Tax Returns

it is time

First year where I've had stuff in Nutmeg that isn't pension or ISA.

On the tax pack, I assume the top table is income (that was automatically re-invested), and cap gains summary is, well, cap gains.

i was close to completing my tax return on the weekend and was just waiting for a p45 from my previous employer to cover april 21 to october 21 when i was on PAYE. I was then self employed from October to april. I got the p45 then went back to fill in my partially completed form and now I can't find it- it just says there is nothing to pay, you paid the right amount. should I be concerned..? or is the half completed form likely somewhere in the labyrinth of the website.

how do they know? i didn't finish completing the form nor did i hit submit

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ok nvm I found it lol

I've been PAYE (for other people) all year and took a tax free £2000 dividend from my own LTD.

When I put the numbers into HMRC it says I owe £1233.

Can anyone explain?

Can anyone explain?

HMRC will have explained, in the tax calculation page. You need to go through that to see what gives rise to the liability.

just submitted

I was in a PAYE job in 2021-2022 and the tax code on P45 (I left in November) is 1257L.

The income and the tax calculations at submission show that I am owed overpaid tax, fair bit. How is this possible in a PAYE job? I thought you cant overpay/underpay tax with PAYE.

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Well I'm in the other camp where I owe money :'(

I thought the same, apparently not?!

22/23 is going to be complicated, mix of PAYE and self-employment.

Because usually when you’re in a PAYE job, the payroll person/team calculates your tax on your expected income for the year. If you leave part way through the year then your existing deductions may mean you are owed tax.

I’m sure @DethBeard can explain far better than I can though.

ah! thank you, that explains it I think.

Why cant I be a fully functioning adult? :(

TBF it's not all that intuitive - and theres no reason to necessarily not assume that they'd count the month you start and divide it accordingly.

Hello, yes.
1257L is a "standard" tax code, your annual allowance is parsed out into monthly allowances (about £1047 per month tax free)
This is cumulative so if you started PAYE in July (tax month 4) you would have "accrued" 4 monthly allowances (£4190) before you need to pay tax.
If you stop PAYE employment before March, you still have the allowances unused, so you would be entitled to a refund of tax for the unused parts (e.g. left in November and didn't use allowances for Dec - Mar you would have the £4190 free pay still outstanding, so 20% of that, so about £840 income tax may be due for a refund)
(YMMV as tax is personal and if you are a higher rate of tax payer the impact may be greater, etc.)

(also, not offering advice, etc. take what a stranger on the interwebz says with a punch of salt, not a tax expert, yadda yadda)

I thought you cant overpay/underpay tax with PAYE.

Ha ha. Ha hahaha

I'm still trying to get my overpayment paid to me, from last year, 2020/21 I got a surprise cheque in the past for the overpayment, 2021/22 added my bank details for automatic payment nothing happened, requested payment again online, upto 4 weeks, still nothing spoke to HMRC yes we can see a payment request which is currently be processed nearly 7months to process a few hundred quid.

Indeed.

Variable pay (bonuses, on-call payments, etc) mess with the calcs.

And at the end of the (tax) year you've then got P11D related things (various BIK things), plus stuff like the high-income child benefit charge, etc.

PAYE gets it mostly right if you're in the job for the whole tax year, but there's still a chunk of work to do each year. If you join/leave part way through then all bets are off, also if you've brought in previous wages/taxes via a P45.

IM(limited)E tax codes tend to represent the year just gone, which may not be what the year ahead will look like.

IM(limited)E tax codes tend to represent the year just gone, which may not be what the year ahead will look like.

They do, but you can enter a figure for how much you expect to earn in the current year on the HMRC website and they change your tax code accordingly. Which can be very helpful if you have a good (or bad) year.

high-income child benefit charge

If I ever find the fucker that designed that....

Have to do a return just for this and the bastards have just taken my money twice. Cue 10hours on hold to reclaim the money

Just rang up to query some payments, and I'm told 'btw lol you'll need to pay an extra grand or so.'

That was an expensive phone call

I’ve still not been able to get hold of someone to confirm my calculation is right - do I just need to assume I was under taxed and that the number is right?

I’ve still not been able to get hold of someone

Yeah, last week of January is not the time to be calling HMRC, and they've been even more shit than usual since most of them are WFH. Just pay what they're asking for and sort it out later. If you don't have the cash and it's a relatively small sum, you can arrange payment by instalments over a period without having to get actual human intervention.

how do i change my personal details on the hmrc tax portal. my phone number has changed and they are sending the code to my old number
i need to change my phone number on their website but can't see anything obvious

If you can get into your account go to the 'Account home' page and then use the 'Profile and settings' link at the top of the page.

Under the 'Settings' section (should be towards the bottom of the page) you should be able to change your 'Sign-in details' using a 'Change' link, this takes you to a page titled 'Your details' and on the left hand margin the bottom link is 'How you get access codes' HTH!

I used to always overpay through PAYE by being on a tax code for a second job ie didn't include personal allowance. It was useful as it meant I didn't get a tax bill for small amounts of self-employed stuff.