I hate the tax code system. Both my and my mother's tax codes were hopelessly wrong due to the change to interest/dividends being paid gross, but there is no point trying to update them until I do the SA return, so every year is full of refund cheques and payments.
They sent Mum a 17-18 coding notice today, 2 weeks before the end of the tax year, which was wrong, and while I think the advisor did something magic to sort it out, its too late to take effect this year. I didn't understand what he did, and I've got a IQ of 140, Physics degree and run a successful FIRE portfolio. I've asked for a written statement of what's happened, but my chances of explaining it to Mum are minimal.
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Tax code muddle
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- Lemon Quarter
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- Lemon Half
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Re: Tax code muddle
JohnB wrote:I hate the tax code system. Both my and my mother's tax codes were hopelessly wrong due to the change to interest/dividends being paid gross, but there is no point trying to update them until I do the SA return, so every year is full of refund cheques and payments.
Is it possible to elect not to have any additional tax on interest or dividends collected through PAYE? I think there's box somewhere on the SA forms which asks how you want refunds or additional payments handled.
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- The full Lemon
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Re: Tax code muddle
Alaric wrote:JohnB wrote:I hate the tax code system. Both my and my mother's tax codes were hopelessly wrong due to the change to interest/dividends being paid gross, but there is no point trying to update them until I do the SA return, so every year is full of refund cheques and payments.
Is it possible to elect not to have any additional tax on interest or dividends collected through PAYE? I think there's box somewhere on the SA forms which asks how you want refunds or additional payments handled.
It must be, because I haven't had tax withholding, or any kind of tax code, for the last 17 years!
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- Lemon Slice
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Re: Tax code muddle
Lootman wrote:Alaric wrote:JohnB wrote:I hate the tax code system. Both my and my mother's tax codes were hopelessly wrong due to the change to interest/dividends being paid gross, but there is no point trying to update them until I do the SA return, so every year is full of refund cheques and payments.
Is it possible to elect not to have any additional tax on interest or dividends collected through PAYE? I think there's box somewhere on the SA forms which asks how you want refunds or additional payments handled.
It must be, because I haven't had tax withholding, or any kind of tax code, for the last 17 years!
For 2016-17 it was on page TR 6 of the self-assessment form - https://www.gov.uk/government/uploads/s ... 0_2017.pdf. In fact there are two boxes. Both allowed the taxpayer to opt out of collection via the PAYE system in 2017/18 of underpaid tax. The first applies to underpayments of tax due for 2016/17 and the second to those anticipated for 2017/18.
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