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Understanding SA figures
A question for those that understand these things before I contact HMRC and make my ignorance even more well known.
Asked in May to fill in a Self Assessment form for 204/25, no problem.
Only change was I was left some money and had untaxed interest to declare.
Otherwise company and state pensions.
Figures have come back
UK pensions & state benefits - £39627
Interest from UK banks etc - £8835
Total - £48462
Minus Personal Allowance - £12570
Taxable total - £35892
Income tax due - £7086
I have already paid tax at source for my work pensions of £6008 which doesn’t seem to have been accounted for. I am missing something very obvious?
Thanks for any help or information.
Comments
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You need to enter the tax deducted under PAYE in the relevant box on the return.
And are you quite sure £8,835 is the correct figure for taxable interest 🤔
1 -
Ah - thank you.
Yes the interest figure is correct. Money inherited after a family death.
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But HMRC normally only ask you to complete a return (for this reason) if interest is £10k or more.
Is it possible you have forgotten some accounts which paid interest in 2024/25?
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I've been through all the accounts and that is the correct amount. Before I inherited the money I only had money in an ISA.
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Can't believe I missed the section for interest already paid. Thanks for pointing that out. SA now amended.
1 -
You mean tax already paid?
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Yes. Having a bad morning, more coffee needed.
Or a lie down.
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I had PAYE tax this year whilst filling in the form, totally forgot to put the figure in the box, so bill was 9k. I called they looked over the form and told me what I had missed out. Still owe 4k ouch 🤕
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