maxb

My understanding is that if it's relief at source, it's always box 1. I believe box 3 is for things like the example at https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm044240

Ah, right, now this all makes sense. Your employer appears to have followed the procedure for how to pay an additional sum after the issue of a P45, as described from the employer's perspective in the final section of https://www.gov.uk/employee-leaving . If I understand correctly, you have: * A P45 issued for the tax year 2023/24, which you will use to complete a tax return now. * A written confirmation of the gross amount of the redundancy payment and any deductions, paid on or after 6th April 2024, and not included in the P45 amounts. You will use this not for the tax return you are currently working on, but for your next tax return for the tax year 2024/25. The payment in March is not strange - do not think of it as relating to April through June, instead think of it as an immediate one-off payment in exchange for forgoing the notice period - as that is how its timing is treated for tax purposes.

I don't understand why the forum repeatedly destroyed the paragraphs in my long posts above... I won't try again. If you're trying to read them, you might want to copy/paste elsewhere and insert a paragraph break before every sentence starting with "Box". Meanwhile, I've come across a key sentence in HS297 that confirms deducting relief from cost is the intended way to handle it: "In computing the loss, you must reduce the cost of your shares by the amount of any Income Tax relief given and not withdrawn."

I have never come across any process to request such a breakdown. My completely speculative guess is that such information, if it exists, is in some unstructured form that would require a human employee of HMRC to manually process your request. I suggest it is likely to be easier to forget about figuring out where the existing number came from, and instead prepare your own estimate of the total taxable interest you expect to have received by 5th April, and then submit that to HMRC (in the ways suggested by HMRC Admin). Alternatively, if you will be submitting a Self Assessment anyway this year, you might consider it not worth it to try to correct your code sooner, and just rely on the Self Assessment to refund any overpayment.

That's really interesting - I'm old enough to remember helping my parents look things up in a paper copy of Tables A to complete deductions working sheets. I didn't realise quite how much complex rounding went into those tables, to facilitate people doing payroll on paper. Nowadays, hardly anyone does payroll on paper, but all the software maintains all the complicated rounding, to ensure everyone is treated the same regardless of how their payroll is managed. This turns out to mean that PAYE deductions are actually set up to be slightly more generous than actual tax law allows for, allowing small rounding issues to be resolved in the taxpayer's favour throughout the year... And then, at the end of the year, Self Assessment looks back over the entire year, and collects a few pounds of underpaid tax due to the rounding. I guess this goes unnoticed for many people, as often people's reason for needing to complete Self Assessment involves larger amounts being paid or refunded.

My best guess is that you are likely to keep your current code through the remainder of this current tax year, and then be automatically issued with a new cumulative (no X) code at some point during the next tax year. When I was last on an X code after changing jobs, I was moved back to a cumulative code about a week after filing my Self Assessment return.

Re-making my previous post, without the link that apparently got elided by moderation, and in the process deleted all the line breaks, making it hard to follow: I have not yet needed to do this myself, but expect to need to do so in 2024-25, hence why I'm reading this thread... It is indeed frustrating that HMRC do not provide a simple example of filling in the form for the simple case of a personal investor in a few EIS companies. After much googling, my current understanding is that... Box 41 is the total amount of loss you are eligible to claim for. Do not apply any modification based on your marginal tax rate. The clearest supporting evidence for this I have found is the "Tax Calculation summary notes" (SA110 Notes), a document principally intended for people calculating their own tax due without computer support, but it specifically details how box 41 applies to the overall calculation.
Box 42 is equal to box 41, according to the SA108 notes, unless you have other things to report besides EIS within the "Unlisted shares and securities" section. Box 32 (disposal proceeds) is defined in the SA108 notes as before relief, so we can be confident we're not supposed to make any modification for the relief here. Box 35 (losses) is defined in the SA108 notes as after any reliefs, so we can be confident the effect of the relief must already have been applied by the time we fill in this box. Box 33 (allowable costs (including purchase price)) is the harder to understand one - I feel it is probably intended that, despite it saying "including purchase price", it wants only the portion of the purchase price which was not already relieved by the 30% relief at time of purchase. This is a *guess*, driven by the use of the word "allowable" in the box name, and that if this was not the case, the formula "proceeds minus (allowable) costs equals loss" would not balance.

https://www.gov.uk/paye-forms-p45-p60-p11d/p60 says "If you’re working for an employer on 5 April they must give you a P60." Perhaps the difference of opinion between you and your employer arises because they consider your employment finished on 31st March. What kind of payment was given after 5th April? e.g. was it regular salary / pay in lieu of notice / reimbursement of expenses / compensation? Was the amount of the late payment included within the totals on the P45, or not?

No, unused ISA allowance is permanently lost when a new tax year starts.

It is pretty misleading that it says "nothing to pay" on that page when in practice it often just means nothing yet overdue. You can look up your balancing payment and first payment on account for next year via the file a return service, "View your calculation" then "View and print your full calculation". Note that down, and then follow the links "Tax return options", "View account", "Tax years" to get to a place where you can look up your payments on account already paid. With that information, you can calculate (balancing payment) + (first payment on account for next year) - (payments on account already made) to figure out exactly how much to pay before the end of January. It's a strange quirk of the system that it won't just tell you how much to pay, and makes you calculate it yourself.