Hi guys,

I'm currently self employed as an 'Entertainer' and 2016/17 my income was £2000 with expenses of £2500. I'm also on a 0 hour contract as a PAYE in an office where the tax gets taken automatically.

2015/16 my earnings for my self employment were roughly the same, I made a loss but I managed to get a tax refund on this. This year however, HMRC are saying that I owe them £1.50.

I'm thoroughly confused and yes, I obviously need an accountant, ha. I'd just like to hear any reasons why this is? My options were exactly the same as last year so could see what I put online on the last assessment.

not enough info, we would need to know what your tax code is and more about what you put on your SA form for earnings, expenses tax paid in your employment etc. HMRC may have tweaked your tax code for the year so taking everything into account it may be true that you owe £1.50 becasue they have undercollected from your employment.

not enough info, we would need to know what your tax code is and more about what you put on your SA form for earnings, expenses tax paid in your employment etc. HMRC may have tweaked your tax code for the year so taking everything into account it may be true that you owe £1.50 becasue they have undercollected from your employment.

Thanks for the reply.

Firstly, I just want to mention that I understand that I obviously need someone who know's what they're doing here (And I plan too!) It was just because the circumstances were not to dissimilar to 2015/16 so I used similar options with the different numbers.

Anyway, some more info for you.

Self Employed

Sole Trader

Income £2000

Expenses £2500

Employed PAYE

I've not received the P60 yet but guessing it will be the same as my final Pay of the year below?

0 Hour contract, average weekly pay £280 around £18 PAYE tax.

Tax Code 1100L

Total Gross Pay TD 13169.07

Gross for Tax TD 13169.07

Tax paid TD 474.00

Earnings For NI TD 13059.00

National Ins TD 661.98

Pension TD 1.51

Employer NI TD 754.72

Employer pens 1.89

Thanks once again - Ironically, I have "Tax for dummies in my Amazon Wishlist" Shall be purchasing.

Anon im going to stick my neck on the block here, its £1.50, pay it and move on.

It says you owe as i think it is do with the rounding down/up throughout the year as i has the same problem. If you want to offset your self employment losses against your PAYE you need to complete one of the boxes by putting in your net loss and this then generates the refund

It says you owe as i think it is do with the rounding down/up throughout the year as i has the same problem. If you want to offset your self employment losses against your PAYE you need to complete one of the boxes by putting in your net loss and this then generates the refund

Thank you.

Under the self-employed section 4 - I've filled out profit with loss £2500 Which shows (Net business loss for tax purposes: £ 435.00)

Even if I removed my "employed" section the results are still the same with how much I'm owing. Which section am I missing here?

Thank you.

 

Under the self-employed section 4 - I've filled out profit with loss £2500 Which shows (Net business loss for tax purposes: £ 435.00)

 

Even if I removed my "employed" section the results are still the same with how much I'm owing. Which section am I missing here?

Just to add, the paper returns seems to be different to online. (capital gains section)

a couple of sections up, the main title is something about losses, the first question is Loss from this tax year set off against other income for 2016-17, the second is loss to be carried back to previous year(s) and set off against income (or capital gains) third question total loss to carry forward after all other set offs including unused losses brought forward. You complete the first box putting in the £435 and this then calculates at the end.

a couple of sections up, the main title is something about losses, the first question is Loss from this tax year set off against other income for 2016-17, the second is loss to be carried back to previous year(s) and set off against income (or capital gains) third question total loss to carry forward after all other set offs including unused losses brought forward. You complete the first box putting in the £435 and this then calculates at the end.

Thank you. That seems to be it, it's now telling me I'm owed £85. Which obviously needs to go towards "Tax for dummies"

I'm going to wait until my p60 comes through to double check the details and send.

Thanks for your help. Hopefully business should be better next year, and yes I need an accountant.

Appreciated.

and, any tax refund can either be re a cheque, or on the paye. the form shld give you the option.

no problem, it is the one box I keep forgetting to fill in every year!

Indeed, I'll know for next time now.

and, any tax refund can either be re a cheque, or on the paye. the form shld give you the option.

Mine have anyways come as a check, Ive not seen an option online. It does ask for my bank details but the last one was via cheque.

Just to add, 15-16 I was owed £396, is it possible to do the same any self employed losses against PAYE this that year too?

Mine have anyways come as a check, Ive not seen an option online. It does ask for my bank details but the last one was via cheque.

i also took a cheque, but it did give the alternative option to offset it re tax code paye.

capital gains section- no wonder you are having trouble, it is not a capital gain.

You can offset your losses against this years PAYE income, there are bioxes on the form to do this