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Self assessment

Self assessment


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,



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17th Dec 2012 09:01

Hmm. I think that's what you pay us for!

If you are into an EIS and are not sure how to enter it you should be sure it's done right. You won't get charged a lot, but at least the person doing it will have a fuller picture then you can give us on a forum.

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17th Dec 2012 07:58

I agree totally

with Chris

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By Monsoon
17th Dec 2012 13:39

I agree totally with

Chris and The Innkeeper.

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17th Dec 2012 14:13

Taking the bloody[***] micky

Spend a couple of hundred quid and get it done properly.

Afterall, how much tax have you saved?

Mind you, if you don't know how to account for an EIS and don't have an accountant, are you sure the scheme qualified? 

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17th Dec 2012 14:34


How helpful some people can be!

EIS relief is a tax reducer relief - you have £3,000 (£10,000 at 30%) to offset against your taxliability for this year OR LAST YEAR.  So you need to carry back the relief first if you have a liability of the previous year, any balance remaining can be relieved in the current year but cannot be carried forward to a later year.  It does not matter whether you are liable at 10%, 20%, 40% or 50%.  The relief is offset against the liability.  You claim what you actually invested and not a penny more.

You cannot claim unless you have received a certificate from the company evidencing that it has satisfied the conditions that it must observe as well.

Your student loan liability is based upon your taxable income, which, if you have benefits in kind, is greater than the cash earnings from which deduction has so far been made.

HMRC are authorised to collect student loan repayment so whoever told you they were not entitled to information is spouting the usual pub balderdash.

Tax deducted is just that, tax deducted, it does not include NIC so there is no need to establish a separate figure.

You are not 'taking the mickey' as some might suggest, it is quite proper to want to understand how your liability is calculated and you are certainly not obliged to engage an accountant to help you, however perhaps you should think about it.

I would suggest that investing in an EIS company is not a great idea (given the risk involved) unless you have sufficient liability to offset the tax reducer relief unless you have private reasons for investment.  HMRC may wonder where the funds that were invested came from unless you have enough income, or other visible resources,

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