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Underpaid tax
miabrown
Posts: 24 Forumite
in Cutting tax
Hi all,
Just over a year ago, I had 2 family members pass away and they each left me some money. At the time I didnt know what to do with it, so I just put the payments into high interest accounts - and left them there. Ive now had notification from HMRC that I have underpaid tax due to these. Ive looked at their calculations and dont understand some of their workings, so my question is, before I phone them and probably look silly - what's the likelihood that they have their calculations wrong?
Thanks Mia
Just over a year ago, I had 2 family members pass away and they each left me some money. At the time I didnt know what to do with it, so I just put the payments into high interest accounts - and left them there. Ive now had notification from HMRC that I have underpaid tax due to these. Ive looked at their calculations and dont understand some of their workings, so my question is, before I phone them and probably look silly - what's the likelihood that they have their calculations wrong?
Thanks Mia
0
Comments
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Unlikely but not impossible.miabrown said:Hi all,
Just over a year ago, I had 2 family members pass away and they each left me some money. At the time I didnt know what to do with it, so I just put the payments into high interest accounts - and left them there. Ive now had notification from HMRC that I have underpaid tax due to these. Ive looked at their calculations and dont understand some of their workings, so my question is, before I phone them and probably look silly - what's the likelihood that they have their calculations wrong?
Thanks Mia
What do you think is wrong?
Do you fully understand how interest is taxed?0 -
So you earn't more than £1k if a 20% tax payer or £500 if a higher tax payer outside of any tax wrapper like an ISA?
What was your taxable income and the untaxed interest earned?0
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