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Will I need to fill in a tax return
mmmkay777
Posts: 18 Forumite
in Cutting tax
Hi, thanks in advance.
I'm about to inherit quite a bit of money, I'm going to split it between pension, investments through Hargreave Lansdown (Investment ISA, and several funds), cash Isa's and potentially savings accounts. I have a job and am PAYE. I've never filled in a tax return as it hasn't been necessary. Will I need to at the end of this financial year? I presume the interest earnt will have to be declared??
Thankyou
I'm about to inherit quite a bit of money, I'm going to split it between pension, investments through Hargreave Lansdown (Investment ISA, and several funds), cash Isa's and potentially savings accounts. I have a job and am PAYE. I've never filled in a tax return as it hasn't been necessary. Will I need to at the end of this financial year? I presume the interest earnt will have to be declared??
Thankyou
0
Comments
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Any gains in ISA's and pensions are sheltered from tax, so no need to worry about them. Savings accounts are taxed @ 20% by default, so only an issue if your income is in to the higher tax threshold. Capital gains and dividends on investments outside of pensions and ISA's would need tracking
http://www.hmrc.gov.uk/taxon/uk.htm0
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