Self assessment tax payable calculation

littlemoney

Not done yet but after completing the self assessment return on line, when/how do you know how much tax extra tax has to be paid in addition to what has already paid via PAYE?

I've been tlld that if a tax accountant used, will calculate the amount of under payment and how it can be paid to HMRC.

Just wondering how it works for an individual inputting their own information. Thanks

Woodstok2000

The result comes up pretty much instantly, tells you what you paid, what was due, and the difference (i.e. the payment/refund due)

Dazed_and_C0nfused

https://forums.moneysavingexpert.com/discussion/6672309/self-assessment-tax-payable-calculation

It is the figure at the very bottom of the calculation. So you know before filing the return.

littlemoney

Thanks

Does it show if payments on account have to be made and when

Woodstok2000

https://forums.moneysavingexpert.com/discussion/comment/82033185#Comment_82033185

Yes it does

DRS1

https://forums.moneysavingexpert.com/discussion/comment/82033185#Comment_82033185

Not in the calculation that appears as part of the SA tax return. Payments on Account appear in a different bit of the website. That information may take a few days to appear after you have submitted the return.

However there are circumstances where you won't have to make payments on account - eg if the tax due is under £1000 or if 80% or more of your tax is paid via PAYE.

littlemoney

https://forums.moneysavingexpert.com/discussion/comment/82033324#Comment_82033324

Thanks

Do you have to log in and search around to find this information or are you notified separately by HMRC

Woodstok2000

https://forums.moneysavingexpert.com/discussion/comment/82033324#Comment_82033324

It does show payments on account due in the coming year in your summary calculation before you submit the return. This may not be everything though, and it doesn't account for any payments on account you made in the past year, so you need to go to your tax account page to see the full picture. If you don't usually have payments on account (like me), this is the full picture.

DRS1

https://forums.moneysavingexpert.com/discussion/comment/82033405#Comment_82033405

Well @Woodstok2000 has corrected me.

When I did self assessment I would get a paper statement in December and the summer telling me what the payments due were (including knocking off the previous year's POA). You may have set up online notifications instead of paper. Either way that information is shown on the self assessment part of your personal tax account but when I last logged in they had changed everything and I had to hunt around a lot to find my second POA for this year with their new layout. There should be a tax owed bit somewhere under self assessment (which is separate from the PAYE section) but as I said that bit takes a few days to update after you submit the tax return.