aju
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Post by aju on Aug 6, 2021 15:49:07 GMT
So my tax affairs are quite simple usually especially now that interest rates are so abysmal and having reigned back on our P2P investments. That said recently i've been having issues when the taxman thinks i have no tax to pay.
So for me at the present I can see details for the 2021/22 estimated tax etc but for the 2019/20 apparently that has not been completed yet and the 2020/21 details have been marked as all tax correct but there is no details to be able to check it I have the estimates from earlier in the year and I think they are right but without the detailed info of the completion i'm at a loss to be able to check it..
During the 2020/21 period i started the NSP but it looks like their estimates got that right. As far as I can tell from all my investments and interest etc, having moved a lot over to mrs aju who does not as yet pay tax, then i don;t think i need to pay more or worse it should be less. In the reduction case i cannot see the 2019/20 period as its been marked as it also says Is anyone else having issues with online tax perhaps. (I probably have the estimates but it's not much help I feel)
I'll probably give them a call to see whats going on but anyone else noticed oddities.
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Post by bernythedolt on Aug 8, 2021 10:53:41 GMT
So my tax affairs are quite simple usually especially now that interest rates are so abysmal and having reigned back on our P2P investments. That said recently i've been having issues when the taxman thinks i have no tax to pay. So for me at the present I can see details for the 2021/22 estimated tax etc but for the 2019/20 apparently that has not been completed yet and the 2020/21 details have been marked as all tax correct but there is no details to be able to check it I have the estimates from earlier in the year and I think they are right but without the detailed info of the completion i'm at a loss to be able to check it.. During the 2020/21 period i started the NSP but it looks like their estimates got that right. As far as I can tell from all my investments and interest etc, having moved a lot over to mrs aju who does not as yet pay tax, then i don;t think i need to pay more or worse it should be less. In the reduction case i cannot see the 2019/20 period as its been marked as it also says Is anyone else having issues with online tax perhaps. (I probably have the estimates but it's not much help I feel) I'll probably give them a call to see whats going on but anyone else noticed oddities. This is a bit difficult to unravel, other than it appears HMRC might be delayed in providing your figures. For the benefit of those like me unfamiliar with the term, what's "the NSP"? "i've been having issues when the taxman thinks i have no tax to pay." - with respect, at face value that doesn't sound like an issue to be too concerned about! Do you feel you owe them a shedload, which they aren't asking for? Forgive me, but I'm not seeing the problem.
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aju
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Post by aju on Aug 8, 2021 11:53:07 GMT
So my tax affairs are quite simple usually especially now that interest rates are so abysmal and having reigned back on our P2P investments. That said recently i've been having issues when the taxman thinks i have no tax to pay. So for me at the present I can see details for the 2021/22 estimated tax etc but for the 2019/20 apparently that has not been completed yet and the 2020/21 details have been marked as all tax correct but there is no details to be able to check it I have the estimates from earlier in the year and I think they are right but without the detailed info of the completion i'm at a loss to be able to check it.. During the 2020/21 period i started the NSP but it looks like their estimates got that right. As far as I can tell from all my investments and interest etc, having moved a lot over to mrs aju who does not as yet pay tax, then i don;t think i need to pay more or worse it should be less. In the reduction case i cannot see the 2019/20 period as its been marked as it also says Is anyone else having issues with online tax perhaps. (I probably have the estimates but it's not much help I feel) I'll probably give them a call to see whats going on but anyone else noticed oddities. This is a bit difficult to unravel, other than it appears HMRC might be delayed in providing your figures. For the benefit of those like me unfamiliar with the term, what's "the NSP"? "i've been having issues when the taxman thinks i have no tax to pay." - with respect, at face value that doesn't sound like an issue to be too concerned about! Do you feel you owe them a shedload, which they aren't asking for? Forgive me, but I'm not seeing the problem. Thanks for your input I hope you are right about the HMRC figures and delays as they are making a lot of changes from what i can see since last time we used the system. Mrs Aju also has some holes but as she is nowehere near the tax paying thresholds despite her having donated part of her allowance to me. Thankfully i kept copies of the original estimates for both of us and will make a point in the future to do this. NSP is the acronym for UK New State Pension, this is now what everyone who qualifies for uk state pension now gets. All people reaching state pension age after 2016, I think, will get this as opposed to older people who get the previous State Pension. For this particular pension (NSP) one has to have 35 years contributions for previous one there were a number of criteria that changed over the years but by the end the qualifying years were 30 although everyone contributes as long as they are working I think. I don't have a problem with not seeing the detail as such if I understand what I am due I have spreadsheets of my own that work this stuff out but i may not have all the detail so i always cross check with the HMRC figures - Despite telling them I do not get any returns from many of my shares due to a lot of companies not paying dividends but they still think i do - i guess they are thinking it will start up as they know what they are at present. The thing is anyone earning from investments may have some of which the HMRC may not know about. There are instances of earning funds that have already been taxed too. For instance Halifax has reinstated their previously long running £5 a month for following certain criteria, they are not alone in this there are others. Many of these are still taxed at source and many people are not aware this can be claimed back from tax paid (The HMRC. The other issue is that if the HMRC says my tax is correct and no further action is required why would i assume that they are correct? In my experience the HMRC are not always correct well not with my tax they have not been till i have corrected them on many occasions. The HMRC has in the past over taxed in error and undertaxed as well as getting it spot on. They are only human after all. One final point is that if they have not as yet got the results of my 2019/20 and not expected to get it till 2022 then how can they be sure that 20/21 is correct as surely the result of 2019/20 could require changes to 20/21 period too? Anyway sorry to have confused anyone with my question.
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Post by Deleted on Aug 8, 2021 13:42:13 GMT
I'm confused, surely you have to tell HMRC by early 2021what your finances were in 19/20 or are you just going to pay the fines?
I know HMRC is backlogged with business information especially around VAT but for individuals it is roughly up to date.
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aju
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Post by aju on Aug 8, 2021 15:32:12 GMT
I'm confused, surely you have to tell HMRC by early 2021what your finances were in 19/20 or are you just going to pay the fines?
I know HMRC is backlogged with business information especially around VAT but for individuals it is roughly up to date.
Yes i thought that one but in fact the detailed estimates and figures for 2019/20 did not show a difference as such. Usually what happens is I would check all my interest etc for given tax year that I know about and build a table of what my tax would be and if it varied from what HMRC estimated I would send them a letter detailing all my tax i owed. If it did not differ from what their final figures were then I would send the letter around this time once all the banks/ investments had reported the interest etc. For 2019/20 my estimates of gross interest were £409.37 and since i had an interest allowance of £1000 there was no need to advise them so i didn't. I also did their check if i needed to do a self assessment and it said "not needed" Usually what would happen would be that the Tax office would send me an assessment of my tax for the year. I'd check it and then act accordingly. I did not get one for that period and for the 1st time i can remember the system kept saying that they had not as yet done my tax. Having created my own mock P800 calculations before they usually send theirs I checked I had nothing to pay for the year and it said I owed £366 based on figures i had and using their estimates in fact I had to tell them about their estimate of my company pension being lower than it should be and they accepted that and updated their online 2020/21 tax estimates accordingly. I've checked back through all my documents and the only thing i can see for 2019/20 is that in may 2019 they estimated my pension as not changing from the previous year 18/19 year and I corrected it by increasing it £511 for 19/20 period. Perhaps that put a spanner in the works from that point. The only letters I've had since then were for New state pension that started in Jun 2020. The online system produces estimates for given years but not finals as i have not owed anything. I'm going to ring them and see what they think this week. edit: on the message i receive for 2019/20 it says So not sure they are that bothered from that online message
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Post by Deleted on Aug 8, 2021 15:38:50 GMT
Given how very easy it is to do all this on line on the HMRC website why would you not just do it, based on real figures (what is an estimate?...) that calculates it all for you. With the figures you are suggesting it is half an hours work. My details are relatively complicated and I do it all in 8 hours each year.
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aju
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Post by aju on Aug 8, 2021 15:47:26 GMT
Given how very easy it is to do all this on line on the HMRC website why would you not just do it, based on real figures (what is an estimate?...) that calculates it all for you. With the figures you are suggesting it is half an hours work. My details are relatively complicated and I do it all in 8 hours each year. I agree it might be but how can i do it online if if won't allow me access to the year in question. I don't do a self assessment as my tax is considered to not warrant it!. As I said above i'll ring them sometime this week and see if i can get more sense out of them - online last week didn;t really get me anyone who could answer the right questions - their view not mine apparently everyone i got was not with any HMRC experience just online working or not working in simplistic terms
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Post by Deleted on Aug 8, 2021 16:25:32 GMT
'cause the year in question is over and dead. Move on.
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aju
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Post by aju on Aug 8, 2021 17:13:07 GMT
'cause the year in question is over and dead. Move on. apparently now the HMRC site thinks I need a business account but i've never run or owned a business in my life. What will they think of next. Thanks for your guidance though ......
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Aug 8, 2021 17:17:30 GMT
'cause the year in question is over and dead. Move on. apparently now the HMRC site thinks I need a business account but i've never run or owned a business in my life. What will they think of next. Thanks for your guidance though ...... What i've run my business for nearly 3 years now and they've never suggested I need a business account
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aju
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Post by aju on Aug 8, 2021 22:42:17 GMT
They didn't suggest it they just added a new menu item that says "Business account" - the wife doesn't have that option in her account!
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lara
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Post by lara on Aug 9, 2021 4:29:49 GMT
Aju, I also don't understand why you don't just start filing self assessments. In the amount of time you've spent on this you could have easily done so and your life would be a lot easier!
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aju
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Post by aju on Aug 9, 2021 10:47:59 GMT
Nah I'd have to wait ages for them to give me a code or whatever it said. With it not working brilliantly at the moment i'd rather fix the simplest approach that start on other issues. They do seem to be changing things quite a bit recently under the hood too. Thanks for the advice though if there weren't so many things all at once i might have picked up the gauntlet. also got to go and get ears unblocked today too
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Post by Deleted on Aug 9, 2021 13:42:07 GMT
getting a code is simplicity itself, not that you need one but if your numbers are easy it is the simplist way and probably what 99.99% of the population do.
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lara
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Post by lara on Aug 10, 2021 3:54:03 GMT
Nah I'd have to wait ages for them to give me a code or whatever it said. With it not working brilliantly at the moment i'd rather fix the simplest approach that start on other issues. They do seem to be changing things quite a bit recently under the hood too. Thanks for the advice though if there weren't so many things all at once i might have picked up the gauntlet. also got to go and get ears unblocked today too I get your reluctance to change what you feel has been working for you, but honestly, give it a try. I've always filed paper returns and intended to do so for as long as it was still an option. Then Covid hit and I filed online for the first time last year, (fully intending to go back to paper as soon as a trip to the post office to buy the signed for service was safe again.) But I've honestly never looked back, it's just so much more convenient. I realise that that is not an exact comparison with your situation but all that faffing around with estimates or whatever it is you are doing does sound like it's taking up way more of your time and energy than if you just completed an online return and were done with it! Hope you can hear again now!
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