When savings/investment income requires a tax return

jem16

LongTermLurker wrote: »

There are quite a few other times that I didn't include - you're not a Minister of Religion are you?

I try not to be - even when i'm forced to teach Religious and Moral Education to a primary class.

(they are obviously deemed really dodgy characters, because they always have to fill one in )

I'm a teacher - not normally dodgy either.

meatandtwoveg

http://forums.moneysavingexpert.com/showthread.html?t=808121&highlight=meatandtwoveg

What is the best way to pay up without having to complete a self assessment form.

If it's your Savings interest that pushes you over 40% then you're correct. You're no longer automatically 'invited' to join SA just because you go over 40%. In the circumstances you describe the best thing to do is advise HMRC as soon as you know you'll go over .. and they're likely to keep it within PAYE. The normal way to do that is with a P810 they issue after April (has to be back by Sept) .... simple little form you list your gross / tax deducted / net interest on. So you'll need (they don't ask for them - just makes it easier for you) 'Certificates of tax deducted' from all who you have your interest bearing accounts with.

ed123_2

...strange/rather crafty re her majasty's finest coming up with the figure of £10k saving income.....if for example someone has no other income (partner/retired etc etc) and they have say £8k saving income, then if no tax return was filled in/tax saving form completed they would be paying to much tax on the difference between the personnal allowance & the £8k ie £8k-£6=£2k...I suspect their are many people paying to much tax..

ed123_2

.........wrong that should read the tax re an amout equal to the personnal allowance ie £6kc..............or approx £1200 pa ie 20% tax paid on £6k interest