R40 vs Self-Assessment

robson_poops

Hi!

An R40 form appears to enable you to reclaim tax if you think you've paid too much. Is there an advantage to doing this if you have to file an end-of-year self-assessment anyway? I assume a self-assessment will also reveal whether you've paid too much tax, no?

Thanks again.

PlutoinCapricorn

Hello Robson: I believe that the R40 from is specifically for people who do not self-assess and have had too much tax deducted by banks etc. at source from investment income.

If you are filing a return, then I agree that it is best to report all income and tax paid here and refunds/tax due will be calculated automatically.

robson_poops

PlutoinCapricorn wrote: »

If you are filing a return, then I agree that it is best to report all income and tax paid here and refunds/tax due will be calculated automatically.

Thank you, Pluto. You have confirmed my suspicions!

fengirl_2

If there is no reason to self assess, then you should not do so. If you have been on PAYE and have simply overpaid through being on the wrong tax code or being unemployed for part of the year, you just need to write a letter to your tax office asking them to check your liability. Don't get yoourself into the SA system unless its necessary as you will never get out!