Self-Assessment Advice Needed!

[Pug]

Hi guys

i know there a few accountants on here, and i am hoping some are willing to help for free or at least for a payment of good karma.

Little backstory:

I am employed by a company, am PAYE and have a company car & private fuel. As such my tax free allowance each year pretty much gets swallowed up by the car & fuel, and i then pay tax on my earnings (Higher rate tax payer).

We were claiming Child Benefit for our little boy, and obviously the law changed in 2013, but we didn't stop claiming it and I earn over the £50k threshold, with a view to self-assessing.

Roll forward, and here i am, ready to submit. I have entered my salary and tax paid from the P60, popped in all my pension details, child benefit details etc, and come to the calculation at the end.

At the end it says i am owed approx £6k (I have overpaid tax), which is obviously wrong, as nowhere does it mention my company car and fuel benefit which i obviously should be taxed on so am likely flat.

What do i do? Have i missed a section i need to complete?

Or does it take my self assessment amount, and compare it to my tax code, and then recalculate to say in fact i'm square?

Thanks in advance for any tips!

 

[tintin82]

I am not sure of the tax rules involving your car, but surely if you hit 'view calculation' at the end you can figure out where it has went wrong...or right. Re check the whole return and calcualte again.

 

[Pug]

well that's just it, there is no mention (that i can see) of taxable benefits such as car/fuel?

But it is late, i am doing it for the first time!

I'll re-scour the forms. Car & fuel taxable benefit payable was about £5k in 2012/13 so even still it seems too positive.

 

[Westwood]

When you fill out the employment section it should ask something about taxable benefits paid by your employer. When you say yes and then hit next you should get a section for those benefits of which one is company car benefit. You should then be able to use the P11D figures from your employer to get the cash value of the car and fuel.

I think that's how mine worked from memory.

 

[Pug]

perfect, just found it!

Thanks

Sorry, me again!

I assume i should put in these boxes what the benefit is worth, as opposed to what the tax is calculated as being for that benefit?

So it's the £8k value as opposed to the £3.2k i actually pay in tax? (pretty sure on this actually).

Pension is confusng as well. My company takes pension out AFTER they tax me, which apparently is not typical?