Online Form 11 question please

M

Manuel

Registered User
Messages
153
Hi,
This is the first year (2014) that my taxable rental income is above the PAYE threshold.
However, like every other year, I've left it to the last minute to do my returns :-(

So last year I just completed the online Form 12 and my tax credits were adjusted.

Now that I have to pay and file, this part is all new to me. I'm not sure if there is a simple answer to this, but my question is: will the online form 11 calculate my tax due for 2014?

Thanks,
/M.
 
Sorry, another question or two, as this is my first time doing Form 11 as a PAYE worker:

Will I also have to pay preliminary tax for 2015 when doing the Form 11 online?

If so, does it actually prompt me to enter a figure for 2015, or does it copy the figure calculated for 2014 as default?

Finally, does this have to be made as a once-off online payment for 2014/15?

Because if so, I'll need to pop into my CU or Bank and arrange a swift loan ...

Next year I'll be more organised - honest.
 
From 'Guide to Self-Assessment IT10':

To avoid interest charges, the amount of preliminary tax paid for a tax year must be equal to or exceed the lower of:
  1. 90% of your final liability for the tax year, or
  2. 100% of your final liability for the previous tax year, or
  3. 105% of your final liability for the pre-preceding tax year. (This option is only available where preliminary tax is paid by direct debit and does not apply where the tax payable for the pre-preceding year was nil).

This seems to suggest that whatever the Online Form 11 calculates as my final liability due for 2014, I can just copy this figure into my preliminary payment for 2015 ....

Thanks.
 
You must log in or register to reply here.
Back
Top