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  • RE: Incorrect Reduced Personal Allowance

    Thank you :)
  • Incorrect Reduced Personal Allowance

    Hello, I submitted a paper tax return to claim top slicing. Today I received the calculation back. The personal allowance has been calculated incorrectly. My situation is identical to Example 4 or Example 5 in this HMRC manual. https://www.gov.uk/hmrc-internal-manuals/insurance-policyholder-taxation-manual/iptm3820 How do I claim the correct personal allowance of £12,500 (on the calculation it is shown as approx 11,000). Thank you for any help.
  • Paper self assessment response timeframe

    Hello, I had to file a paper self assessment return as I had a specialist case (as confirmed and requested by HMRC). The return was delivered 11th January 2022. Are there any guidelines on when I will hear back from HMRC? Should I expect a letter/email or will my online HMRC self assessment account update? Many thanks, James
  • RE: Chargeable event exclusion case - affected customers

    Hello, I have already filed and paid the return online. Should I still submit a second identical paper return? Or shall I write to HMRC and request a refund for the top slicing relief? Thanks for any help.
  • Chargeable event exclusion case - affected customers

    Hi, Within the "HS321 Gains on foreign life insurance policies (2021)" document there is a section titled "19. Top-slicing relief" it states "If your personal allowance has reduced due to a chargeable event gain being included in your income for the year, you may now be entitled to more relief." I believe that my personal allowance has been reduced, and I have overpaid tax. To remedy this reduction the page also states "Affected customers are required to complete paper returns to get the correct calculation". However, I have already submitted my online return. Should I write to HMRC as instructed on the HMRC self-assessment-tax-returns/corrections page? Or should I submit a paper return with a cover letter as stated on the HS321 page. As the paper return deadline was 31 October 2021 it does not seem correct to resubmit my tax return (as I have submitted my online return (and paid the amount due) before the 31 January 2022 deadline). Thanks for any help.
  • One time event - Self Assessment

    Hello, I received foreign income during 2020-2021 as the result of a one-time chargeable event so I am filling in a Self Assessment Tax Return. Under "View your calculation" I can see the correct amount of tax due in the "Total amount due for 2020-21" section. However, there appears to be additional tax under "First payment on account for 2021-22". Is there an option to disable any future Self Assessment Tax Return payments? Once I pay tax on this foreign income for 2020-2021 I will not have any other foreign income for 2021-22. If there is not an option to disable the 2021-22 payment, who would be the best contact to stop it.
  • RE: Incorrect top-slicing relief calculation on foreign income

    Thank you
  • Incorrect top-slicing relief calculation on foreign income

    For top-slicing relief do you enter anything in the box "Foreign Income 56 - Tax treated as paid"? If not, the calculation appears to be wrong because I am not benefiting from top-slicing and I should. I have entered the gain on the foreign life insurance policy in the box "Foreign Income 54" and the number of years the policy was held for in box "Foreign Income 55". However, this results in an approx. 40% tax rate where I am expecting a 20% tax rate on this gain.