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,
- Best Tax / Accounts Production software 1,426 28
- Dividend and pension with no salary 369 4
- proposed dividends 177 14
- NICs and director salary if receiving pension 60 1
- ATT Exam Question 123 5
- shareholder remuneration 105 7
- Vat on solicitors charges 298 7
- What does PITA mean? 664 17
- VATable supplies 116 3
- How does one compete? 220 5
- VAT within EC 73 2
- Should small companies be audited? 1,034 42
- CIS? 264 7
- CGT base cost 422 15
- Help with small charity CT600 please!! 262 2
- Where has Portia gone? 8,934 143
- Late leaver notification 280 5
- Accountex Exhibition 218 2
- Overseas Company 152 1
- You know you're an accountant when... 1,522 45
- Sanzar 466
- Digital marketing focus group 384
- Sage troubleshooting for employee who has previously claimed SMP 357
- Continuity Agreement 300
- Are commercial mortgage cashbacks subject to Corporation Tax ? 290
- Sainsbury's mangement 284
- Avanti Accounts 274
- Buyback 271
- Entrepreneurs' relief (ER) for EMI shares 213
- Iris and Miicrosoft 365 181