Really confused about paying my tax? Amount isn't adding up :(

Nomunnofun1

DRS1 said:

icicat said:

so my payments on account for next year are 2 x £3,120.93

That suggests a tax bill for 2023/4 of £6241.86   When you add the CGT of £4657.80 that gets you to the total tax of £10899.67 (well 66p).

Does that sound right - ie the CGT is included in the total tax figure and not added to it?

If so the £10899.67 - £3326.20 gives a balancing payment of £7573.47 which when added to the first payment on account gives £10694.40 due by 31 January.

When you include the second payment on account that gives £13,815.33 which is close to your figure of £13,737.34 in the first pot though no cigar.

Just typed similar and you beat me to it! 

👍

DRS1

Nomunnofun1 said:

DRS1 said:

icicat said:

so my payments on account for next year are 2 x £3,120.93

That suggests a tax bill for 2023/4 of £6241.86   When you add the CGT of £4657.80 that gets you to the total tax of £10899.67 (well 66p).

Does that sound right - ie the CGT is included in the total tax figure and not added to it?

If so the £10899.67 - £3326.20 gives a balancing payment of £7573.47 which when added to the first payment on account gives £10694.40 due by 31 January.

When you include the second payment on account that gives £13,815.33 which is close to your figure of £13,737.34 in the first pot though no cigar.

Just typed similar and you beat me to it! 

👍

And the OP beat us both.

icicat

Yeah it all makes sense now. I think it was an error on my part for not questioning why I would rack up over 10k in tax lol when it should be lower, all along it was including the CG. So yeah all the figures I previously mentioned look correct now I just excluded the POA for next year as that was confusing it all.