Any accountants- explain my tax please!

(9 Posts)
eatshootsleaves Fri 15-Jan-16 13:50:46

Puzzled. Net income around £8500. Tiny bit of interest added (£100) from savings. Tax return showing £450 in credit (though bastards haven't paid me back all year!) and now when I've completed the return it tells me I owe £5 in tax. How can this be when I'm well under the personal allowance? Is NI racking it up?

balletgirlmum Fri 15-Jan-16 13:54:08

Have you made any charitable donations this year?

lighteningirl Fri 15-Jan-16 13:54:57

Yes

balletgirlmum Fri 15-Jan-16 14:02:25

When you donated did you tick the box for the charity to reclaim the tax? If you did but you earn under the income tax limit then you will have to pay that amount by back to HMRC.

balletgirlmum Fri 15-Jan-16 14:10:19

And your class 4 NI CONTRIBUTIONS will be around £40 plus £145 class 2

eatshootsleaves Fri 15-Jan-16 14:59:33

No I don't tick the charity box.

I pay class 2 NI as I go over the year every quarter.
I still don't see how I owe any tax at all especially when I was £450 in credit and the PA is almost £10K.

This seems to happen every year- they say I owe them tax then refund it in a few months. This year is the first year I've earned so little as I cut back on my hours.

balletgirlmum Fri 15-Jan-16 15:57:38

Are they asking for a payment on account?

balletgirlmum Fri 15-Jan-16 15:58:15

They shouldn't be with those figures but you never know.

TalkinPeace Sat 23-Jan-16 20:36:05

NI Limit is £8065
Tax limit is £10,000

Class 4 is 9% of everything over the limit
Class 2 is £2 per week

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