Tax self-assessment calculation is more tax than I've earned - help!
Comments
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Pay from employments £40,714.00
Profit from self-employment £6,860.00 [should be £4914]
Total income received £47,574.00
minus Personal Allowance £11,000.00
Total income on which tax is due £36,574.00
How we have worked out your income tax
Amount Percentage Total
Pay, pensions, profit etc. (UK rate for England, Wales and Northern Ireland)
Basic rate £32,000.00 x 20% £6,400.00
Higher rate £4,574.00 x 40% £1,829.60
Starting rate £0.00 x 0% £0.00
Nil rate £0.00 x 0% £0.00
Total income on which tax has been charged £36,574.00
Income Tax due £8,229.60
plus Class 2 National Insurance contributions £25.20
Total Class 2 National Insurance contributions due £25.20
plus Student Loan repayments (plan 01) £1,513.00
Income Tax and Class 2 National Insurance contributions due £9,767.80
minus Tax deducted
From all employments, UK pensions and state benefits £5,557.00
Total tax deducted £5,557.00
Income Tax and Class 2 National Insurance contributions due0 -
My first thought would be that you have included your gross pay BEFORE pension contributions which are about 10% of gross pay?
Tax deducted £5557 - taxable pay £27785 plus ten months personal allowance 9167 = £36952. You say that your gross taxable pay was £40714. It can't have been.
We still need to know what you entered on the self-employment section.0 -
Have you entered the student loan deductions already deducted from your wages?0
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purdyoaten2
Probably unlikely but maybe the wrong tax code was being used and there is tax owed which will be sorted through this return?
beastieuk
If possible have you tried deleting your self employment page(s) and then adding it again so you can start afresh for that income?
Or maybe you could explain box by box every single entry you have made on the self employment pages?0 -
Dazed_and_confused wrote: »purdyoaten2
Probably unlikely but maybe the wrong tax code was being used and there is tax owed which will be sorted through this return?
beastieuk
If possible have you tried deleting your self employment page(s) and then adding it again so you can start afresh for that income?
Or maybe you could explain box by box every single entry you have made on the self employment pages?
I wonder what has given rise to the £2028? He refers to box 63 entry (on the attached) which can only come from boxes 57 and 62. This is the crux of that matter.
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/603458/sa103f-2017.pdf0 -
It may help if you give us the figures on your P45 - pay, tax deducted and code number.0
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