Self Assessment - It Doesn't Have To Be Hard
27 January 2007, 07:35 PM
#1
Self Assessment - It Doesn't Have To Be Hard
It wasn't, it took all of 15 minutes this afternoon and the hardest part was finding the username and password last used a year ago 
However, I ended up with a BILL
The reason I'm on self-assessment is that I was a Director in a previous employment and after that they seem to keep on wanting it. In my present job, I'm fully PAYE and you would expect that its a simple mathematical calculation to get it right over the course of 12 monthly payments - so why did I end up with a bill
Admitedly, it was all of £1.60
However, I ended up with a BILL
The reason I'm on self-assessment is that I was a Director in a previous employment and after that they seem to keep on wanting it. In my present job, I'm fully PAYE and you would expect that its a simple mathematical calculation to get it right over the course of 12 monthly payments - so why did I end up with a bill
Admitedly, it was all of £1.60
27 January 2007, 07:51 PM
#2
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Oh ****!! When's the deadline?!!
I had a bill last year as well... I have a feeling its because a lot of people leave it late knowing that they'll be fined 100quid, but thats refunded if you dont owe anything. I also owed something minimal like 1.20 last year...
I had a bill last year as well... I have a feeling its because a lot of people leave it late knowing that they'll be fined 100quid, but thats refunded if you dont owe anything. I also owed something minimal like 1.20 last year...
27 January 2007, 08:04 PM
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27 January 2007, 08:16 PM
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Looking at the IR website it looks like the 100quid fine has been scraped, but you'll have to pay interest on any late payments?
Edit: Damn it the fine is still there - cant find any mention of this nolonger being refunded if you have no tax to pay aftering filling in the return late - anyone able to confirm?
Edit: Damn it the fine is still there - cant find any mention of this nolonger being refunded if you have no tax to pay aftering filling in the return late - anyone able to confirm?
Last edited by Petem95; 27 January 2007 at 08:19 PM.
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27 January 2007, 09:17 PM
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I was obviously better at filling them in than you - I always got money back
Think I was too good, as they then wrote to me and told me I didn't have to fill them in any more Now get my money back via an adjusted tax code.
Think I was too good, as they then wrote to me and told me I didn't have to fill them in any more
Now get my money back via an adjusted tax code.
27 January 2007, 10:49 PM
#10
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Puff The Magic Wagon!; so why did I end up with a bill
This is down to the PAYE coding tolereance. if a person aged under 65 then your due £5035 allowances. Paye code 503L. This rounds up your allowances to £5039.
So if assessment raised you would be £4 at 22% = £0.88 underpaid.
If liable at 40% then £4 x 40% £1.60 underpaid.
Re £100 fine for Late return. This has not been scraped. So if you cannot get return in by 31 January, make sure it's in by 1 February to avoid fine.
This is down to the PAYE coding tolereance. if a person aged under 65 then your due £5035 allowances. Paye code 503L. This rounds up your allowances to £5039.
So if assessment raised you would be £4 at 22% = £0.88 underpaid.
If liable at 40% then £4 x 40% £1.60 underpaid.
Re £100 fine for Late return. This has not been scraped. So if you cannot get return in by 31 January, make sure it's in by 1 February to avoid fine.
27 January 2007, 11:07 PM
#12
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I can beat your bill - took me all of about the same time, but for a bill of....
5p!! Last year.
Sods law I'll get a huge bugger this year!
Dan
5p!! Last year.
Sods law I'll get a huge bugger this year!
Dan
Last edited by ScoobyDoo555; 27 January 2007 at 11:12 PM.
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