesn’t ask for my PAYE tax code (1390M for last year) and applies the usual personal allowance of £12,570. I assume this is because it calculates tax from scratch so the tax code is irrelevant - is that correct?

Yes, tax codes are just a simplistic method of driving tax deductions from PAYE earnings, based on advance estimates of taxable income, but the SA calculation is based on actual figures for income, allowances and reliefs.

Dazed_and_C0nfused

Strummer22 said:

I have a question about my SA return.

It doesn’t ask for my PAYE tax code (1390M for last year) and applies the usual personal allowance of £12,570. I assume this is because it calculates tax from scratch so the tax code is irrelevant - is that correct?

I intend to make a gift aid payment to make sure I receive marriage allowance and minimise HICBC. I just used trial and error to work out the amount needed, and have determined that a charitable donation of £1,650 is sufficient to turn an £830 underpayment into a £330 refund - a tax saving of £1,160. So for £490 net payment to charity, my chosen charity will receive £1,650 x 1.25 = £2062.50. A great result I’d say. 

Yes.

If you are still eligible for the Marriage Allowance tax credit it will be added by HMRC after you filed your return.

Also, you have to include your Gift Aid carry back claim on the first return you file, you cannot include it on an amended return.  Well you can but HMRC will almost certainly open an investigation into your return if you do that.

ThatChippie

Ayr_Rage said:

What are you waiting for?

SA calculates your tax on the fly as soon as you submit the figures online.

Just waiting to see if the repayment request goes for “extra security checks” as they do some years. You can spend months on the phone with HMRC to get your rebate released. As a construction subcontractor, we pay tax at source via CIS at a flat rate so more often than not, owed a few £££ in April.
its usually release by 20/04, but has be known to be delayed to August / September due to the bureaucracy. 

luke100787

Repayment pending here

katalina84

Requested refund yesterday, today repayment pending, should be issued early next week 

Flugelhorn

I'll owe them some as they never seem to get their heads around the interest despite being told. Will wait until January and hang on to the money

ThatChippie

Same this morning. Repayment pending.
last couple of years the bank holiday has got in the way and been around the 20th.
im hoping next Friday or better this time.