PTC help!
Lyn32
Registered Posts: 85 Regular contributor ⭐
Hi, I'm hoping that someone can share or help me with this please, I am completely lost!
He receives a lot of property income and has received a letter from inland revenue that shows tax he need to pay.He agree his 2008/09 tax liability as £6,640 and he thinks his 2009/10 liability will be a bit higher at £9,000.
The Inland Revenue notification is as follow:
Amount due for 2009/10 are:
First POA £3000 due by 31 Jan09
Second POA £3000 due by 31 July09
Balancing payment £640 due by 31 Jan10
Payment on account due for 2010/2011 are:
First POA £3,320 due by 31 Jan10
Second POA £3,320 due by 31 July10
He paid tax due on 21 Jan10 so he don't understand how the inland revenue arrived at these figures.Please explain these amount and dates.
I honestly need understanding on how these figures calculated this is all i have in my info!
Thank you in advance!
He receives a lot of property income and has received a letter from inland revenue that shows tax he need to pay.He agree his 2008/09 tax liability as £6,640 and he thinks his 2009/10 liability will be a bit higher at £9,000.
The Inland Revenue notification is as follow:
Amount due for 2009/10 are:
First POA £3000 due by 31 Jan09
Second POA £3000 due by 31 July09
Balancing payment £640 due by 31 Jan10
Payment on account due for 2010/2011 are:
First POA £3,320 due by 31 Jan10
Second POA £3,320 due by 31 July10
He paid tax due on 21 Jan10 so he don't understand how the inland revenue arrived at these figures.Please explain these amount and dates.
I honestly need understanding on how these figures calculated this is all i have in my info!
Thank you in advance!
0
Comments
-
They base his payments on account on the previous years liability. If you thought the income would go down you could reduce the payment on account but as it is going up you need to ensure he pays the payment they have stated.
Then the January 2011 payment will sweep up the extra tax owed.0
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