Filling a tax return

marylee

I have just retired from my job. I received a tax return to fill asking how much I was earning a week and my savings. If I do not fill in, I might end paying too much tax. I want to ignore it as I do get much from my work pension, I cannot see them taxing me too much on tax.

I have got some savings, do I have to declare all the interests I earned from them? They are a bit everywhere and I have to spend time looking for my investments. Can I just only declare my savings from the banks or do I have to declare all my savings? Some of my accounts have been locked in bond and they are not in order and I need to sort them out. Thanks.

Savvy_Sue

marylee wrote:

If I do not fill in, I might end paying too much tax.

If you do not fill it in, you will be fined. I can't help with the rest of your questions, but ignoring it isn't a good plan!

ctm_2

Savvy_Sue wrote:

If you do not fill it in, you will be fined. I can't help with the rest of your questions, but ignoring it isn't a good plan!

I doubt it. I highly doubt that you have been sent a tax return. It;s probably a P161 'Pension Enquiry', or a P91 or P92 'Employment History/Record'.

All they want to do is check that you are on the right code and have the allowances that you are due.

It's up to you if you ignore it or not, but if you do ignore it and end up paying too much, or too little, remember that it iwas your fault when you have to write in to claim a refund, or start moaning when you get a bill because they didn't know about all your income and you haven't paid enough tax.

marylee

Yes, you are right above the Pension Enquiry and Employment history/record. My salary did fluctuate every month and what do I put on the form.? Also do I need to declare all the interests on my savings, I have already paid tax on them. Will it make any difference if I declare only the ones I can find? Thanks

charlieboycat

marylee wrote:

Also do I need to declare all the interests on my savings, I have already paid tax on them. Will it make any difference if I declare only the ones I can find? Thanks

You should declare everything - even if at the end of the day it doesn't affect your total tax liability (eg. because you have paid 20% at source on everything and aren't a higher rate taxpayer). Failure to declare interest income is something the Inland Revenue pursue with vigour. All UK based banks/building societies etc have to report the interest they pay you to the Inland Revenue and the IR do do cross-checks. You could end up with a lot of hassle and stress if they start an "enquiry" into your tax affairs because one of the institutions you save with reports interest to the IR that you haven't reported, even if at the end of the day there is no tax to pay.

System

You haven't said what age you are but if they have sent you a Pension Enquiry form (P161) then they need to know ALL your sources of income, including those from interest on savings and state pension so that they can decide if you are entitled to the Higher Personal allowance available to those over 65 depending on their income. That higher personal allowance, if you are entitled to it, will mean less tax will be deducted from your work pension. So basically if you want it you have to give them the information they need.

Robert_Sterling_3

I have just retired from my job.
Now you will have time to sort out your finances so that you know where you stand.

I received a tax return to fill asking how much I was earning a week and my savings.

If I do not fill in, I might end paying too much tax.

Heaven forbid. So fill it in soon

I want to ignore it as I do get much from my work pension, I cannot see them taxing me too much on tax.

I am not sure that I understand the above sentence.


I have got some savings, do I have to declare all the interests I earned from them?

Unless they are ISAs or Premium Bonds You probably do

They are a bit everywhere and I have to spend time looking for my investments.

Get 'em sorted

Can I just only declare my savings from the banks or do I have to declare all my savings?

Declare all except ISAs and Premium Bonds

Some of my accounts have been locked in bond and they are not in order and I need to sort them out.

My thoughts exactly