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Post Info TOPIC: CAN SOME HELP ME ON MY SELF ASSESSMENT?


Newbie

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CAN SOME HELP ME ON MY SELF ASSESSMENT?
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hi

 

just completing my online self assesment for 2010-2011 ( i have an extension until tomorrow)

 

its says i owe £911!!! no

can any one check this for me?

 

income before tax £51749.15

tax £11205

p11d shows cash equivelant £3176.

 

thanks



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You haven't really given enough information.  I assume that the £51,749 is employment income and the £11,205 is PAYE deducted at source but you haven't made it clear whether that's the case or if it's more complicated than that.



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hi

 

sorry, the Self assement asks for 3 bits of info

Employment income before tax £51749.15

tax taken off pay £11205

p11d shows cash equivelant £3176 which i assume i put in the taxable benefits section

does this help?

 



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Assuming that that is the only income to go onto the tax return:

Total income = £54,925 (£51,749 + £3,176)

Taxable income = £48,450 (after deducting the £6,475 personal allowance)

Tax liability = £11,900 (being £37,400 x 20% and £11,050 x 40%)

As you've already paid £11,205, that leaves £695 outstanding.

If you're using the HM Revenue & Customs software, then it should calculate the liability correctly.  If it's saying £911 is due, then either there is something else on the tax return that you haven't mentioned or you've inputted the figures incorrectly.  A liability of £911 arises, for example, if the P11d cash equivalent is entered as £3,716, instead of £3,176.



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Pearce & Co - Chartered Accountant and Chartered Tax Adviser 

www.pearceandcoaccountants.co.uk

These comments are outline only and are not a substitute for specific professional advice.



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just one thought..

 

the "tax taken off pay" figure does that include NI?



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If the £11,205 is the tax deducted figure from your P60, then this is just PAYE - it won't include national insurance.



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Pearce & Co - Chartered Accountant and Chartered Tax Adviser 

www.pearceandcoaccountants.co.uk

These comments are outline only and are not a substitute for specific professional advice.



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k, but does the figure that goes on the Self Assessment need to include NI in that figure?

 

clutching at straws..lolbiggrin



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Guru

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citroen999 wrote:

k, but does the figure that goes on the Self Assessment need to include NI in that figure?

 

clutching at straws..lolbiggrin


 No just PAYE. 



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Quick question - What exactly are the Benefit In Kind in the sum of £3,176?

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