Self Assessment Tax Return Query

Forever

Apologies if this is a stupid question but if I did not work in the 2012/2013 year but did receive interest on bank accounts (approx 300 pounds), do I still need to fill in a self assessment tax return?

Many thanks

Ruthy1604

Have you been advised that you need to fill in a return by HMRC?
If so - yes you need to fill it in.

purdyoaten

Forever wrote: »

Apologies if this is a stupid question but if I did not work in the 2012/2013 year but did receive interest on bank accounts (approx 300 pounds), do I still need to fill in a self assessment tax return?

Many thanks

Perhaps you should have asked this on the other thread?

If your self-employment started in 2013/14 and you have not received notification to file a return for 2012/13, you have no nbeed to complete a return for 2012/13

Forever

I haven't received any letters requesting one from HMRC.

But I was in a partnership the year before (the tax situation is still being sorted out for this).

So I didn't want to suddenly find a penalty letter on my doorstep because I haven't done a self assessment tax return.

However, I thought I would ring them anyway and HMRC have said that there is no request for a self assessment tax return.

Thank you very much for your advice. It is appreciated

purdyoaten

Forever wrote: »

I haven't received any letters requesting one from HMRC.

But I was in a partnership the year before (the tax situation is still being sorted out for this).

So I didn't want to suddenly find a penalty letter on my doorstep because I haven't done a self assessment tax return.

However, I thought I would ring them anyway and HMRC have said that there is no request for a self assessment tax return.

Thank you very much for your advice. It is appreciated

I have absolutely no reason to doubt that you have been told this.

However, if you were in a partnership the year before and 'the tax situation is stil being sorted out for this', I would have to express some doubts that this is the case.

It really depends what question you asked. If it was on the basis that you started self-employment in 2013/14 and you have savings for 2012/13, there would indeed be no requirement for a return. You would receive a UTR and the first return would be submitted by January next year.

However, if you were in partnership less than two years ago (and one tax return ago), you already have a UTR (it remains with you). In this case, the question needs to be based on these facts and making sure that you quote this UTR. Have you an accountant for the partnership? They should be able to tell you if a return is required. I would hate that you get a fine due to a simple misunderstanding.

Forever

purdyoaten wrote: »

I have absolutely no reason to doubt that you have been told this.

However, if you were in a partnership the year before and 'the tax situation is stil being sorted out for this', I would have to express some doubts that this is the case.

It really depends what question you asked. If it was on the basis that you started self-employment in 2013/14 and you have savings for 2012/13, there would indeed be no requirement for a return. You would receive a UTR and the first return would be submitted by January next year.

However, if you were in partnership less than two years ago (and one tax return ago), you already have a UTR (it remains with you). In this case, the question needs to be based on these facts and making sure that you quote this UTR. Have you an accountant for the partnership? They should be able to tell you if a return is required. I would hate that you get a fine due to a simple misunderstanding.

I appreciate your help. I do already have a UTR number.

It is for the year end 2012 that the partnership tax return is still being investigated. I resigned from the partnership at the end of this tax year too. So I know longer have an accountant.

For the year end 2013, I did not work at all but I did receive some money by receiving interest on savings. (max 300 pounds)

For the year end 2014, I will need to fill in a self assessment tax return because I have now become self employed. (max earned 5,000 pounds + savings (probably a max of 300 pounds again))

So do you think for the year end 2013, I should submit a self assessment tax return - just in case?

purdyoaten

Forever wrote: »

I appreciate your help. I do already have a UTR number.

It is for the year end 2012 that the partnership tax return is still being investigated. I resigned from the partnership at the end of this tax year too. So I know longer have an accountant.

For the year end 2013, I did not work at all but I did receive some money by receiving interest on savings. (max 300 pounds)

For the year end 2014, I will need to fill in a self assessment tax return because I have now become self employed. (max earned 5,000 pounds + savings (probably a max of 300 pounds again))

So do you think for the year end 2013, I should submit a self assessment tax return - just in case?

Unfortunately, it is HMRC who decide whether you cshould complete a return. The highlighted phrase would convince me that you HAVE TO submit a return as you were a partner in a partnership 2012/13.

Ring HMRC, quote your UTR, and confirm one way or another whether a notice to file is in place. If so, you have no option and the partnership problems would need to be rectified pretty quickly!

I could be regarded as alarmist here - perhaps others have an opinion?

zygurat789

Forever wrote: »

I appreciate your help. I do already have a UTR number.

It is for the year end 2012 that the partnership tax return is still being investigated. I resigned from the partnership at the end of this tax year too. So I know longer have an accountant.

For the year end 2013, I did not work at all but I did receive some money by receiving interest on savings. (max 300 pounds)

For the year end 2014, I will need to fill in a self assessment tax return because I have now become self employed. (max earned 5,000 pounds + savings (probably a max of 300 pounds again))

So do you think for the year end 2013, I should submit a self assessment tax return - just in case?

If you don't submit one and you ought to have done then it will cost you £100, initially.
I assume the accountant who acted for the partnership submited your return last year and that you do not have a used number and password to submit your own. The accountant who submitted the return acted for you and you should ask him if HMRC are asking for a return from you, it will be on his system.
At this stage it is unlikely that you will be able to submit your own return and the accountant is the only person who can. If the interest you received had suffered tax by deduction then you will probably be due a refund of £75.

Forever

purdyoaten wrote: »

Unfortunately, it is HMRC who decide whether you cshould complete a return. The highlighted phrase would convince me that you HAVE TO submit a return as you were a partner in a partnership 2012/13.

Ring HMRC, quote your UTR, and confirm one way or another whether a notice to file is in place. If so, you have no option and the partnership problems would need to be rectified pretty quickly!

I could be regarded as alarmist here - perhaps others have an opinion?

The issue with the partnership tax return was actually caused by the HMRC system so it is 'sort-of' resolved. It's now all being held up because HMRC are doing a forex investigation into the currency transfer process.

I was only in the partnership for several months and resigned at the end of the 2012 tax year. So I was no longer a partner in the 2012/2013 tax year.

Does this change anything?

zygurat789

Forever wrote: »

The issue with the partnership tax return was actually caused by the HMRC system so it is 'sort-of' resolved. It's now all being held up because HMRC are doing a forex investigation into the currency transfer process.

I was only in the partnership for several months and resigned at the end of the 2012 tax year. So I was no longer a partner in the 2012/2013 tax year.

Does this change anything?

NO HMRC tend to keep you on the system for a year or two.

purdyoaten

zygurat789 wrote: »

NO HMRC tend to keep you on the system for a year or two.

Exactly my point! Glad it's not just me who would not just assume that HMRC had not issued a notice to file.

On a separate point, to the op, the UTR assigned to you must also be used for your new business. It is personal and not related to the business itself.