Self assessment

Wilma33

Hi

If you are a higher rate tax payer do you need to fill in a self assessment form? I thought you did, but looking at the Direct.gov website it doesn't look like that is a reason to fill one in. If you don't fill one in, how do they collect the extra interest on your savings and how do you claim back the extra bit on pension contributions?

Thanks

Mikeyorks

For quite a few years now - you're no longer automatically enrolled in SA just because you are paying 40%.

But it's a requirement you advise HMRC if you are in the 40% bracket - in order they can code out the extra required re Savings interest. Probably using the P810 process - but if they decide you're more complex than simple ...... you may be invited to the SA club.

Wilma33

Thanks Mike. Does claiming the extra pension contributions also get done with the P810? When you say "advise HMRC" do I just ring my local tax office?

Mikeyorks

Not sure about the pension contributions. But you contact your PAYE office regarding the potential of extra tax due on the Savings interest.

suso

Wilma33 wrote: »

Thanks Mike. Does claiming the extra pension contributions also get done with the P810? When you say "advise HMRC" do I just ring my local tax office?

depends on the amount of pension contributions you are making / already claiming, it also depends on the amount of interest/dividends being received

Its most likely safer to write in, if the pension contributions are over 5000 per year then a return is required, also if the investment income is over 10,000 per year (interest/dividends not capital) then a return is required.

But if the income is lower then the staff might not be able accept the info over the phone, so write in

scoobs02

A tax return isn't necessary. Just write a letter stating what youve paid in pension payments and the years your claiming for. Also how much bank int/dividends you received for each tax year. Also if youve made any charity payments (gift aid).

Ex HMRC employee