Is this right?

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT member discussion
Client was employed April - August 2006 and so has PAYE income. 1 Sept went s/e. Made loss in period Sept 06 - 5 April 2007 of £4,709.

I have got old PAYE figures from HMRC going back previous two years (not the 3rd - they couldnt find them on their system!!).

Is this Section 381 claim correct for a loss of £4,709??

£3,792 x 22% = £834.24 (all 04/05 income paid at 22%)
£ 917 x 10% = £ 91.70 (£4,709 - £3,792)

On this basis they get all tax paid under PAYE for 2006/07 back, plus previously paid tax for 2004/05.

Thanks guys and gals.

Claudia

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Is this right?

    Hello,
    sorry, but I don't think you've got it right there. S381 claims have to first be set against income 3 years ago, then 2 years ago, then one year ago, so a 2006/07 loss has to first be set against income from 2003/04 before you can move on to 2004/05. If there's no way of finding out the 2003/04 employment income would it help doing a s380 claim & set it against 2005/06 income?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Is this right?

    I think Jodie has a point there - that's how I understand it too.

    Kind regards
    Steve
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Is this right?

    Thanks Jodie and Steve for that.

    Claudia

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