Self Assessment - seemingly huge rise in tax %age?

Dazed_and_C0nfused

Mosh said:

Dazed_and_C0nfused said:

Mosh said:

In 24/25 I have (correctly) added the two numbers together to provide the gross earnings. I honestly don't recall doing this, though, and I only did the taxes this morning!

Your P60 should show your taxable pay, you cannot deduct the tax from that.  And you don't add it on either.

What does your P60 actually show, without you making assumptions and adding stuff together????

@d@Dazed_and_C0nfused
 All four P60s are identical skeleton documents so the layout is the same. I've attached a shot of the appropriate section of one of them. As a teacher my pay rate is public record so I don't mind popping it up here. In 2023/24 my gross pay was approx £50k (pay rises were added over the academic / financial year due to pay negotiations, and I have a £1k uplift for a promoted position) which is essentially the total of the "Pay" and "Tax deducted" boxes.

If you are TPS then your taxable pay will be noticeably less than your salary as they use the net pay method i.e. the pension contributions are deducted before tax so you never need to tell HMRC about those contributions and get the maximum tax savings each pay day.

Why do you think your P60 is wrong?

Mosh

Dazed_and_C0nfused said:

If you are TPS then your taxable pay will be noticeably less than your salary as they use the net pay method i.e. the pension contributions are deducted before tax so you never need to tell HMRC about those contributions and get the maximum tax savings each pay day.

Why do you think your P60 is wrong?

@Dazed_and_C0nfused

First of all - thanks for your time, it's appreciated!

I don't think the P60 is "wrong", it just doesn't make it clear if Pay is gross or net. What you have said above makes a difference / sense though. If the "Pay" is the amount left after NI/pension then that is indeed (kind of) gross and the number I should have entered. It looks like I did this in 23/24.

However, it looks like I may have added the Pay and Tax deducted together to get a (wrong) gross pay for 24/25. This may, I guess, have inflated my overall income which could affect the tax being calculated at the end. I can't amend this as it stands - have to wait 72 hours - but I'll jump on that during the week.

If that's it, and I have a feeling it may be, then thank you! 

Ayr_Rage

As with most P60s, the black highlighted boxes are the figures you must use on a tax return for Pay and Tax Deducted.

It's supposed to make it idiot proof!

With SA you can go back and amend your return.

Mosh

Ayr_Rage said:

As with most P60s, the black highlighted boxes are the figures you must use on a tax return for Pay and Tax Deducted.

It's supposed to make it idiot proof!

With SA you can go back and amend your return.

@Ayr_Rage I am a special breed of idiot If there had been something on there that says "taxable pay after NI/pension deductions" it would have helped. Daft thing is that I obviously didn't make the same error on the previous two returns.

I'll amend it, but can't do so as yet as it's only been submitted this morning. I think I can tweak it after 72 hours.

Dazed_and_C0nfused

Mosh said:

Ayr_Rage said:

As with most P60s, the black highlighted boxes are the figures you must use on a tax return for Pay and Tax Deducted.

It's supposed to make it idiot proof!

With SA you can go back and amend your return.

@Ayr_Rage I am a special breed of idiot If there had been something on there that says "taxable pay after NI/pension deductions" it would have helped. Daft thing is that I obviously didn't make the same error on the previous two returns.

I'll amend it, but can't do so as yet as it's only been submitted this morning. I think I can tweak it after 72 hours.

Why do you think you are declaring taxable pay AFTER pension/NI deductions 🤔

Why are you not just using the figure from your P60???

Nomunnofun1

Dazed_and_C0nfused said:

Mosh said:

Ayr_Rage said:

As with most P60s, the black highlighted boxes are the figures you must use on a tax return for Pay and Tax Deducted.

It's supposed to make it idiot proof!

With SA you can go back and amend your return.

@Ayr_Rage I am a special breed of idiot If there had been something on there that says "taxable pay after NI/pension deductions" it would have helped. Daft thing is that I obviously didn't make the same error on the previous two returns.

I'll amend it, but can't do so as yet as it's only been submitted this morning. I think I can tweak it after 72 hours.

Why do you think you are declaring taxable pay AFTER pension/NI deductions 🤔

Why are you not just using the figure from your P60???

Indeed - it is very clear in the instructions.

If you

have a P60, put the figure in the ‘In this employment’

section in box 1.

Mosh

Dazed_and_C0nfused said:

Why are you not just using the figure from your P60???

Because the number on the P60 seemed wrong - it's lower than the amount I earn before tax. And if you add it to the amount of tax, then that's closer to what it "should" be...

As I said, no idea why I did that this year when I didn't do it for the last two returns. I shouldn't be allowed near a spreadsheet.

bigpat

You can get the "View your calculation" for the previous year. After you get the main Self Assessment page, scroll most of the way to the bottom and click "Get your SA302 tax calculation".

I don't know why they refer to it as SA302 because as far as I can see that code is nowhere on the calculation. I needed to find it too and it took me a while. They don't always put hings where you'd expect them to.

Bookworm225

bigpat 

I don't know why they refer to it as SA302 because as far as I can see that code is nowhere on the calculation. 

because that is the number of the form
Get your SA302 tax calculation - GOV.UK