hazellend
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Post by hazellend on May 13, 2017 9:09:50 GMT
Ok so a lot of people will probably be in a position where they need to do a paper tax return this year due to HMRC messing up their software when it comes to starting savings rate etc.
My question is, can HMRC be trusted to calculate the tax correctly if you do a paper return, or do you need to hold their hand and include a letter with the tax return saying, "please make sure to apply all tax allowances including starting savings rate for savings and personal savings allowance"
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archie
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Post by archie on May 13, 2017 9:25:58 GMT
I'm hoping they fix the problem so I can file online. I'm not sure I trust them to calculate it manually.  |
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Greenwood2
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Post by Greenwood2 on May 13, 2017 14:01:27 GMT
They probably just type it into their tax calculator software for you.  I wonder if they will fix it automatically when the software does work, for all the people who have no idea their tax is going to be calculated wrongly? |
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SteveT
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Post by SteveT on May 13, 2017 14:07:02 GMT
I believe it's a fairly narrow set of circumstances that give rise to the error. I'd thought it would probably cause me problems (as I had savings income greater than the Starting Rate for Savings allowance) but the online SA calculator works fine for my return. Worth doing a dry run to check before going to the effort of starting a paper return.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 13, 2017 14:46:27 GMT
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hazellend
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Post by hazellend on May 13, 2017 16:37:58 GMT
Thanks ilmoro, according to their spreadsheet I should actually be okay with online SA
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nick
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Post by nick on May 15, 2017 11:05:23 GMT
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littleoldlady
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Post by littleoldlady on May 19, 2017 20:47:09 GMT
Can anyone point me at the relevant section for p2p in this doc?
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nick
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Post by nick on May 19, 2017 21:46:47 GMT
Can anyone point me at the relevant section for p2p in this doc? Exclusions 50, 51 & 56 are most likely to be relevant. The most likely issue is 51 if your non-savings income is less than £16k and your non-savings + savings income are more than £32k.
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littleoldlady
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Post by littleoldlady on May 20, 2017 6:37:45 GMT
Can anyone point me at the relevant section for p2p in this doc? Exclusions 50, 51 & 56 are most likely to be relevant. The most likely issue is 51 if your non-savings income is less than £16k and your non-savings + savings income is more than £32k. Thanks nick, I think I get it. My non-savings income (pension) is less than £16k but my non-savings + savings income is, sadly, < £32k although I do get the full benefit of the £5K allowance, so I think I can use the on line system. In any event I will check their calculation against my simple spreadsheet result.
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Post by corriefan on May 20, 2017 6:49:41 GMT
My non-savings income was less than 16k last year due to a redundancy. The payment was non-taxable but put me over the 1k savings income allowance. I just completed my online self-assessment and checked the results VERY carefully after reading comments on here. The 5k allowance was definitely applied in my case.
Edited to add that I was also below the 32k income figure, sadly!
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Post by petebutt43 on Jun 30, 2017 14:32:30 GMT
Ok so a lot of people will probably be in a position where they need to do a paper tax return this year due to HMRC messing up their software when it comes to starting savings rate etc. My question is, can HMRC be trusted to calculate the tax correctly if you do a paper return, or do you need to hold their hand and include a letter with the tax return saying, "please make sure to apply all tax allowances including starting savings rate for savings and personal savings allowance" From second hand experience you have to hold their hand, or, if the benefits allow, hire a tax accountant. My brother does, and he reckons he can save hundreds even after accountant fees.
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Post by lynnanthony on Jun 30, 2017 19:14:44 GMT
Ok so a lot of people will probably be in a position where they need to do a paper tax return this year due to HMRC messing up their software when it comes to starting savings rate etc. My question is, can HMRC be trusted to calculate the tax correctly if you do a paper return, or do you need to hold their hand and include a letter with the tax return saying, "please make sure to apply all tax allowances including starting savings rate for savings and personal savings allowance" My view is, do your own calculations and know what you expect. If/when HMRC get it wrong, phone up and politely challenge their calculations. This will probably be the first time a human has looked at it at their end. I have (so far) a 100% record of getting them to accept my calculations. (Ultimately I ended up asking them to look at the details of the phone call I had made twelve months ago and do whatever was done then.)
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