pom
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Post by pom on Jan 27, 2016 17:10:17 GMT
Even if you owe money it can be quite difficult to pay them early, so nothing to stop you submitting early but paying later (so long as you remember of course!) I think remembering is easier than it used to be, if they have your email address. My wife's had several reminders in the last month. But I'm on PAYE. Wouldn't they try to get back money owed through my tax code? Only if you tick the box asking them to do it that way (for money owed for that bill anyway - and even then I think it gets taken the following year). They might try tweaking your code for future years based on whatever you submit - the last couple of years they've insisted on changing mine due to one off events that may or may not happen in future years, dunno if they'd do that for p2p income as not had any yet. Submission date isn't going to affect that tho.
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pikestaff
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Post by pikestaff on Jan 27, 2016 18:42:39 GMT
I think remembering is easier than it used to be, if they have your email address. My wife's had several reminders in the last month. But I'm on PAYE. Wouldn't they try to get back money owed through my tax code? Only if you tick the box asking them to do it that way (for money owed for that bill anyway - and even then I think it gets taken the following year). They might try tweaking your code for future years based on whatever you submit - the last couple of years they've insisted on changing mine due to one off events that may or may not happen in future years, dunno if they'd do that for p2p income as not had any yet. Submission date isn't going to affect that tho. Thanks. I should have known that. 
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Post by bracknellboy on Jan 27, 2016 19:57:47 GMT
Only if you tick the box asking them to do it that way (for money owed for that bill anyway - and even then I think it gets taken the following year). They might try tweaking your code for future years based on whatever you submit - the last couple of years they've insisted on changing mine due to one off events that may or may not happen in future years, dunno if they'd do that for p2p income as not had any yet. Submission date isn't going to affect that tho. Thanks. I should have known that. and also that option (recoved through PAYE) is only available for tax owing up to a certain - fairly low - threshold as I recall. If you owe 'em a pint of blood, u might be ok, if you owe 'em a pint and half, they want a pound of flesh immediately (and if your late, an additional pint of blood).
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Post by Ton ⓉⓞⓃ on Jan 30, 2016 17:18:31 GMT
To get the relevant numbers, go to My Account -> Tax Statement, and put the tax year dates in. Nice and easy, unlike a certain blue-coloured griffin-themed bank who seem utterly incapable of sending SWMBO a tax statement for her savings account with them... If you only joined SS in Nov '15, don't forget that the FY 15-16 tax year hasn't ended yet, and you've got until next Jan for the return. Great, so I just get all the figures from the tax statement (interest earned) from various p2p investments involved in and declare that? So FY 15-16 for me will be start date Nov 15 to 6th April 16 and I must declare that before Jan 2017? Since I started in p2p, just like oldgrumpy, I've written to HMRC they then adjust my PAYE to gather the correct tax over a period of time. This year I did the same as usual sending my letter in Oct; a couple of months later I received a letter stating that they could not adjust my PAYE code as I'd broken the limit allowable to do this, ie £2,500 as BB mentions about. (The thing is I've half an idea the limit is now really £3000 interest etc.) then in Jan they very kindly invited me to fill in a Tax Return saying that I should complete it by Jan31st or 3months after the date of that letter which means I can fill in my return by March 2016. So my understanding is you can leave it as late as Jan31st and pay in one big hit with all the panic associated or tell 'em earlier and they will work out the details. I tell them in early Oct as it's six months after April. There's a reason for that but I can't remember what it is...
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Post by blanik on Feb 17, 2016 22:44:18 GMT
Thanks. I should have known that. and also that option (recoved through PAYE) is only available for tax owing up to a certain - fairly low - threshold as I recall. If you owe 'em a pint of blood, u might be ok, if you owe 'em a pint and half, they want a pound of flesh immediately (and if your late, an additional pint of blood). Just received my 2016/17 tax code and they have included an amount of P2P interest as "other income". I have asked to have the code adjusted as this interest will not be subject to tax as it is within my £1000 Personal Savings Allowance. I presume that previously I've told them about P2P interest by letter ( I don't do a tax return ), they classified it as 'other' and have no way in their system in recognising that it was interest in the first place.
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registerme
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Post by registerme on Feb 17, 2016 23:03:57 GMT
Interesting, I would be interested to know how receptive they are to reclassifying it as "savings income".
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james
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Post by james on Feb 18, 2016 0:24:11 GMT
It's just gross interest, not other, so it should be no hassle at all to get them to treat it as interest. In a call to them a while back i discuss this and they had no issues with calling it interest then. Naturally, since it is.  |
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duck
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Post by duck on Feb 18, 2016 9:03:41 GMT
One thing to be aware of is 'payments on account' www.hmrc.gov.uk/manuals/salfmanual/SALF303.htmWhat this means is that you have to pay tax 'up front' if you 'meet' certain criteria. As an example I have already had to pay a token £500 on 31st Jan with a further £500 due on 31st July for the tax year ending 5 April 2016The balance (assuming there is one) is then due on the 31st January. Something to be aware of ....... |
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webwiz
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Post by webwiz on Feb 21, 2016 22:36:44 GMT
We are all supposed to get our own on-line tax accounts soon.
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Post by wildlife2 on Feb 21, 2016 22:57:08 GMT
Great , looking forward to that! 
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ablender
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Post by ablender on Feb 21, 2016 23:36:05 GMT
We are all supposed to get our own on-line tax accounts soon. Will it make a difference for self-employed?
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webwiz
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Post by webwiz on Feb 22, 2016 8:46:54 GMT
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Post by jockstrap on Feb 23, 2016 9:57:21 GMT
I guess I'm like many people, trying to understand how the new Savings Allowance will work in practice. According to HMRC: Does this mean that P2P lenders will notify HMRC of the interest paid to individual lenders, or is reporting limited to conventional "banks and building societies"? (I suspect this may be one of many details that are still being worked out as the new tax year approaches!) |
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pikestaff
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Post by pikestaff on Feb 23, 2016 10:02:34 GMT
...Does this mean that P2P lenders will notify HMRC of the interest paid to individual lenders, or is reporting limited to conventional "banks and building societies"? ... P2P platforms are already required to notify HMRC of interest paid to individual lenders. This started for the 2014/15 tax year.
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Post by jockstrap on Feb 23, 2016 10:54:02 GMT
Thanks pikestaff -- I'll look forward to my tax code reducing as the interest starts to roll in during 2016/7. Assuming, of course, that HMRC get the new system up and running without too many glitches... |
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