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Original poster

Self assessment query - do I deduct previously paid tax from final amount.

16 replies

greyfox82 · 30/01/2023 21:49

Sorry to sound ignorant, but I filed my first tax return last year. In the past year I've made two payments towards this current tax bill (2021-2022)!

You'd think they'd make it easier to pay the tax bill. But I assume I deduct whatever I have already paid towards my 2021-2022 bill to get the final amount and then pay that? From the calculation at the end it looks like they haven't done that.

Hope it makes sense, any help greatly appreciated

OP posts:
Savoretti · 30/01/2023 21:50

If you’ve just filed your return, check in tomorrow and they will have updated the amount due. It doesn’t do it automatically when you submit

Notjusta · 30/01/2023 21:54

I'm glad you asked this as I had a bit of a panic when my figures came up after submitting my return over the weekend. I have been doing self assessment for a while but every time I can't remember whether the first figure you get is actually correct!

suggestionsplease1 · 30/01/2023 22:00

The figure you get when you come to the end of SA process will usually include wording like 'figure does not take into account payments already made on account' and that this will take 72 hours to update. In practice it is usually quicker so just keep logging in until they update the figure. That's only if you're in the situation that you've just filed however.

Original poster
greyfox82 · 30/01/2023 22:01

@Savoretti thanks so much. That makes
More sense.

@Notjusta I know! They make it so complicated I can now maybe sympathise with how Nadhim Zahawi got confused!!!!!

OP posts:
Notjusta · 30/01/2023 22:16

greyfox82 · 30/01/2023 22:01

@Savoretti thanks so much. That makes
More sense.

@Notjusta I know! They make it so complicated I can now maybe sympathise with how Nadhim Zahawi got confused!!!!!

🤣 I am not sure I'd go that far @greyfox82 😁

WonderWoop · 30/01/2023 22:49

Yes they still have to take off the payments. DH had panic when doing his last week to then get pleasant surprise when the in-year payments came off!

Morph22010 · 31/01/2023 07:07

The payments will be deducted but remember that you may also have to make payments on account towards 2023, if your income remains reasonably stable then the payments made last year will be roughly similar to payments due this year so your liability showing will be what you actually pay

loveisagirlnameddaisy · 31/01/2023 07:10

@Morph22010 yes but the total amount also includes a POA due in July so the whole amount won't be due now.

Morph22010 · 31/01/2023 07:42

loveisagirlnameddaisy · 31/01/2023 07:10

@Morph22010 yes but the total amount also includes a POA due in July so the whole amount won't be due now.

Ok that’s fine then if included in total, I do most of my tax returns through software so don’t always see what hmrc include in their final figure when you use their website. On the agent view on hmrc website it can be very hit and miss as to what’s included in the total showing as due so I tend to click into the figure to see the breakdown and double check what is and isn’t included

Whyisitsososohard · 31/01/2023 08:00

I honestly don't want this to sound smug as I know it's stressful. But I'd massively recommend doing your tax return when it's the end of the financial year so April. Then you have ages to pay. It also means stuff like this can be sorted out.

I realised if I did it in April I had 9 months to work this out, know the amount and make sure I had the cash to pay. Just a tip form a longer self employed person.

Morph22010 · 31/01/2023 08:07

Whyisitsososohard · 31/01/2023 08:00

I honestly don't want this to sound smug as I know it's stressful. But I'd massively recommend doing your tax return when it's the end of the financial year so April. Then you have ages to pay. It also means stuff like this can be sorted out.

I realised if I did it in April I had 9 months to work this out, know the amount and make sure I had the cash to pay. Just a tip form a longer self employed person.

We tell this to our clients but even some of the ones their stuff in early then forget in between and then either forget to pay in January and have a mad panic as they’ve forgotten what they need to do and then have a shock at the amount even though it was on a letter sent out 6 months earlier

Notjusta · 31/01/2023 08:09

Whyisitsososohard · 31/01/2023 08:00

I honestly don't want this to sound smug as I know it's stressful. But I'd massively recommend doing your tax return when it's the end of the financial year so April. Then you have ages to pay. It also means stuff like this can be sorted out.

I realised if I did it in April I had 9 months to work this out, know the amount and make sure I had the cash to pay. Just a tip form a longer self employed person.

This is very wise advice! I really should do this as the last minute panic is horrible.

Original poster
greyfox82 · 31/01/2023 09:05

@Whyisitsososohard not smug, sensible!

I can't even see where the bloody figure is to pay when I go back on. Or maybe it hasn't updated!

OP posts:
Notjusta · 31/01/2023 10:33

greyfox82 · 31/01/2023 09:05

@Whyisitsososohard not smug, sensible!

I can't even see where the bloody figure is to pay when I go back on. Or maybe it hasn't updated!

If I log into my self assessment account now the 'At a glance' page has the total tax owed for this year showing at the top. It's a link and you can click on it to see a breakdown. I have 3 separate amounts - a balancing payment to make up the rest of the tax I owe for the year ending April 2022, and then two payments on account. One due now and one due at end of July.

Original poster
greyfox82 · 31/01/2023 10:41

Oh thanks @Notjusta worried as I only did it last night this won't show yet x

OP posts:
Whyisitsososohard · 05/02/2023 08:09

greyfox82 · 31/01/2023 09:05

@Whyisitsososohard not smug, sensible!

I can't even see where the bloody figure is to pay when I go back on. Or maybe it hasn't updated!

Yeah honestly it's just my anxiety which makes me do it in April 😂

I also feel like hmrc are slow and don't always get it right. So then there's time to iron out all this stuff. Glad you didn't take it as smug. I'm far from perfect with my admin. I've got months of income and expenditure to do. Eeek

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