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TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 16326
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I earn over GBP 100k and I am not self-employed but

Customer Question

Hi. I earn over GBP 100k and I am not self-employed but apparently need to file a tax return. I wasnt aware of this and therefore I havent filed a return for 2017/2018 and 2018/2019 tax years. Provisionally it says I owe GBP1.4K for 2017/2018 and GBP3K for 2018/2019. How can this be?
JA: Which tax year are you filing for?
Customer: 2018 and 2017
JA: Anything else you want the Accountant to know before I connect you?
Customer: no
Submitted: 8 days ago.
Category: Tax
Expert:  TonyTax replied 8 days ago.

Hi. My name is*****'m looking at your question now and will post my answer or ask for more information here in a short while.

Customer: replied 8 days ago.
ok great thanks
Expert:  TonyTax replied 8 days ago.

If your income in either of those tax years was more than £100,000 then you lose £1 of your personal allowance for every £2 of income you had in excess of £100,000. The only way you can mitigate such a loss is to pay pension contributions or make gift aid donations in the same tax year. As you probably had a full personal allowance in each of your tax codes for 2017/18 and 2018/19, the loss of some or all of it will give rise to a tax underpayment. The same will apply of you or your spouse or partner received child benefit.

Take a look here for more information on "adjusted net income".

I hope this helps but let me know if you have any further questions.