Have I been double taxed? RSU edition

maxxpayne

Hello Everyone,

I know taxes are hard and I feel the pain but looks like taxes when RSUs are involved is even harder and I need your help!

A bit of a background, I work for a US based company's UK subsidiary and have reveived some RSUs over the last 3 tax years.

In each case, my employeer when the RSU were granted (not vested) in the same tax year paid for the tax due. This is noted is a seperate paylisp as Advance for RSU deduction (see phto below). What I didn't notice is that I apparently have also been taxed on top and NI to go with it.

Clearly, that can't be right? I mean if my employeer has already deducted advance for RSU, why do I need to pay extra tax on top?

A few things of note:

• In each tax year I cashed in on the RSUs more or less the moment they vested so I didn't earn any divident from it or needed to consider capital gains tax. Also, I've filled in W-8BEN form so I hadn't beed taxed on the US side of things when I sold my shares

• I file self assesment tax returns as instructed by HMRC for reasons I have no idea about. When I do file in the self assesment tax returns, I simply put down whatever my P60 says and call it a day

So my question is this, since I file in self assesment, is it my mistake that I should've claimed credit for the Tax in the foreign section under Employment, self-employment and other income if you paid foreign tax on it? And if so, how much should I claim using the paylisp as example above? 

Finally, if I can claim, I assume I can retrospectively make that claim? If so how?

Sorry I'm being dumb but I will never, ever understand taxes.

Thanks!

maxxpayne

Hi,

Thanks for the detaled response. 

Having looked at it further I note that my initial claim that everything was accounted for in the P60 is not correct.

I see that my P60 lists the gross pay on the Tax Year to Date only and does not include TAX_HI SH OPT or the variable compensation plan. I'm not even more confused than I should be. I guess I should just get in touch with an accountant?