help on pension
pinoyLiz
Registered Posts: 92 Regular contributor ⭐
I wonder if you can help me. I have a client who is 66 years old with various incomes from
Private Pension Provider
State Pension
Lease (50% Share of the profit)
Dividends
Savings
He pays his tax under PAYE for his private pension (his PAYE code starts with letter K). I've prepared his Self-assessment tax return for him for 2007/08 and my calculation (taken into account the payment on accounts he paid for 2007/08) he is in fact due for a refund. This is actually my second client and I want to make sure that I am on the right track before passing this over to him. He actually received a Notice to file Self-assessment tax return but no forms included so I assumed that his old accountant do it online? Anyway please advice me with the following queries.
Ø Is the PAYE code incorrect? Taken into consideration that he only owns half of the profit from the lease for 2007/08 and the calculation shown on the PAYE code notice is higher?
Ø How can he file his self-assessment tax return if he hasn't received the forms from the tax office when they sent him the notice of filing? I advised him to contact the Tax office regarding the situation (I am not his agent yet so I can not contact the tax office on his behalf). Could you please clarify this to me as I need to know your point of view on this matter as it might take time for him to get back to me and this scenario keeps on running in my head especially I have only a month before the filing is due.
Ø How can he reclaim the tax? By reducing his PAYE tax for 2008/09 tax year or can he claim it back when filing his SAR through Bank transfer.
Your advice is greatly appreciated. Thank you very much.
Regards,
L:confused1::confused1:
Private Pension Provider
State Pension
Lease (50% Share of the profit)
Dividends
Savings
He pays his tax under PAYE for his private pension (his PAYE code starts with letter K). I've prepared his Self-assessment tax return for him for 2007/08 and my calculation (taken into account the payment on accounts he paid for 2007/08) he is in fact due for a refund. This is actually my second client and I want to make sure that I am on the right track before passing this over to him. He actually received a Notice to file Self-assessment tax return but no forms included so I assumed that his old accountant do it online? Anyway please advice me with the following queries.
Ø Is the PAYE code incorrect? Taken into consideration that he only owns half of the profit from the lease for 2007/08 and the calculation shown on the PAYE code notice is higher?
Ø How can he file his self-assessment tax return if he hasn't received the forms from the tax office when they sent him the notice of filing? I advised him to contact the Tax office regarding the situation (I am not his agent yet so I can not contact the tax office on his behalf). Could you please clarify this to me as I need to know your point of view on this matter as it might take time for him to get back to me and this scenario keeps on running in my head especially I have only a month before the filing is due.
Ø How can he reclaim the tax? By reducing his PAYE tax for 2008/09 tax year or can he claim it back when filing his SAR through Bank transfer.
Your advice is greatly appreciated. Thank you very much.
Regards,
L:confused1::confused1:
0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 325 NEW! Qualifications 2022
- 160 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 95 AAT Level 4 Diploma in Professional Accounting
- 8.9K For accounting professionals
- 23 coronavirus (Covid-19)
- 273 VAT
- 92 Software
- 275 Tax
- 138 Bookkeeping
- 7.2K General accounting discussion
- 202 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 583 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership