Discussion in 'The Lounge' started by MJB, Mar 14, 2019.
Make people's lives easier = make money. Other way round doesn't work.
So, took my (hopefully) last ever pregabalin tablet yesterday. Tried twice to get off the stuff, but decided to try following instructions exactly as given, rather than hit and miss methods.
Finally pushed submit on my income tax return. Now waiting to see how much I actually have to pay on account this year.
When I pushed submit on mine the other day it told me immediately how much I owe.
Same with mine.
I didn’t word it very well. The online calculation doesn’t subtract what was paid in advance last year. Not sure if the upfront payment will also change on final calculation to account for allowance changes which make a difference.
I don't pay in advance and because I'm late submitting have lost the chance to have tax owed deducted monthly - I now have to find a lump sum. This year though they will owe me a small amount so I'll get my return in early.
A friend racked up £1200 in fines for lateness last year. A pity because, after a stroke, he's forgetful, slow and stubborn. He's also got a very sick wife. Tax would have been the last thing on his mind.
Really? So the amount I paid on account last year wasn’t deducted from this years payment? In that case I assume I will have overpaid this year and will get a rebate.
We stopped our monthly payments and got put on billing. They email us the bill and withdraw the payment on direct debit a week later. Much simpler.
They do the adjustment after they process the form. It is the calculation done as part of the submission that does not account for what you paid on account.
So, I will get a refund then? I paid £x last year on account. Did my 18/19 return this month. It told me how much I owed, what I had to pay on account for 19/20. So X thousand pounds I paid last year on account has not been taken into consideration?
If that is the case it isn't made clear. I submit the form, and am immediately told what I owe which I went onto pay.
This is all quite new to me as I have always been PAYE until I "retired".
The self assessment website and the form itself is as clear as mud. Even though I do it every year I still really struggle with it. The form works out how much tax you should pay for the reporting year. It then adds a similar amount for next year, divides by two and says you need to pay tax due + 1/2 forward tax before January 31st with a follow up payment before July 31st. BUT the sum due on January 31st should get adjusted by the amount you paid up front last year. They do tell you this but I can't just this moment remember how it is done.
I've only just submitted so I have to wait what ever is left of the 72 hours for the acceptance process to complete. After I go back in and look I'll PM you where you need to look to see if you have overpaid. If you have, they should put the money back. I think there is an option somewhere in the process which asks how you would like to deal with overpayment.
Bedroom walls prepped ready for painting tomorrow. Plus two long-awaited jobs got done today. So far it's been a productive holiday, but not much of a holiday.
I find this bit confusing. First line tells me that I have to pay by 31/1/20.
2nd payment of a, due by 31/7/20, but then tells me that balancing payment b, together with payment a (which is due by end of July) is in fact due by 31/01/20 to give my total payment of c. So according to that I cannot pay by July. That confused me last year when I thought I had a second payment due in July. Set myself a reminder to pay it, then went online to look at my account and saw that it had been paid in January. So why give that July date?
Perhaps after January I shall give them a ring and get them to explain it to me! Perhaps i'm being thick. Luckily my tax affairs aren't too complicated as my pension is still PAYE so I can manage it myself and don't have to pay someone to do it!
The first payment on account for the following year is due on 31 Jan and the second payment on account is due by 31 July.
The My Account section should show what you have paid on account.
As mentioned above, if you wait a few days, your account should have been updated for your self assessment return and will show what is due and when.
If you paid the full amount when you completed the return then you probably have overpaid. Usually best to wait a few days to find out what you owe or work it out from your payments on account.
They don’t make it easy!
If they start taxing Air bnb it will be more complicated.
Like I said clear as mud! You have to make 2 payments of amount a. One by Jan 31 and one by July 31. Plus the sum shows tax due (b) which has to be paid by Jan 31. But this amount (b + a) takes no account of the fact you already paid something in advance last year. Steve thinks it is set out in your “my account”, this is what I’ll check when I do mine.
That is where the confusion arose for me and my wife. In January last year it said that I owed money by 31/07/19 as my second payment. I set a reminder so I wouldn't forget, logged in and it said I didn't owe anything. Spoke to the HMRC and he confirmed that I had nothing to pay. My wife was in a similar position. So I didn't pay anything. I was not in debt, I had no penalties or interest to pay so I and they hadn't got it wrong. All I can do is wait and see I guess. I will phone them though for clarification. Cheers chaps.
Yes the message is always nothing owing unless you haven't paid the previous year. It isn't correct in my view.
There may be a better way than the below to get to your account. This time I bookmarked it.
From your self assessment account hit the crown logo at the top
pay your self assessment bill
check your payment has been received
view your HM Revenue and Customs online account
- Sign in
choose option View Account from the right hand column
Then a number of sub options open up including current position - which will show if you are in credit [ mine currently shows value a in your terminology - ie half what it should be from last year] and payments - which will be the payments you have made.
Well, that's the bedroom painted. There's a small bit that will need another coat tomorrow but great to be this close to the finish line. Only snag is the delivery food we are rewarding ourselves with is going to be at least half an hour delayed due to issues with their orders system.
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