No longer required to complete self assessment?
Discussion
Hello All ,
Got a letter through Sat morning post my refund of last years self assessment
It says
The last self assessment tax return you’ll need to complete is for year ending 5 April 2024
I thought this was strange as I am an advanced rate tax payer in Scotland with potential top rate tax kicking in to
I have one source of paye income and no additional income or interest outwith my isa
I thought it was standard for submitting self assessment in my type of scenario?
Thanks
Got a letter through Sat morning post my refund of last years self assessment
It says
The last self assessment tax return you’ll need to complete is for year ending 5 April 2024
I thought this was strange as I am an advanced rate tax payer in Scotland with potential top rate tax kicking in to
I have one source of paye income and no additional income or interest outwith my isa
I thought it was standard for submitting self assessment in my type of scenario?
Thanks
Apparently country wide
https://www.gov.uk/self-assessment-tax-returns/who...
Strange as my gross income would fall under that
Going to keep that letter safe anyway in case of latter repercussions with HMRC
https://www.gov.uk/self-assessment-tax-returns/who...
Strange as my gross income would fall under that
Going to keep that letter safe anyway in case of latter repercussions with HMRC
interstellar said:
Any ideas how it will work for the losing of your personal allowance over 100k? How will they be able to get that extra 20% if I don’t do SA or will it fall on payroll companies to be more accurate?
If you use the app you can update your expected earnings this year and they will change your tax code to collect it, in fact you probably dont even need to tell them they will work it out, if you do that in April you will get a 0 tax code if you do it after you will get a K tax code and they will collect the rest.Depends if its regular salary or a big bonus that takes you over. Either way at some point it will come out in your tax code. What was always so stupid about doing a self assessment for PAYE earnings over £100k, you would just putting in numbers they already had
Just read online that mileage claims will need to be submitted to get that to go through as will bank interest.
There seems little point not doing it as it will never be right. I’d rather do it after reading this.
https://www.accountancyage.com/2023/08/07/self-ass...
There seems little point not doing it as it will never be right. I’d rather do it after reading this.
https://www.accountancyage.com/2023/08/07/self-ass...
The onus still rests on the taxpayer to complete a Self Assessment tax return if they know that there is information they need to pass on to HMRC regarding untaxed income - even if HMRC has issued a letter saying you don't need to.
Read through the WHOLE of the letter and you will see that they tell you this.
I've had plenty of situations where these letters have been issued to clients but it was still necessary for them to complete a tax return the following year.
Read through the WHOLE of the letter and you will see that they tell you this.
I've had plenty of situations where these letters have been issued to clients but it was still necessary for them to complete a tax return the following year.
Scabutz said:
The threshold has shifted from £100k to £150K before you have to do one. Apparently its because HMRC dont have the staff to check so many so increased the threshold
Just checked on the HMRC website the the question on income is if you earn over £60k, but if you answer NO to the rest of the questions you don't need to do a self assessment apparently.I been doing the self assessment for both of us last few years, and I find it the most painful thing I have to do every year and I still have no idea what I'm going when filling it in. No text/emails reminders this year yet, we are lucky enough to be both over the limited quotes here, I would be very happy to not to have to do another set of self assessments this year!
Edited by gangzoom on Tuesday 23 September 07:02
gangzoom said:
Just checked on the HMRC website the the question on income is if you earn over £60k, but if you answer NO to the rest of the questions you don't need to do a self assessment apparently.
I been doing the self assessment for both of us last few years, and I find it the most painful thing I have to do every year and I still have no idea what I'm going when filling it in. No text/emails reminders this year yet, we are lucky enough to be both over the limited quotes here, I would be very happy to not to have to do another set of self assessments this year!
Just because you don’t get any reminders does not mean you don’t have to complete a SA. It’s your responsibility to know whether you should fill one out or not. If you don’t when you should would mean a fine. I been doing the self assessment for both of us last few years, and I find it the most painful thing I have to do every year and I still have no idea what I'm going when filling it in. No text/emails reminders this year yet, we are lucky enough to be both over the limited quotes here, I would be very happy to not to have to do another set of self assessments this year!
Edited by gangzoom on Tuesday 23 September 07:02
YouWhat said:
Just because you don t get any reminders does not mean you don t have to complete a SA. It s your responsibility to know whether you should fill one out or not. If you don t when you should would mean a fine.
I ask this question because last 2 years the self assessment has cause all kinds of madness to our tax code, at one point we had HMRC offering a ££££ tax rebate but at the same time demanding ££££ in tax, it took multiple phone calls (hours) to HMRC to finally work out what was going on. I've just double checked our accounts and it clearly says we don't need to submit anything. My Tax code seems correct, 59T - I only get £583 of personal allowance before tax kicks in (the professional membership fees I claim for). So hopefully it means we don't have to waste time/effort on this going forward as we are both 100% PAYEs.
Edited by gangzoom on Tuesday 23 September 11:17
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