How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask taxadvisor.uk Your Own Question

taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4883
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
54961312
Type Your Tax Question Here...
taxadvisor.uk is online now

I've just tried to do my online return (I'm paye but earnt

Resolved Question:

I've just tried to do my online return (I'm paye but earnt above £100k) and its telling my i owe £4600 tax - can that be right if i'm paye?
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question...If you earned over £100k, then you start losing your personal allowance... £1 reduction for every £2 of additional income over the threshold. If your income is £121,000 or above then your allowance will be zero...£10,000 allowance is equivalent to £4,000 tax at 40%.More information on persoanl allowances for income over £100,000 can be found herehttps://www.gov.uk/income-tax-rates/income-over-100000 I hope this is helpful and answers your question.If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4883
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
taxadvisor.uk and other Tax Specialists are ready to help you
Customer: replied 1 year ago.
Pay from employments
£105,677.00
plus benefits and expenses received
£15,453.00
Total from all employments
£121,130.00Total income received£121,130.00Total income on which tax is due£121,130.00How we have worked out your income taxAmountPercentageTotalPay, pensions, profit etc£31,865.00@ 20%£6,373.00£89,265.00@ 40%£35,706.00Total income on which tax has been charged£121,130.00Income Tax charged£42,079.00plusUnderpaid tax for earlier years in your tax code for 2014-15£561.45Income Tax due£42,640.45minus Tax deductedFrom all employments£37,998.00Total tax deducted£37,998.00Total Income Tax due£4,642.45Estimated payment due by 31 January 2016You must pay the total of any tax and class 4 NIC due for 2014-15 plus first payment on account due for 2015-16 by 31 January 2016.2014-15 balancing payment£4,642.451st payment on account for 2015-16 due 31 January 2016
(Note: 2nd payment of £0.00 due 31 July 2016)
£0.00Total due by 31 January 2016£4,642.45This amount does not take into account any 2014-15 payments on account you may have already madeThis is what my return is saying - does it look correct then? and what do i do as i definitely wasn't expecting a £4k bill - do i just need to ring HMRC and try to negotiate a payment scale? thanks
Expert:  taxadvisor.uk replied 1 year ago.
I thank you fo raccepting my answer. best wishes

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
< Previous | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
 
 
 

Meet The Experts:

 
 
 
  • Sam

    Sam

    Accountant

    Satisfied Customers:

    7088
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
< Previous | Next >
  • http://ww2.justanswer.com/uploads/TA/Tax Expert/2013-8-21_231010_sam.64x64.jpg Sam's Avatar

    Sam

    Accountant

    Satisfied Customers:

    7088
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
  • http://ww2.justanswer.com/uploads/BI/bigduckontax/2013-8-12_222058_1.64x64.jpg bigduckontax's Avatar

    bigduckontax

    Accountant

    Satisfied Customers:

    2333
    FCCA FCMA CGMA ACIS
  • http://ww2.justanswer.com/uploads/TA/TaxRobin/2013-8-28_16186_femalebusinessprofessionalbinderhand11038485.64x64.jpg TaxRobin's Avatar

    TaxRobin

    Tax Consultant

    Satisfied Customers:

    524
    International tax
  • /img/opt/shirt.png taxadvisor.uk's Avatar

    taxadvisor.uk

    Chartered Certified Accountant

    Satisfied Customers:

    2845
    FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
  • http://ww2.justanswer.com/uploads/MS/MsAM/2012-6-9_16426_anna.64x64.jpeg Anna's Avatar

    Anna

    Teacher, writer, biologist

    Satisfied Customers:

    270
    Great research skills, variety of work experiences, teaching experience.
  • http://ww2.justanswer.com/uploads/PD/pdheslin/2012-6-6_232056_pambig.64x64.jpg pdheslin's Avatar

    pdheslin

    Consultant

    Satisfied Customers:

    51
    20+ years of internet site creation and search engine optimization. Dozens of search tools at my disposal.
 
 
 

Related Tax Questions