HMRC - filing first tax return

mrochester

mrochester

mrochester

Soldato
Joined
29 Sep 2003
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Location
Blaydon on Tyne
Hi all

I’ve recently completed my first ever online tax return because I received income from property in 2017/18.

I completed this early last week and a few days later when I logged into my HMRC account it says under ‘Your Payments’ that I am over £1,300 in credit.

Given I have received additional income surely I should be paying MORE tax not be in credit? Or am I misunderstanding what the site is telling me?

Many thanks

M.
 
I always find it best to phone HMRC and talk it through with someone. Generally you will get someone helpful that will help sort it out but you may have to wait 30mins on hold to get through.
 
Moses said:
Do you have a job?

Double check you’ve entered everything in correctly. People often mess up the figures they put in for taxable pay and tax paid on the employment pages, for example. Also look at your calculation produced by HMRC and see if things match what you expect in terms of tax paid etc.
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Yes I am otherwise a PAYE employee. I had to enter my PAYE details on the return, presumably so HMRC can see how much income I’ve had and how much I have already been taxed etc.

I might just give them a call, see if they can explain it!
 
I would definitely call - HMRC's data and systems are not infallible . One year I got sent 7 different tax codes in 4 months, all while working full time for the same employer (and had done for 2 years previously) with a normal stable monthly wage that hadn't changed!
 
I wonder is the system working out something in relation to your current tax allowance.
Shouldn't be as it was a filing for a previous year.
 
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As already mentioned, i would definitely call HMRC, they are really helpful when i needed them and its best to be right when it comes to owing them or being in credit
 
Have you entered all of your other employment details? You don’t just enter the additional income, you list your entire income and allowable expenses and it will do the calculation for you.
 
Blinkz said:
Have you entered all of your other employment details? You don’t just enter the additional income, you list your entire income and allowable expenses and it will do the calculation for you.
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Yes I’ve got my other employment details at the top (total income, total tax, total student loan deductions etc).
 
Moses said:
What total tax figure? Just income tax, or did you add together the deductions?

But anyway, as people have said ringing is sensible. They might just say that if you’ve put in the correct figures then that’s the amount currently owing (it is self-assessment, after all)... but if it turns out it’s wrong there will be a note of the call so you’d have a good chance of avoiding the small amount of interest you’d owe etc.
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It’s the total tax from my employment as per P60.
 
Echoing everyone else but my experience of phoning HMRC for help was excellent. They were very helpful and gave me the info for a similar situation as you, PAYE + extra income.
 
I've found that my employment and PAYE tax figures were slightly wrong and I've been able to go back in and edit these. Now I just need to wait for them to process this revised return to see what my additional tax liability is.
 
Property income as in renting out an entire property, or letting out a room in your current residential property?

£7,500 income tax free annually if the latter.
 
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