BS: Tax return deadline looming up!

Subject: RE: BS: Tax return deadline looming up!
From: Bonzo3legs
Date: 07 Jan 12 - 02:56 PM

In fact if you are between 65 and 74 years old in tax year ended 05/04/11, and your income falls below £9,490
no tax is payable so why not earn a little tax free income to use up the full personal allowance!!

Subject: RE: BS: Tax return deadline looming up!
From: GUEST,Eliza
Date: 07 Jan 12 - 02:53 PM

Yes, Bonzo, that is what I meant. It goes into the personal allowance first, followed by the other pension, so it doesn't get taxed.

Subject: RE: BS: Tax return deadline looming up!
From: Bonzo3legs
Date: 07 Jan 12 - 02:50 PM

Every penny I get from my State Pension (non-taxable) - State Pension does form part of your taxable income, but of course if that is covered by your personal allowance then no tax is payable.

Subject: RE: BS: Tax return deadline looming up!
From: Pete Jennings
Date: 07 Jan 12 - 01:26 PM

BONZO, Ian. By "Bozo" I thought you meant me for a sec...most people do!

Subject: RE: BS: Tax return deadline looming up!
From: GUEST,Eliza
Date: 07 Jan 12 - 12:40 PM

LOL Pete! Yes, it must be a boob (oo er again!) as I don't have any savings at all. In fact it's been some time since I used to be able to save anything, and I bet I'm not alone in that either!

Subject: RE: BS: Tax return deadline looming up!
From: Musket
Date: 07 Jan 12 - 12:17 PM

Hang on Bozo. You forgot about the further penalty. £10.00 per day from 1 May for up to 90 days.

After that, they get serious..

(My mate forgot all about it last year, ignored it all and later that year was sent a cheque for over £500 against a return he'd not bothered to send in and would be paying a few grand on. He is laughing, so he says, but I muttered something about the sword of Damocles....)

Subject: RE: BS: Tax return deadline looming up!
From: Pete Jennings
Date: 07 Jan 12 - 10:40 AM

It's pretty straightforward in my cae, Eliza. Overpayments of small amounts such as these are due to tax being deducted at source from savings interest payments and it is later determined, once the whole year's financial records can be assessed (by the Revenue, using the tax return), that no tax should have been deducted, resulting in an overpayment and a refund.

But in your case it could be a simple cock-up. (Oooo-er, missus, LOL).

Subject: RE: BS: Tax return deadline looming up!
From: GUEST,Eliza
Date: 07 Jan 12 - 09:01 AM

I can't understand, Pete, how an 'overpayment' occurs. Every penny I get from my State Pension (non-taxable) and my Professional Pension goes through their hands before I even see it. So they've boobed I suppose. Nice of them to give it back!

Subject: RE: BS: Tax return deadline looming up!
From: Pete Jennings
Date: 07 Jan 12 - 08:53 AM

My cheque was for £55.04! Like Eliza I was down the bank pronto!

(I was going to say "down the bank in a flash", but knowing you lot... :-).

Subject: RE: BS: Tax return deadline looming up!
From: YorkshireYankee
Date: 06 Jan 12 - 07:46 PM

Actually, Kendall, the tax returns in question are for 2010... so yours were due nine months ago! (Ask Jacqui if you don't believe me.)

Subject: RE: BS: Tax return deadline looming up!
From: kendall
Date: 06 Jan 12 - 04:24 PM

We have another three months

Subject: RE: BS: Tax return deadline looming up!
From: Rapparee
Date: 06 Jan 12 - 12:41 PM

Or before there weren't funds to cover the check.

Subject: RE: BS: Tax return deadline looming up!
From: GUEST,Eliza
Date: 06 Jan 12 - 12:06 PM

Now you won't believe me I know, but it's quite, quite true... this morning a cheque for £44 arrived from... The Taxman!!!!! An 'overpayment'. I nearly fell over with shock. So I shot off to the bank to deposit it before the guy changed his mind.

Subject: RE: BS: Tax return deadline looming up!
From: Pete Jennings
Date: 06 Jan 12 - 09:52 AM

Mine went in late last year. Got a refund!

Subject: BS: Tax return deadline looming up!
From: Bonzo3legs
Date: 06 Jan 12 - 09:29 AM

Y'all have 3 weeks 4 days 9 hours and 32 minutes to file your tax return on line if you are worried about the £100 Late Filing Penalty - then another 12 months to change it!!!