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  • RE: Taxable Benefit

    Thanks for the answer. I guess what I would really like to do is to pay through my self assessment which I plan to do before December 2024 what I own. I would prefer no change in the tax code, just do a direct debit to HMRC with whatever I own. The benefit I got is £20,619 and my total income has been 90,560.01 (P60). Tax code was 1257L. Based on the records I have paid 23,652.00 of income tax and 4,727.43 of NI. Is it right that the BIK will be added to the total gross pay = 90,560.01 + £20,619 = 111,179.01 Based on the calculation, the income tax to pay should be £34,139.41 The difference then to pay would be £10,487.41 Is that right? Can I pay this directly in the Self Assessment?
  • RE: Taxable Benefit

    Ok so once I declare it on my Self Assessment tax return, wouldn't I be charged for it right after? Or would it be a way to opt for paying the tax with a new code in 2024/25? If given the choice, I would rather pay right away what I own and not change my tax code. Is that possible?
  • Taxable Benefit

    In my P11D for 2023/2024 I will have a "taxable benefit" of £20,619 My employer has told me that they will advise HMRC about the P11D so that I will need to declare this in my self assessment. I am confused a bit on what is going to happen with HMRC and how will they take the tax I own from this benefit. - Will they change the Tax code in my current year 2024/2025? If so, do I need to include this benefit in my self assessment for 2023/2024? What is best to do here in order to avoid double taxation (from self assessment and from current tax code). Thanks for any help
  • Voluntary contributions to fill gaps but I have no gaps

    Hi, I came to the UK for the first time (form abroad) in 2015 to work. I have been working ever since. Recently I find out that one can pay "voluntary contributions to fill gaps" for NI. However, when I enter my NI records, I find the following: You have: "8 years of full contributions 26 years to contribute before 5 April 2049 You do not have any gaps in your record. " Is there any way I can make the voluntary contributions for years preceding my arrival to the UK? Thanks