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I don't have the figures in front of me as it is all still with accountant, but it would be approx. £3400. Tax code isEMP/GZ05830
OK, Thank you
Hi again.Assuming you were entitled to a basic personal allowance for 2012/13 which was £8,105 (under 65 years of age), you had no taxable employment benefits such as a company car and private medical insurance and no other sources of income other than the farming business, you should have paid tax of £3,879.00. The tax relief on your business loss of £53 would have been worth £10.60 in terms of tax (£53 @ 20%) so that makes very little difference, reducing your overall tax bill to £3,686.40.You could be underpaid for any number of reasons and if I were acting for you instead of your current accountant, you would know why. You could have owed tax for an earlier year which was collected through your 2012/13 tax code. Tax codes are meant to be checked and should never assumed to be correct. Your accountant should have checked your tax code and made sure it was correct, getting it changed if necessary. Most taxpayers in my experience don't check tax codes and if a tax code is wrong, at the end of the tax year, a taxpayer will probably be underpaid or overpaid.If I had your accountant's tax file, I would be able to tell you in minutes what the problem is or was. Without the history of your tax codes, all I can do is give you a few ideas as to why the underpayment may have occurred but I'd also advise you to ask your accountant why it happened.I hope this helps but let me know if you have any further questions.
Thank you for your help, I will question my Accountant in the morning, I just thought that when a business made a loss then I would have no Tax liability for that year.
Thank you for that I will ask for a Tax Computation for 2012/13 to see where this figure has come from. Just one more thing if the tax liability is £3868.40 I thought that the tax paid on my employment £3400 approx. would have been deducted from this figure. I have no Tax Liabilities from other years. I will mark your service as excellent. Thank you.