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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 16417
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: 2 months ago.
Category: Tax
Expert:  TonyTax replied 2 months 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 2 months ago.
ok great thanks
Expert:  TonyTax replied 2 months 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.

Expert:  TonyTax replied 1 month ago.

Hi again.

I'm just following up to find out if my answer helped or if you have any further questions. If not, would you mind rating my answer so that I get credited for my work.