Tax Returns

Anyone doing their 2020-2021 return yet?

It takes a while for my P60 and P11D to come through, but otherwise I intend to do it ASAP.

Started but I have to wait on an EIS certificate to be issued.

Can likely claim a small WFH rebate too...
https://blog.moneysavingexpert.com/2020/04/martin-lewis--working-from-home-due-to-coronavirus--claim-p6-wk-/

Waiting on a P60, but otherwise I'm done.

It looks as though I have squireled away way more than I needed to to cover any payments due. Which is almost like free money.

\o/

Nice work, sir!

Just started mine, wanna do myself in at how disorganised ive been again.

I think you’re talking about your 2019-2020 return

Preach. In the last 5 years I haven't filed my tax return more than 12 hours before the deadline. And on a few of those occasions I didn't even make the deadline. January 2022, here's looking at you.

Nah done 19-20 ages ago, I'll do 20-21 so i can pay what i need to and get it out the way so i can chill for a year.

It was easy I made myself do a month end round up.

Seeing as I did fuck all work because you know covid it meant I was actually able to sit down at the end of the month and put a big fat 0 in all the columns on my spread sheet.

Plus if we were allowed outside, so I could talk to grown ups instead of my children, and I was actually able to do work I knew that the government would fuck things up in such a way that I'd soon have plenty of time to do my taxes whilst sitting at home trying to stop my kids from fighting - or hiding from them fighting by doing my taxes.

Tried to get ahead of the game and do my 20-21 return. Cashflow is a big motivator.

What I'm getting stuck on is the payments on account as these aren't calculated on the tax due calculation.

I could do with some reassurance here:

Assume:
1st payment on account = £2k
2nd payment on account = £1k (with £1k outstanding/due in July)
20-21 total bill (inc. 1st payment on account for 21-22) = £5k

Then I only have to pay £2k, regardless of the fact that the tax calculation says £5k. Right?

Cheers.

Also on the WFH grant:

You are still entitled to the whole year's relief for the last tax year, 2020/21, even if you haven't worked from home since you first claimed it. To do this, just fill in another P87 form clearly stating the amount for the year as the maximum £312 (£6 x 52 weeks). Don't worry! This isn't double-submitting – HMRC has told us to tell you to do this.

Am I right in understanding that even if I only WFH for a month in 2019-20 I can claim the whole year (£312= £6 x 52)? In which case do I just put £624 in;

Online returns: Fill in the box titled 'Other expenses and capital allowances' in the employment section.

?

Cheers.

What I'm getting stuck on is the payments on account as these aren't calculated on the tax due calculation

Your January 2022 payment will be the tax due for 20/21 minus any payments on account you have already made plus your first payment on account for 21/22. So, if your total due on the calculation says £5k and you've already paid £3k, then you have a balancing payment of £2k plus a payment on account of £2.5k, total £4.5k. If you're filing now, they will send you a statement before January showing what's due.

Thanks a lot. That's cleared it up for me.

In addition to the work from home allowance I’ve added the cost of the parts to build my desk. Reading the notes this seems to be acceptable. I have used the comments box to show my workings just in case I’ve misunderstood.

Can this thread be treated as a general Tax thread..?
1275L tax code... Yeah I know you.
But 1011L... What is this? It has basically doubled the tax deduction.

On the one hand, JFGI, your exact tax code is explained for another user on another forum, although your circumstances may not be identical. On the other hand, ask HMRC to explain it, although they should already have done that when they issued it. On the third hand, if you have exhausted both of those channels, you need to tell us a lot more about your individual circumstances which might have give rise to this tax code. The most likely explanation is that you have changed to a better paid job or had a pay rise in your current one part way through the year.

Same job. Same pay.
Asked employer, but thought asking you lot wouldn't hurt...

Also, I did JFGI and came up with zero results, so keen to know what you found...

Challenge it, personally by letter to HMRC. Note that they have a limited time to respond. I’ve seen tax codes that make no sense to me in the past. (I have one at the moment). However be prepared that nothing changes; HMRC have failed to respond on a number of times in my case.

Also, I did JFGI and came up with zero results, so keen to know what you found...

They both refer to the tax free allowance.
1257L means you have £12570 tax free allowance
1011L means you have £10110 tax free allowance

https://www.gov.uk/employee-tax-codes

So the implication is you underpaid around £2460 in the previous year and they’re changing the tax code to cover it this year.
Which explains why the tax you’re paying has gone up, because the tax free allowance has gone down

(No inference from HMRC that you tried to pay less than you should, there’ll be plenty of reasons it might change - mines thankfully gone the other way as I had some WFH expenses to claim on)

I have had the wrong tax code for years. I have learned to live with it. HMRC occasionally change it from one form of wrong to another, but it remains wrong. In the end, it all gets resolved in the return. The key thing is to know what the code will do to your return and plan accordingly: for a windfall or a swingeing demand.

A drop in tax code can often mean a new benefit (such as private healthcare).

Mine used to wobble around as I added/removed my wife from mine depending on whether her job at the time came with healthcare or not.

Employer cannot help (payroller here)
Tax is personal, we get told to apply a code, but not why.
HMRC should have written to you to advise of the change, and why.

If you have a government gateway account, they might just upload the letter there, so worth checking.
If you don't have one, maybe consider getting one, you need it to update HMRC of your address and the like, so it is worth having.

Blimey, I seem to have started my 2020/21 tax return.

Missing a P11D so I've emailed payroll from last employer...

Not everyone gets a P11d, it is related to taxable benefits, including mileage that isn't Taxed as Source, healthcare, etc.

I know. I've had one for the last 20 years or so as I've had private healthcare through work. The difference is I left my last job at the start of this financial year. My P11D was usually sent to my work email sometime around now but I obviously won't receive it since I don't work there any more. I was just reminding them that they need to email it to me at my personal address or post it to me.