Please could you help me with a few questions regarding my self assessment form.
1. I have invested £10k into an EIS investment scheme but have only paid about £2000 income tax in the last tax year. When the self assessment forms asks me how much EIS investment I'm claiming, should I enter £6666.66 (therefore giving a tax relief of £2000 at 30%)? And then can I claim the remaining investment of £3333.33 in the next tax year?
2. I entered the student loan repayments deducted by my employer as about £850, but the self assessment calculation shows a student loan repayment charge of £1200. How can this be?
3. Does the extra £150 from question 2 get sent to credit my account at the student loan company? I thought they were two completely seperate organisations?
4. Someone told me that I'm not obliged to declare any student loan information on the self-assessment due to information protection - i.e. my agreement with the student loan company is none of HMRC's business?
5. My P60 has a figure for "Tax deducted" - is this income tax plus national insurance but excluding student loan repayments? - I don't see any reference to national insurance on the self-assessment's detailed tax calculation so how does it know how much is eligible to be paid back for the EIS invesment tax rebate (given that only income tax, and not national insurance, can be claimed back).
Many thank you for your help,
- The importance of Grammar 1,322 40
- Xero Pain Points 536 18
- supply teachers working through Ltd co 128 2
- Complicated situation with very old balances from previous accountant 193 5
- Best way to draw a salary? 693 12
- PI cover 240 4
- VAT and customer entertaining 218 2
- 2014/15 Tax calculation spread sheet 941 15
- VAT - How hard is it? 734 26
- Profit split from an investment property 168 6
- Accounting Web - What is happening? 1,426 39
- Hold on a minute (pun intended) 1,259 10
- Tax Implications on Child Benefits 154 1
- IRIS OpenSpace won't upload CT600 properly 275 6
- tax saving on card points 242 6
- Capital Allowances and CGT interaction 264 9
- Scissors 893 24
- AIA for a Van, Self Employed 441 6
- Tax treatment of gift of expensive watch 463 10
- Directors exempt from AE? 269 6
- Any knowledge of salesorder.com 372
- Chart of account segments; Balance sheet vs P&L 323
- Could and would anyone here carry out a hot file review of some non statutory audit work please? 308
- Goodwill and the Summer 2015 Budget 298
- Electric Car 250
- S222 Charge 218
- What is the best acounting software for online international retail business? 214
- Foreign Tax on Pensions 201
- Company Structure 197
- Does anyone know the name and postal address of HMRC's Data controller? 168