- Status
D
Deleted member 348872
- Original Poster
- #42
i clearly underestimated the members on here for what i thought would be a quick identification of an issue. I have reached out to multiple local accountants and they clearly aren't interested in a 30min job. Clearly earning to much with bigger fish.
Upvote
0
There appears to be only one question to answer; namely who could review your tax and give some advice. That would typically be an accountant or tax advisor.
Without reviewing any responses given but trying to expand on additional areas you may want to clarify certain things before speaking to them. Firstly, what is the relevance of “then took a six month etc.”? I don’t know what that means to know whether it is relevant. If you took a six month holiday in the Bahamas then not relevant but if you took a six month cash in hand job then it would be.
When you started a new job it is likely that your cumulative earnings may have triggered no tax in that first period. It would depend upon what tax code was being used for you.
HMRC reckoning you owe £4k is only relevant if you actually do. You may have unpaid tax from a previous tax year that was being attempted to be collected through PAYE but the gap in your PAYE employment may mean that not everything was collected.
If you can find an online calculator and plug in your likely salary this tax year, your personal allowance and see what tax it says is due. Then compare that to you will have paid.
If your tax code is not the standard one and thus your personal allowance is not the standard one then understand why that is the case. Your Gateway account will provide you with the details. If there are entries creating changes to the tax code, e.g. unpaid prior year, other taxable benefits, expected interest or anything then you need to understand what they are and whether they are correct.
Your tax is not necessarily wrong each year it is just that the amount collected if only done through PAYE is unlikely to have all the facts to get it correct. If you want it correct then you need to determine what the correct position will be at the tax year end and then settle that bill; then your tax code needs to correctly reflect every nuance of your possible total income during the coming year - and good luck with that. You can always choose to settle outstanding balances rather than have them collected through PAYE.
You have the details to answer your own tax position. If you cannot work it out yourself then you will need to provide your advisor with the full details, nothing left out, so they can assist.
Lastly your new adventure won’t suffer, unless you allow it to, from not having the situation resolved. Even when you do you should realise for reasons given above why the tax collected through PAYE isn’t always going to tally with your actual liability.
Without reviewing any responses given but trying to expand on additional areas you may want to clarify certain things before speaking to them. Firstly, what is the relevance of “then took a six month etc.”? I don’t know what that means to know whether it is relevant. If you took a six month holiday in the Bahamas then not relevant but if you took a six month cash in hand job then it would be.
When you started a new job it is likely that your cumulative earnings may have triggered no tax in that first period. It would depend upon what tax code was being used for you.
HMRC reckoning you owe £4k is only relevant if you actually do. You may have unpaid tax from a previous tax year that was being attempted to be collected through PAYE but the gap in your PAYE employment may mean that not everything was collected.
If you can find an online calculator and plug in your likely salary this tax year, your personal allowance and see what tax it says is due. Then compare that to you will have paid.
If your tax code is not the standard one and thus your personal allowance is not the standard one then understand why that is the case. Your Gateway account will provide you with the details. If there are entries creating changes to the tax code, e.g. unpaid prior year, other taxable benefits, expected interest or anything then you need to understand what they are and whether they are correct.
Your tax is not necessarily wrong each year it is just that the amount collected if only done through PAYE is unlikely to have all the facts to get it correct. If you want it correct then you need to determine what the correct position will be at the tax year end and then settle that bill; then your tax code needs to correctly reflect every nuance of your possible total income during the coming year - and good luck with that. You can always choose to settle outstanding balances rather than have them collected through PAYE.
You have the details to answer your own tax position. If you cannot work it out yourself then you will need to provide your advisor with the full details, nothing left out, so they can assist.
Lastly your new adventure won’t suffer, unless you allow it to, from not having the situation resolved. Even when you do you should realise for reasons given above why the tax collected through PAYE isn’t always going to tally with your actual liability.
Upvote
0
Yes, so you are asking for free advice. So far that free advice has been to pay an accountant...I can't see how anyone can help you without a lot more information.
Upvote
0
Personally I find the narrative style provision of data is just confusing. Your data needs to be structured and complete.
However, this forum is not the place for that.. You seem to be expecting the forum to provide a free accountancy service.
You have been given the best advice the forum can provide: Gat your facts documented, make sure they are complete and engage a professional
However, this forum is not the place for that.. You seem to be expecting the forum to provide a free accountancy service.
You have been given the best advice the forum can provide: Gat your facts documented, make sure they are complete and engage a professional
Upvote
0
I do try to reply to all posts I’m mentioned in or tagged in, but I can’t always respond immediately as paid client work takes priority.
I’m always very happy to answer quick questions on the forum. I have been a regular here for many years, hoping to help others where I can.
Regarding your post, I suggested a format for sharing your income and breaking it into paragraphs by tax year, to make it possible for me (and others) to provide guidance efficiently. Had the information been presented in that format, I would have been happy to take a look.
Unfortunately, long posts with lots of detail just take too much time to review for free, and as a professional accountant, I can’t do that outside of a paid engagement.
Upvote
0
I can't be bothered to read through all the posts again, but I get the impression that OP is trying to micromanage his tax code for this year before the year end.
I can't see HMRC spending time and effort to support this approach. Indeed from a taxpayer point of view I would not want them waste time on this.
The system is that the tax code gets you into a reasonable position and then after the end of the tax year there is a calculation of tax paid and tax due. This does not involve the tax codes.
The difference results in an underpayment or overpayment of tax, which is then reconciled. For the year 2024/25 my accountant worked out that I had overpaid and arranged a refund of circa £2k.
OP seems to want a different system, but that's not the way the world works.
The whole premise of the exercise is flawed.
I can't see HMRC spending time and effort to support this approach. Indeed from a taxpayer point of view I would not want them waste time on this.
The system is that the tax code gets you into a reasonable position and then after the end of the tax year there is a calculation of tax paid and tax due. This does not involve the tax codes.
The difference results in an underpayment or overpayment of tax, which is then reconciled. For the year 2024/25 my accountant worked out that I had overpaid and arranged a refund of circa £2k.
OP seems to want a different system, but that's not the way the world works.
The whole premise of the exercise is flawed.
Upvote
0
Yes, judging b y the amounts he is not in dire straits. Just pay the tax and let it all come out in the wash next year. Some people give themselves more pain by trying to shoirt circuit the system.
Once upon a time, however, I am sure it was possible to query your tax code on-line and request an adjustment. I'm sure I remember doing this.
The option is not there any more. Last time I tried on my on-line tax account it just took me round in circles.
Upvote
0
- Status
Latest Articles
-
The Most Dangerous Moment in Business Is When Everything Is Going WellThey Saw It Coming. They Did Nothing. The Lessons Every Business Owner...- Ozzy
- Updated:
-
AI and Your Business: Useful Tool, Not a Magic WandThere is no shortage of noise around artificial intelligence right now...
- Ozzy
- Updated:
-
Companies House WebFiling security incident: what happened, what to check, and what to do nextCompanies House has confirmed that its WebFiling service suffered a...
- Ozzy
- Updated:
-
Spring Budget 2026: A Quiet Update for UK BusinessesChancellor Rachel Reeves delivered the UK’s Spring Statement on 3 March...
- Ozzy
- Updated:
-
Practical Ways to Make Your Small Business More Resilient (Especially When the Unexpected Happens)Running a business means juggling plenty of things you can plan for and...- UKBF Editor
- Updated:
