STAB bounty and P60

#1
Any AOs, clerks or indeed accountants and taxmen; Can anyone tell me if the bounty is included on a P60 as part of gross income?

It's the difference between me owing HMRC money and the other way round.

Cheers
 
#3
Yes, however my very little brain could not find a way of accounting for it in my self assessment, therefore if it has been included as gross income then it is calculated as taxable.

Despite being paye for HMG in uniform for the entire tax year I apparently have a tax liability.
 
#5
Understood. My question is about whether or not it has been declared for me on my P60 as part of my gross income.
 
#7
Cheers Ken.
 
#12
A cold war stab. Does that even count as having served?
Not our fault the Soviet Shock Army was so in awe of our drinking skills that they were afraid to attack.

Niicked 3 illegal immigrants in the Hong Kong New Territories and killed a sheep with a SF gimpy on Warcop. That makes me Special Forces by cold war standards :)
 
#13
Sorry to get the thread back on track, but as a follow on to the original posting: how come hmrc think I owe them a not inconsiderable sum despite having been paye in the service of hm for the entire tax year?
Obviously I will ring them as soon as but was wondering if anyone has had a similar experience. Just to be clear my return was simply my income as shown on my p60, tax as shown on my p60 and a little bit of charidy donations.
 
#14
There's a bounty on STABs?! ( pulls through barrel with anticipation)
 
#16
Sorry to get the thread back on track, but as a follow on to the original posting: how come hmrc think I owe them a not inconsiderable sum despite having been paye in the service of hm for the entire tax year?
Obviously I will ring them as soon as but was wondering if anyone has had a similar experience. Just to be clear my return was simply my income as shown on my p60, tax as shown on my p60 and a little bit of charidy donations.
Could be any number of things. Do you have bank interest taxed at source but overall income that takes you into the 40% Higher Rate band. Do you receive Benefits in Kind (health insurance, company car, free private fuel etc) that were not taken account of by a reduction in your tax code?

If so that could cause underpayment as would BIK being accounted for but underestimated

Do you have share income or income from property rents or sales? Do you have any kind of Capital Gain?

At the basic level presumably you have two jobs, TA and a proper one, (even TA and Unemployment Benefits would count as they are taxable incomes - apart from bounty). Frequently TA pay attracts a BR tax code and is charged only at basic rate. If your total income takes you into the 40% bracket then again that would generate an underpayment.

Also it could be you have been allocated your personal allowances twice so had tax rekief on both incomes

PAYE works well where a person holds one employment with no BIK or fixed BIK that can be accurately coded out and no other source of income. Once you go beyond that errors creep in and the only way to resolve it is with a proper assessment of your total income and allowances.
 
#17
It could also be an underpayment from a previous year that they have identified and carried forward

HMRC can go back 7 years from the start of the current tax year. As can you with a claim.
 
#18
Could be any number of things. Do you have bank interest taxed at source but overall income that takes you into the 40% Higher Rate band. Do you receive Benefits in Kind (health insurance, company car, free private fuel etc) that were not taken account of by a reduction in your tax code?

If so that could cause underpayment as would BIK being accounted for but underestimated

Do you have share income or income from property rents or sales? Do you have any kind of Capital Gain?

At the basic level presumably you have two jobs, TA and a proper one, (even TA and Unemployment Benefits would count as they are taxable incomes - apart from bounty). Frequently TA pay attracts a BR tax code and is charged only at basic rate. If your total income takes you into the 40% bracket then again that would generate an underpayment.

Also it could be you have been allocated your personal allowances twice so had tax rekief on both incomes

PAYE works well where a person holds one employment with no BIK or fixed BIK that can be accurately coded out and no other source of income. Once you go beyond that errors creep in and the only way to resolve it is with a proper assessment of your total income and allowances.
none of the above apply. My only income for the tax year is as stated in my P60 from mobilised and reserve employment. Perhaps as the Duke stated it is an incorrect tax code issue.
 
#20
Cheers Roger.
 
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