PDA

View Full Version : Best way to calculate the alleged Tax owed to HMRC from Loans



MercladUK
17th June 2015, 14:07
For example tax year 2011-12
Lets say you took a 10k PAYE and the rest as loans, how would you calculate your potential liability? can you just use a PAYE calculator of which plenty are on the net?

Would this give you an accurate figure or will HMRC 'tax' these loans differently?

regards

squirrel
17th June 2015, 16:13
For example tax year 2011-12
Lets say you took a 10k PAYE and the rest as loans, how would you calculate your potential liability? can you just use a PAYE calculator of which plenty are on the net?

Would this give you an accurate figure or will HMRC 'tax' these loans differently?

regards

Reckon that's how I'm going to do it too although I'll be making an adjustment for tax already paid on the benefit in kind too.

MrsB1974
5th July 2015, 10:43
That's the way Hector did my settlement calculation - put the lump sum of loans for that year into the top rate (for me) tax bracket, worked out the revised tax 'owed' and subtracted what I'd already paid on my original return.

EBTContractor
15th July 2015, 02:03
Only sensible way to do it really.

LandRover
15th July 2015, 06:42
That's the way Hector did my settlement calculation - put the lump sum of loans for that year into the top rate (for me) tax bracket, worked out the revised tax 'owed' and subtracted what I'd already paid on my original return.

Your lucky for some reason I get Benefit-In-Kind amount added to salary and half the personal allowance for 2010-11. It's plain wrong to do that but it's been done and I need to resolve this.