Skip to main content

This is a new service – your feedback will help us to improve it.

  • RE: Unsure if the automated Tax Calculation is correct

    Thank you for your reply. I figured it out in the end by clicking on view your calculation. The breakdown shows the difference is for my student loan.
  • Unsure if the automated Tax Calculation is correct

    I am both employed and self employed. Completing the self assessment tax return 2021/2022 the total requested is almost triple than my basic math. My self employment has not been profitable in the last 2 years due to COVID. I received the SEISS grants and took a temporary job which resulted in a permanent contract. When completing the self assessment I have added PAYE amounts as follows: This employment pay £31482.98 Tax paid from employment £3780.60 Income from self employment x Expenses x SEISS grants x Total taxable profits: £1403.00 According to my math the calculation should be: PAYE + Profits = 32885.98 (under £50k BASIC income rate) MINUS Tax free allowance £12570.00 = taxable income of £20315.98 x 20% = £4063.19 total tax MINUS £3780.60 ( tax paid at source from employment ) = £282.59 The tax summary shows Total amount due for 2021-22 : £995.40 Please note no adjustments or losses carried forward. I tend to go with the simple cash accounting. How is this correct? Any guidance is welcomed.