Second payment on account

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

    #16


    Afternoon,

    There’s been a variety of replies but what’s not clear is that the money I paid by July 2019 towards my 2019 tax bill is sitting in my online tax account. I filled my return and it’s submitted it but the money I owe hasn’t taken into consideration the money that I’ve already paid.



    Thanks

    Adam

    Comment


      #17
      The last link I posted clearly says you have to do the subtraction yourself.

      Comment


        #18
        Does anyone know what section the figure is input to? Thanks

        Comment


          #19
          Originally posted by leaseholder64 View Post
          The last link I posted clearly says you have to do the subtraction yourself.
          Leaseholder64 do you think if my bill states I owe £200,000 for the 2019 tax year but because I’ve paid £100,000 previously as a payment on account I just pay the other £100,000?

          Thanks

          Comment


            #20
            Originally posted by dotcotton999 View Post

            Leaseholder64 do you think if my bill states I owe £200,000 for the 2019 tax year but because I’ve paid £100,000 previously as a payment on account I just pay the other £100,000?

            Thanks
            I think if I had a £200K tax bill, then my accountant should really be earning their money and explaining in detail how my liability is calculated.

            Comment


              #21
              There’s me thinking it’s called self assessment

              Comment


                #22
                If you make your tax return online, then you can check the "statement " section showing your payments made to tax office against your own bank statements.

                Comment


                  #23
                  I telephoned HMRC... they said usually the amounts are worked out automatically but there had been issues with some accounts because payments on account hadn’t been generated correctly by them

                  thanks for all the assistance

                  Comment

                  Latest Activity

                  Collapse

                  • Claiming back costs against tax?
                    KernowLad
                    Hi All, new person here so please excuse my ignorance.
                    We bought an ex council three bedroom property in a nice area of North Cornwall a couple of years ago - bought most of it outright with savings but borrowed some to make up a shortfall - a small bank loan and a family loan. The house needed...
                    22-10-2019, 15:07 PM
                  • Reply to Claiming back costs against tax?
                    Gordon999
                    Businesses and self-employed persons are required to register for VAT collection if the trading turnover exceeds £85,000 per year . After registration, all sales must include 20% VAT in the price charged to customer.

                    If the house is registered under personal names , it is treated as "personal...
                    23-10-2019, 22:55 PM
                  • Reply to Claiming back costs against tax?
                    KernowLad
                    Thanks all - it's certainly not clear cut!

                    In this property, built in 1946, just had a wood burner which heats water (and an immersion heater) and two radioators plus open several open fires. We've retained the burner (cheap heating; the tenant has access to free wood) but added Economy...
                    23-10-2019, 11:02 AM
                  • Reply to Claiming back costs against tax?
                    jpkeates
                    I agree that it's more an art than a science.

                    The HMRC guidance and manuals talk about adding rooms and creating new bathrooms as capital items, which are quite large scale. A loft extension would probably capital.

                    There's a specific issue (I've heard about not encountered)...
                    23-10-2019, 09:43 AM
                  • Reply to Claiming back costs against tax?
                    leaseholder64
                    I believe the rules on incidental improvements are a bit more subtle. Replacing a non-condensing boiler with a condensing one would not be a capital item, but replacing an adequately sized one with a bigger one, in anticipation of your new loft extension would have a capital element.

                    Before...
                    23-10-2019, 09:27 AM
                  • Declaration of trust help??
                    qwertyqwerty
                    Hi apologies if this has been asked several times over already. I am currently in process of remortgaging my btl( currently me as sole owner on mortgage and deeds) with a different provider, almost complete. I just realised I could get tax savings by having my wife declare the rental income. I am a...
                    22-10-2019, 23:55 PM
                  • Reply to Declaration of trust help??
                    jpkeates
                    It's not as simple as it seems, so you might want to discuss it with an accountant, because the cost of making the changes may offset any possible tax savings.

                    If your wife joins the mortgage, she will have to have some element of ownership of the property (otherwise the mortgage has no...
                    23-10-2019, 07:57 AM
                  • Reply to Claiming back costs against tax?
                    jpkeates
                    Some improvements may be capital items, but not improvements that arise simply because something has been repaired or replaced and it's newer and better. A new boiler will probably be better than the one it replaced, but probably isn't a capital expense. A new boiler fitted to a property that never...
                    23-10-2019, 07:43 AM
                  • Reply to Claiming back costs against tax?
                    Flashback1966
                    The expenditure such as property improvements before your first letting, cannot be offset against your income tax bill, you will have to wait until your sell your property and off-set against capital gains tax. If some of these repairs had been carried out, after first renting it out, then you could...
                    22-10-2019, 21:48 PM
                  • Reply to Claiming back costs against tax?
                    jpkeates
                    Obviously your accountant would be able to advise about the company vs personal situation, but I don't think your rental business would be big enough for VAT to be an issue/opportunity.

                    You can claim expenses for preparation for letting (and council tax and utilities) and they're treated...
                    22-10-2019, 15:29 PM
                  Working...
                  X