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I am paying PAYE on my wages and have a small rental income so I am self assessed. I paid my preliminary tax for 2009 for the rental. I subsequently made an significant AVC contribution for 2009 and expect to get a refund as a result (it's within the thresholds for my income and age). I haven't submitted my final return for 2009 yet.
I am preparing to pay my preliminary tax for 2010. If I am working on the 100% rule, do I consider my 2009 final liability as nil and pay nothing as my preliminary for 2010, or should I be basing it on 100% of the 2009 liability before the AVC was taken into account?
I know that there may be small complications with changes in tax rates and income levies, but I just want to know what they regard as your final liability - is it really as simple as the final assessment/ refund that they come back with.
Thanks
Paper-folder
I am preparing to pay my preliminary tax for 2010. If I am working on the 100% rule, do I consider my 2009 final liability as nil and pay nothing as my preliminary for 2010, or should I be basing it on 100% of the 2009 liability before the AVC was taken into account?
I know that there may be small complications with changes in tax rates and income levies, but I just want to know what they regard as your final liability - is it really as simple as the final assessment/ refund that they come back with.
Thanks
Paper-folder