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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I'm self assessed painter and I earn about £14000 this year,

Resolved Question:

I'm self assessed painter and I earn about £14000 this year, i've also cashed in a pension worth £54000, ive paid £16900 in tax already how much tax will I be deducted come end of year?
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. Was any of the cashed in pension a tax free lump sum?
Customer: replied 1 year ago.
Yes the first £13,532.10 was tax free
Expert:  TonyTax replied 1 year ago.
Thanks. Leave this with me while I draft my answer.
Customer: replied 1 year ago.
Benefit statement was £54,128.40, Tax free £13,532.10, Net amount £23,880.65 less income tax of £16,715.65,.
Also ive paid £670 on account already in December last year.
Expert:  TonyTax replied 1 year ago.
If you make a trading profit of £14,000 for 2015/16, the first £10,600 will be tax free leaving £3,400 taxable at 20% (£680.00). Of the pension payment of £54,128, £13,532 will be tax free so that leaves £40,596 taxable. £28,385 (£31,785 basic rate tax band - £3,400) will be taxed at 20% (£5,677.00) and the balance of £12,211 will be taxed at 40% (£4,884.40). Your total tax liability will be £11,241.40 (£680.00 + £5,677.00 + £4,884.40). As you have paid £17,385.65 (£670.00 + £16,716.65), you are entitled to a tax repayment of £6,144.25. You could make a claim for an-year tax repayment using a P53Z but as we are so close to the end of the tax year on 5 April, if I were you, I'd make the claim via my self-assessment tax return as soon as possible after 5 April 2016. I hope this helps but let me know if you have nay further questions.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15847
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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