Do I need to complete a self assessment tax return?

cepheus

Can I put off filling out a self assessment tax return for 09/10 until next FY?
I have not been asked to do it. I did get asked for 08/09 though when I received a large lump sum.

My total income is in the region of £6000 which is purely savings interest. Less than the £6,475 allowance, but I may be able to claim some tax back.

I recall last year it was difficult getting all the passwords & stuff through the post to activate and fill it in. Presumably I will have to do this all over again?

I think I have until Jan 31st or is it earlier for small amounts?

System

Check with HMRC first if they are expecting an 09/10 tax return. If they aren't then you don't need to do one.

If you only have savings income and think you are due a refund of tax, and HMRC aren't expecting a tax return, then complete an R40 and it doesn't have to be completed online or in by 31/01/2011.

http://www.hmrc.gov.uk/forms/r40.pdf

John_Pierpoint

Last year's passwords should still work OK.

With perhaps something like 100 GBP to come back as a tax refund I would just do it on-line.

Or has HMRC caught up with the backlog of paper forms.

Mikeyorks

cepheus wrote: »

Can I put off filling out a self assessment tax return for 09/10 until next FY?
I have not been asked to do it. I did get asked for 08/09 though when I received a large lump sum.

If you need to complete an 09/10 return for any reason - then you have to do it by 31.1.11. But as your savings income is below the £10k threshold at which you have to file ..... then you would normally expect to only do one if HMRC sent you a paper return (too late to get that in now) or a 'notice to file'.

But I would follow Pam's advice if you're uncertain ..... as they don't normally 'absolve' you after a single year.

cepheus

Pam17 wrote: »

Check with HMRC first if they are expecting an 09/10 tax return. If they aren't then you don't need to do one.

If you only have savings income and think you are due a refund of tax, and HMRC aren't expecting a tax return, then complete an R40 and it doesn't have to be completed online or in by 31/01/2011.

http://www.hmrc.gov.uk/forms/r40.pdf

I thought the R40 had to be done before the interest was paid, and one for every savings institution? Can it be retrospective? The £6000 is an estimated grossed up figure so it should I should be due more than 1k.

Mikeyorks

cepheus wrote: »

I thought the R40 had to be done before the interest was paid, and one for every savings institution? .

You're confusing it with an R85? The R40 is for a repayment claim following the year end (as the link Pam provided).

cepheus

So it is, looks like I can just fill in that after checking with HMRC.

cepheus

I received a rebate today of around £2800 from HMRC, except I only claimed £900 on my on line tax return!

Better wait until I get a letter of confirmation to make sure they haven't found something else.

Mikeyorks

cepheus wrote: »

Better wait until I get a letter of confirmation to make sure they haven't found something else.

I would.

Let us know it advises you're the December SA raffle winner!

(Edit ..... I was still in PAYE refund mode when I wrote that, sorry! If you decided to file an SA Return, after all, following the exchanges mid-Dec? I would be a little worried if the refund was that excessive. By now the online system will have been updated with the accounting data from the main SA system. You need to check that your input was all correct? If it was (the normal witholding tax on £6k can't aggregate to £2800?) then the only rationale I can think of is that your SA record was carrying forward an overpayment from an earlier year. Any SA 'letter of confirmation' (ie a statement) may reveal that ..... but it won't necessarily reveal an input error. I would Login and check.)

cepheus

I have already checked the online forms/rebates and all this seems to be correct for all years. The only evidence of this larger payment into my account from HMRC is in my bank account, so it would appear to be an overpayment.