Don't forget your 2008/9 tax return deadline is 31 Jan 2010.

2

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  • stphnstevey
    stphnstevey Posts: 3,224 Forumite
    First Post First Anniversary Combo Breaker
    Alot of my accounts are online and don't send paper bank statements. They also only allow 1yrs worth access online. Would this be a problem then?

    This does cause a problem when I do my SA in Dec, as it only goes back to Dec last year for some and not April. So I have just worked out the average interest per month for the 12 months I have.

    Would the certificate of tax paid on interest surfice or do I have to print out all my online bank statements from now on?

    It's silly that you try and be green and not have paper statements and then your required to have them. I have loads of accounts (10 or so, manly due to this website spotting good deals!), so keeping track of them is difficult.

    "You only need the certificates if reclaiming tax paid on savings and sometimes not even then.
    All you need for self assessment is to know the figures. "

    so HMRC won't want to see the tax certificates??????
  • Mikeyorks
    Mikeyorks Posts: 10,369 Forumite
    First Anniversary Combo Breaker
    stphnstevey wrote: »
    Would the certificate of tax paid on interest surfice

    Yes - essentially that's what it's for.

    But if you're self employed you should be keeping the Statements for your business account. If you're PAYE it doesn't really matter as all your inputs are payslips / P60 and your outputs don't really figure (there may be some exceptions if you contribute separately to something you claim for - eg pension - but you normally 'prove' that outside a statement)
    so HMRC won't want to see the tax certificates

    .... extremely unusual.
    If you want to test the depth of the water .........don't use both feet !
  • stphnstevey
    stphnstevey Posts: 3,224 Forumite
    First Post First Anniversary Combo Breaker
    Sorry, don't mean to be rude, but that at first glance seems slightly contradictory.

    Yes a Tax certificate will suffice instead of statements but HMRC rarely ask to see them? (probably me miss-understood, not you!)

    I am a company director and keep all business account statements. However I am a little worried I might have neglected keeping the personal statements. I realise HMRC can ask for stuff I think for upto 6yrs (?).

    As mentioned, I haven't kept personal statements as they would span several lever arch folders.

    However keeping six years of tax on interest statements wouldn't be as large
  • Mikeyorks
    Mikeyorks Posts: 10,369 Forumite
    First Anniversary Combo Breaker
    stphnstevey wrote: »
    Yes a Tax certificate will suffice instead of statements but HMRC rarely ask to see them? (probably me miss-understood, not you!)

    The Certificate is your base data document for completing the Return (ie you don't need 12 x monthly statements if it's a current / easy access account)? HMRC will rarely ask to see them ..... but you do need to keep them just in case they open an enquiry.

    Not dissimilar to the P60 etc you use as a data source .... but HMRC doesn't ask for it as evidence.

    Trust that helps a bit more. I have a CITR account and claim a 5% taxback of the deposit value annually ..... but have never been asked for proof of all the other interest bearing accounts that go into the annual calculation.
    If you want to test the depth of the water .........don't use both feet !
  • nm123_2
    nm123_2 Posts: 251 Forumite
    Hello chaps,

    I've never filed a tax return but wonder if I need to after reading this: http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/SelfAssessmentYourTaxReturn/DG_4017116
    • I've got about £6k in ISAs and £11k in normal savings (although this may dip to under £10k very shortly as I need to spend out on a few things).
    • In February I am moving to Australia for 2 years.
    I'm not self-employed and have never filed a tax return before. Do I need to do one now for the 09/10 tax year? OH is self-employed and gets his accountant to do his, which I guess I'll do if I need to, but not sure if I really do...

    And will I need to file UK tax returns when I'm in Oz??

    Ta muchly!
  • victoriaplum1
    victoriaplum1 Posts: 432 Forumite
    First Post
    I am really worried cos am now waiting for 3rd activation code as previous ones haven't worked and we now have loads of snow so post not coming, no idea why previous ones not worked and they havent been very helpful when I phone, just say you have to order another one, not got any faith in any working now...what then as deadline is looming, is my first sa too and I am not that good with figures but as my business made a loss I am hoping it wont be too complicated to fill out...but without the activation code I can't fill it out, is there any way they can give an activation code over phone if I talk to a manager and explain the problem.
  • goldmercury
    goldmercury Posts: 145 Forumite
    I'm starting my own part time business next month as well as working full time. My current employer does my tax. I obviusoly will have to complete a self assesment but do I have to include my full time salary pay in it to? Also do I have to pay two sets of income tax/ni?? I ain't sure.
    :money: IT Geek & Martin Wannabee :money:
  • cosyc
    cosyc Posts: 336 Forumite
    goldmercury wrote: »
    I'm starting my own part time business next month as well as working full time. My current employer does my tax. I obviusoly will have to complete a self assesment but do I have to include my full time salary pay in it to? Yes you will all income goes down. So keep P60.

    Also do I have to pay two sets of income tax/ni?? I ain't sure.

    Yes - if you have time the workshops run by HMRC explain all. www.hmrc.gov.uk/bst
  • Mikeyorks
    Mikeyorks Posts: 10,369 Forumite
    First Anniversary Combo Breaker
    goldmercury wrote: »
    I obviusoly will have to complete a self assesment but do I have to include my full time salary pay in it to? .

    Yes .... in the separate 'employment' part ....... and also the tax deducted from it.


    Also do I have to pay two sets of income tax/ni?? I ain't sure.

    The SA calculation will work out what you owe overall on the self employment + the employment income. Then deduct the tax you've paid under PAYE ........ and the rest you owe under SA.

    So - yes, you pay two lots of tax/NI ........... but you're not paying it twice on the same income.
    If you want to test the depth of the water .........don't use both feet !
  • jeaccs
    jeaccs Posts: 1 Newbie
    Don't forget to register with the Revenue as self employed as you will also have to pay NI monthly or quarterly as a self employed person...
    Mikeyorks wrote: »
    Yes .... in the separate 'employment' part ....... and also the tax deducted from it.





    The SA calculation will work out what you owe overall on the self employment + the employment income. Then deduct the tax you've paid under PAYE ........ and the rest you owe under SA.

    So - yes, you pay two lots of tax/NI ........... but you're not paying it twice on the same income.
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