Self Assessment doesn't add up?

Options
Adrian_Harvey
Adrian_Harvey Posts: 5 Forumite
in Cutting tax
Hi,

Sorry new to thread, completed my self assessment for 2016/2017 and it says I owe £4300, however using an online calculator, it says I am only £1700 short, I cleared what I owed for 2015/2016, so shouldn't be any outstanding, can anyone suggest any reason for these differences?

Thanks in advance.
«1

Comments

  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    First Anniversary Photogenic Name Dropper First Post
    Options
    Very little information but let's suggest the most common errors:

    1. If you are PAYE have you entered the tax paid at your employment?

    2. Your payments on account for 2016/17 (made January and July 2017) should be taken off the £4300. The calculation shows the total amount due for 2016/17 - your payments on account would be part payments towards this.
  • Adrian_Harvey
    Adrian_Harvey Posts: 5 Forumite
    Options
    Thanks, didnt want to give the gritty details, but have double checked the info I put in regarding PAYE and it is all correct, my statement just tells me the balancing payment due is £4300, just curious that the online calculator says I underpaid by 1700 yet taxman is asking for more.

    I only have one job and not self employed have no other income or benefits, do not get family credit, just get a big bonus at end of year that takes me over the level,
  • BoGoF
    BoGoF Posts: 7,099 Forumite
    Name Dropper First Anniversary First Post
    Options
    You will need to give more details from your statement.

    What does it say, for example balancing payment for yy/yy, payment on account for yy/yy
  • BoGoF
    BoGoF Posts: 7,099 Forumite
    Name Dropper First Anniversary First Post
    Options
    What online calculator are you using?
  • 00ec25
    00ec25 Posts: 9,123 Forumite
    Combo Breaker First Post
    Options
    since we are not mind readers we cannot answer your question unless you tell us the numbers, where you put them, and what calculator you are using.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    First Anniversary Photogenic Name Dropper First Post
    Options
    00ec25 wrote: »
    since we are not mind readers we cannot answer your question unless you tell us the numbers, where you put them, and what calculator you are using.

    Well I am going for:

    First payment on account £1300
    Second payment on account £1300
    Balancing payment £1700

    Total liability £4300

    Just a hunch:)
  • 00ec25
    00ec25 Posts: 9,123 Forumite
    Combo Breaker First Post
    edited 22 January at 3:51PM
    Options
    [quote=[Deleted User];73530085]Well I am going for:[/QUOTE]spoilsport, :mad: yes "the usual" failure to understand POA very likely
  • Adrian_Harvey
    Adrian_Harvey Posts: 5 Forumite
    Options
    Hi,

    Yes sorry to be vague, and am a newbie to self assessment,

    Figures are £124654 pay
    Tax paid £41754

    Statement says 28 april 17 balance 0.00
    31 jan18 balancing payment due 4351.60

    Used listen to taxman calculator that says i should of paid 43461 tax.
  • BoGoF
    BoGoF Posts: 7,099 Forumite
    Name Dropper First Anniversary First Post
    Options
    Based on those figures you should only be £1707 underpaid. Was there something in your tax code that you are not entering in your Tax Return - pension contributions, expenses?
  • pramsay13
    pramsay13 Posts: 1,952 Forumite
    Name Dropper First Anniversary First Post
    Options
    Your self-assessment gives you a breakdown calculation to show you exactly what you have paid, what you owe etc.
    It would be worth looking at that and maybe even posting it on here.
    You might find you're paying your year's income tax owed plus the following year (or part of it) in advance.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards