40% tax, bounty & Tax Return

SO2Seaman

Lantern Swinger
#1
A question for those in the RNR who are 40% tax payers and file a Self Assessment Tax Return.
When the Tax Return asks for the figures from your P60 (both pay and tax paid) does the pay figure include the TAX FREE BOUNTY? and if it does, how do I go about claiming 40% back for the last 6 year's bounty - As I have just realised that I think the Self Assessment Tax Return has automatically taxed my bounty in its caluclations.

Thanks

SO2Seaman
 

ctfairway

Lantern Swinger
#2
SO2Seaman said:
A question for those in the RNR who are 40% tax payers and file a Self Assessment Tax Return.
When the Tax Return asks for the figures from your P60 (both pay and tax paid) does the pay figure include the TAX FREE BOUNTY? and if it does, how do I go about claiming 40% back for the last 6 year's bounty - As I have just realised that I think the Self Assessment Tax Return has automatically taxed my bounty in its caluclations.

Thanks

SO2Seaman
Why dont you ring up HMRC and ask them. That way you will get an accurate answer and stop taking up space on this blog with inappropriate rubbish.
 

icantfly

Lantern Swinger
#3
I just gave everything to my accountant and she arranged it for me, including the tax rebate

Sometimes it's easier to pass all of this along to the professionals, otherwise you end up arguing down the phone with JPAC and then HMRC..
 
#4
ctfairway said:
SO2Seaman said:
A question for those in the RNR who are 40% tax payers and file a Self Assessment Tax Return.
When the Tax Return asks for the figures from your P60 (both pay and tax paid) does the pay figure include the TAX FREE BOUNTY? and if it does, how do I go about claiming 40% back for the last 6 year's bounty - As I have just realised that I think the Self Assessment Tax Return has automatically taxed my bounty in its caluclations.

Thanks

SO2Seaman
Why dont you ring up HMRC and ask them. That way you will get an accurate answer and stop taking up space on this blog with inappropriate rubbish.
A bit harsh CTF - it certainly isn't inappropriate rubbish to SO2Seaman - who rattled your cage today then?
 

Aldis

Lantern Swinger
#5
The Bounty is not income as defined in the Tax Rules and should not appear anywhere on your Tax Return. You will benefit from the services of an accountant if you have shown the Bounty as earnings on previous years' returns and want to claim the tax back. If memory serves, you have 5 years to claim back overpaid tax. Best of luck.

Also, you are almost certainly overpaying NI contributions if you are a 40% taxpayer as these are capped but deducted at source by JPA. The overpayments unit at Newcastle should automatically get in touch but it may be worth contacting them.
 

mazza_magoo

Lantern Swinger
#7
ctfairway said:
SO2Seaman said:
A question for those in the RNR who are 40% tax payers and file a Self Assessment Tax Return.
When the Tax Return asks for the figures from your P60 (both pay and tax paid) does the pay figure include the TAX FREE BOUNTY? and if it does, how do I go about claiming 40% back for the last 6 year's bounty - As I have just realised that I think the Self Assessment Tax Return has automatically taxed my bounty in its caluclations.

Thanks

SO2Seaman
Why dont you ring up HMRC and ask them. That way you will get an accurate answer and stop taking up space on this blog with inappropriate rubbish.
Like you just did......what a knob
 

penrecon

Lantern Swinger
#8
SO2Seaman said:
A question for those in the RNR who are 40% tax payers and file a Self Assessment Tax Return.
When the Tax Return asks for the figures from your P60 (both pay and tax paid) does the pay figure include the TAX FREE BOUNTY? and if it does, how do I go about claiming 40% back for the last 6 year's bounty - As I have just realised that I think the Self Assessment Tax Return has automatically taxed my bounty in its caluclations.

Thanks

SO2Seaman
A while since I was in the RNR, but Bounty never appeared in the P60, it's tax free as you say and P60 only includes taxable pay. But as others have said the best thing would be to ask your tax office - they are usually very helpful with queries

Aren't you a bit adrift on the deadline for your Self Assessment Tax Return? :)
 

ctfairway

Lantern Swinger
#9
mazza_magoo said:
ctfairway said:
SO2Seaman said:
A question for those in the RNR who are 40% tax payers and file a Self Assessment Tax Return.
When the Tax Return asks for the figures from your P60 (both pay and tax paid) does the pay figure include the TAX FREE BOUNTY? and if it does, how do I go about claiming 40% back for the last 6 year's bounty - As I have just realised that I think the Self Assessment Tax Return has automatically taxed my bounty in its caluclations.

Thanks

SO2Seaman
Why dont you ring up HMRC and ask them. That way you will get an accurate answer and stop taking up space on this blog with inappropriate rubbish.
Like you just did......what a knob
Likewise!!!
 

FlagWagger

GCM
Book Reviewer
#10
ctfairway said:
SO2Seaman said:
A question for those in the RNR who are 40% tax payers and file a Self Assessment Tax Return.
When the Tax Return asks for the figures from your P60 (both pay and tax paid) does the pay figure include the TAX FREE BOUNTY? and if it does, how do I go about claiming 40% back for the last 6 year's bounty - As I have just realised that I think the Self Assessment Tax Return has automatically taxed my bounty in its caluclations.

Thanks

SO2Seaman
Why dont you ring up HMRC and ask them. That way you will get an accurate answer and stop taking up space on this blog with inappropriate rubbish.
RIng up the HMRC? Two good reasons why you shouldn't use this route:
1. 0845 number only which, while it may be charged at local rates, is not recognised as such from overseas, calling cards, or other discouinted rate programmes (I have a $10 calling card that woiuld give me 32 minutes on the phone to HMRC but over 3000 minutes to a geographical number!).
2. The call centre ssyetm means that you spend a significant amount of time getting through to someone who can actually help you - in my experience at least 2 transfers sometimes more. This year alone I've spent more than 5 hours on the phone to HMRC trying to resolve a tax return with zero taxable income on it.

Back to the original question - in my 20+ years in the RNR, Bounty did not appear on the P60, only taxable income.
 

SO2Seaman

Lantern Swinger
#11
thanks v much for your comments, all bar 1, were useful.
I have been told by JPA Centre that the bounty is included in the total income figure of the P60, but the tax paid figure reflects the fact that the £1500 bounty is not taxed.
The tax office said that the self assessment will NOT take this into account, and are sending me form (or something) to claim back the last 5 years of 40% of £1500 per year- mmm nice!
I will post a new blog as soon as it is complete, as, despite what some might say, this may well be appropriate for others who may be in the same boat - no fees are required from anyone else who makes a similar saving!

Thanks

SO2Seaman
 
#12
FlagWagger said:
RIng up the HMRC? Two good reasons why you shouldn't use this route:
1. 0845 number only which, while it may be charged at local rates, is not recognised as such from overseas, calling cards, or other discouinted rate programmes (I have a $10 calling card that woiuld give me 32 minutes on the phone to HMRC but over 3000 minutes to a geographical number!).
2. The call centre ssyetm means that you spend a significant amount of time getting through to someone who can actually help you - in my experience at least 2 transfers sometimes more. This year alone I've spent more than 5 hours on the phone to HMRC trying to resolve a tax return with zero taxable income on it.

Back to the original question - in my 20+ years in the RNR, Bounty did not appear on the P60, only taxable income.
try www.saynoto0870.com and u can search for a local rate number which u can use in calling cards etc.
 

FlagWagger

GCM
Book Reviewer
#13
boisailor said:
FlagWagger said:
RIng up the HMRC? Two good reasons why you shouldn't use this route:
1. 0845 number only which, while it may be charged at local rates, is not recognised as such from overseas, calling cards, or other discouinted rate programmes (I have a $10 calling card that woiuld give me 32 minutes on the phone to HMRC but over 3000 minutes to a geographical number!)./quote]

try www.saynoto0870.com and u can search for a local rate number which u can use in calling cards etc.
I'm aware of that site and will actually submit a geographical number for my tax office should I ever find one. What really p155es me off about HMRC is that common sense has flown completely out of the window - its obvious from my address that I'm no longer in the UK and I know I'm not the only one. Irrespective, they send out demands for completion of tax returns and state that they won't send out a paper copy unless it is requested and tax returns should be completed on-line - a good idea in saving paper, but foreign income can only be completed using the dead-tree version of the form! Once you finally manage to get access to the forms and associated notes, you are condemned to submit by mail, and the HMRC themselves state a) priority is given to on-line submissions - paper returns may wait 2-3 months before being assessed and b) late payment caused by delays in the assessment of paper tax-returns by HMRC is the tax-payer's problem since the preferred route is on-line submission! I have no objection with paying what is due, but being penalised for limitations within HMRC is beyond a joke! Off now to lie down in a quiet darkened room and allow my blood pressure to return to normal.
 

beer_bosun

Lantern Swinger
#14
ctfairway said:
SO2Seaman said:
A question for those in the RNR who are 40% tax payers and file a Self Assessment Tax Return.
When the Tax Return asks for the figures from your P60 (both pay and tax paid) does the pay figure include the TAX FREE BOUNTY? and if it does, how do I go about claiming 40% back for the last 6 year's bounty - As I have just realised that I think the Self Assessment Tax Return has automatically taxed my bounty in its caluclations.

Thanks

SO2Seaman
Why dont you ring up HMRC and ask them. That way you will get an accurate answer and stop taking up space on this blog with inappropriate rubbish.
So what is an appropriate post in your rather impertinent opinion?
 
A

angrydoc

Guest
#15
ctfairway said:
SO2Seaman said:
A question for those in the RNR who are 40% tax payers and file a Self Assessment Tax Return.
When the Tax Return asks for the figures from your P60 (both pay and tax paid) does the pay figure include the TAX FREE BOUNTY? and if it does, how do I go about claiming 40% back for the last 6 year's bounty - As I have just realised that I think the Self Assessment Tax Return has automatically taxed my bounty in its caluclations.

Thanks

SO2Seaman
Why dont you ring up HMRC and ask them. That way you will get an accurate answer and stop taking up space on this blog with inappropriate rubbish.
Possibly another regular annoyed by constantly being reminded of the benefits available to reservists yet not to regulars?
 

Purple_twiglet

War Hero
Moderator
#16
You mean a small annual payment that almost makes up for the fact that we don't get paid X factor and have no other perks or benefits or allowances?

Nice try for a bite doc, but you'll need to do better than that!
 
#17
angrydoc said:
Possibly another regular annoyed by constantly being reminded of the benefits available to reservists yet not to regulars?
There aren't very many of them.

And, in any case, he asked the question on the RNR forum...

APN
 

icantfly

Lantern Swinger
#19
angrydoc said:
Possibly another regular annoyed by constantly being reminded of the benefits available to reservists yet not to regulars?
Well then, why don't we come over to the RN thread and discuss the sea duty pay.. the ability to actually get promoted.. Y'know, all the things that you regulars get.

Twat.
 
#20
Why does it always have to degenerate into an RN vs RNR pissing competition?

We don't have directly comparable benefits and allowances between the 2 "branches of the same Service" because we don't work in the same way (despite having the same end objective) - live with it!

It is exactly the same wrt FAA, S/M and Surface - different benefits for different jobs so please all try to play nicely or I will be forced to send you to sit on the naughty stair!
 
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