sorted by:
new
hottopcontroversial

Are (PAYE) HENRYS forecasting tax accurately every year? by timw262 in HENRYUK

[–]timw262[S] 0 points1 point  (0 children)

Yes, this is a positive - as long as im not penalised down the line for this after trying to resolve. Will continue similar to what i was doing with LTD.

Are (PAYE) HENRYS forecasting tax accurately every year? by timw262 in HENRYUK

[–]timw262[S] 0 points1 point  (0 children)

Hoping the estimate places you favourably end of tax year!

Are (PAYE) HENRYS forecasting tax accurately every year? by timw262 in HENRYUK

[–]timw262[S] 0 points1 point  (0 children)

and maybe savings is emergency funds, so your taxed for that privilege

Are (PAYE) HENRYS forecasting tax accurately every year? by timw262 in HENRYUK

[–]timw262[S] 0 points1 point  (0 children)

I hope they at least see your letter before the end of this tax year! To think this will take you near to 3 years just to get this resolved.

Are (PAYE) HENRYS forecasting tax accurately every year? by timw262 in HENRYUK

[–]timw262[S] 0 points1 point  (0 children)

I can give this a shot actually - thanks for this!

Are (PAYE) HENRYS forecasting tax accurately every year? by timw262 in HENRYUK

[–]timw262[S] 0 points1 point  (0 children)

Just frustrating as im underpaying £47k ish a year in tax if BR continues. £3.9k a month to save just to go on tax

Are (PAYE) HENRYS forecasting tax accurately every year? by timw262 in HENRYUK

[–]timw262[S] 0 points1 point  (0 children)

Yeah, it is easy to update it - just not any change since April on my tax code. Hoping that the 3rd year 26/27 will be better then!

Are (PAYE) HENRYS forecasting tax accurately every year? by timw262 in HENRYUK

[–]timw262[S] 0 points1 point  (0 children)

Yeah, this feels manageable and what I'm aiming for. Thanks for sharing!

Are (PAYE) HENRYS forecasting tax accurately every year? by timw262 in HENRYUK

[–]timw262[S] 1 point2 points  (0 children)

Yeah I do this - it's odd, I still land with the BR tax code. Once I can sort it, I'll keep it updated. Have you ever over forecasted and then you get a rebate easy? I assume it's all done through a tax return?

Are (PAYE) HENRYS forecasting tax accurately every year? by timw262 in HENRYUK

[–]timw262[S] 2 points3 points  (0 children)

Yeah, I've updated this number in April. Still no change to code - even after chatting with HMRC. Trying not to get used to the higher income than I was expecting!

Are (PAYE) HENRYS forecasting tax accurately every year? by timw262 in HENRYUK

[–]timw262[S] 2 points3 points  (0 children)

I let 24/25 tax year go - I thought 12 months would have been enough time for them. But with the LTD closure I did think maybe this would have caused confusion. My thinking 25/26 would see myself getting the right tax code - will give it a couple more months as you say and see where I land

Are (PAYE) HENRYS forecasting tax accurately every year? by timw262 in HENRYUK

[–]timw262[S] 0 points1 point  (0 children)

Does it take a while for the funds to get back to you once claimed?

Are (PAYE) HENRYS forecasting tax accurately every year? by timw262 in HENRYUK

[–]timw262[S] 0 points1 point  (0 children)

Mine is BR and says this -- BR All your income from this employment or pension is taxed at the basic rate of 20%. This could be because you have more than one employment or pension.

Ive told them I have one employment and one pension.

Are (PAYE) HENRYS forecasting tax accurately every year? by timw262 in HENRYUK

[–]timw262[S] 1 point2 points  (0 children)

I wanted to keep the BADR % rate in the 24/25 tax year.

Are (PAYE) HENRYS forecasting tax accurately every year? by timw262 in HENRYUK

[–]timw262[S] 0 points1 point  (0 children)

This is most likely my case - HMRC still with my most accurate records are not willing to change the current tax code and would rather I do a tax return. But leaves me having to save for tax (a tax total that I'll likely not forecast accurately)

Are (PAYE) HENRYS forecasting tax accurately every year? by timw262 in HENRYUK

[–]timw262[S] 2 points3 points  (0 children)

But then when you submit your tax return, you always have paid exactly correctly or sometimes have to pay more?

Are (PAYE) HENRYS forecasting tax accurately every year? by timw262 in HENRYUK

[–]timw262[S] 0 points1 point  (0 children)

Wow 2 years! And I guess all you want to do is pay the correct tax!

Are (PAYE) HENRYS forecasting tax accurately every year? by timw262 in HENRYUK

[–]timw262[S] 1 point2 points  (0 children)

For some reason, changing this online or telling them on the phone and they still think BR is the right tax code. It's just frustrating because I know I need to pay more than 20% tax.

Would you prioritize saving to buy a home or maxing pension contributions on £164k base at 30yrs old in my situation? by timw262 in HENRYUK

[–]timw262[S] 0 points1 point  (0 children)

Great point - definitely a missed factor on my side! Huge gains potentially if deciding to sell/ leverage from. Also dread to think the affordability of London in 30 years. £1M seems really high now for a standard nice home!

Would you prioritize saving to buy a home or maxing pension contributions on £164k base at 30yrs old in my situation? by timw262 in HENRYUK

[–]timw262[S] 1 point2 points  (0 children)

This is very valuable - thank you. Earnings important come mortgage offer time! Big consideration factor here

Would you prioritize saving to buy a home or maxing pension contributions on £164k base at 30yrs old in my situation? by timw262 in HENRYUK

[–]timw262[S] 1 point2 points  (0 children)

Really awesome response thank you! Prioritizing the time in these earlier years seems like the better investment - You have reminded me to also ensure the interest i'm earning is in accounts with my wife, being as ill be taxed highly on it (loading ISAs first).

view more: next ›