Anything to do now for first time SA in April?

Darksparkle

hoc wrote: »

I really wasn't expecting these answers. Every single source I have read, from SIPP providers to forums, has mentioned claiming the additional 20% on SIPP via SA.

One question that immediately comes to mind is the number. I distinctly remember there were limits for income on interest savings and other things up to which this could be done over the phone or by writing, if above an SA was required. The amount was higher than my interest so not relevant. Sadly, I can't find the exact page on the HMRC site. In the list at https://www.gov.uk/self-assessment-tax-returns/who-must-send-a-tax-return if I have interpreted correctly up to 10k interest earning can be done without SA. Is that right? Seems really high, I remember much smaller limits when I spoke with HMRC a few years ago...

Anyway, as you all suggest I do not see anything related to SIPP in the list so I presume there is no limit. Seems a bit odd, more than 10k interest needs SA but 20k tax relief on SIPP doesn't?

For interest:
Taxed Interest - £10,000
Untaxed Interest £2,500

How those figures are decided I have no idea.

hoc

patanne wrote: »

How about - as soon as possible after the end of the tax year you write a letter detailing the SIPP, interest received (everything you would do via SA in fact). They get back saying we owe you or you owe us. Or they may get back saying you need to do SA. If they don't indicate SA is necessary then go with letters. If SA is involved and one year life throws you a wobbly and you don't file in time you get fined. If you are not on SA you don't.

But most of all keep good records and do not dump documents. I am regularly shocked by friends who keep things like mag membership details for years but scrap a P60 almost the day they receive it.

I will do this. I'll send a letter in April, as I usually do for the interest, also adding the SIPP details this year and see the reply. Hopefully it's the cheque!