Yesterday, I received a letter to declare my overseas income by tick box 1, 2, 3 or 4 in world wide disclosure facility in gov.uk.
I guess this letter was triggered by MPF account openning and posting in HKSAR in these few months.
I totally agreed to update the status to HMRC by ticking box 4. Because MPF contribution/payment should not apply to UK tax.
But the world wide disclosure facility always routed me to 'Tell HMRC about underpaid tax from previous years'. I cannot find the box to select in gov.uk mentioned in HMRC letter.
Please addvise the right page to update the status.
Let me have a last clarification.
Yes. I earned over 100k in 2022/23. But the company I work should apply pay as you earn to my pay. They should deduct all income tax before transferring net income to my bank account. Did they miss something?
If I do not have other investment income, I may not submit self asssesssment again and this extra income tax may not be identify by tax assesssment submisssion.
Figures in my PAYE income and income tax for 2022/23 and 2023/24 are correct. I worked in same job and same company for years. And my company has already helped me to pay UK tax before posting monthly income to my bank account.
But tax code for 2022/23 is 1257L and tax code for 2023/24 is 702T,
Will tax code in 2023/24 affect my income tax in 2022/23 even my company helped me to settle income tax monthly?
I guess YES. After inputing the only income in the tax assesssment in 2022/23, i try to view your calculation. It demands me to pay the additional income tax again. I found that the tax assessment in the portal ignores my personal allowance. I need to pay extra tax,
In 2022/23, I obtained around GBP 500 coupon from US treasury bills and suffered GBP 2000 loss in US stock.
How I update self assessment in gov,uk?!
Can I input negative figures in captial gain in the portal? Or, I can input -1500 GBP directly?
Before updating self asssessment I verified pay and tax deducted figures in P60 against the ones derived by tax calculator in UK gov. They are aligned and correct.
But, after repeating same figures in self asssessment, I tried to view your calculation. Its result gave me a shock. Because the system asks me to pay additional tax in 2022-23. After reviewing its calculation results, the self assessment ignored the basic personal allowance (i.e. 12570 gbp). Did I input incorrectly to introduce this issue?