when do i have to complete a self assessment?

stolt

hi there, ive never had to do a self assement before and i checked on google and its over 50k per year, my wife doesnt work. I went on the gov gateway and ive filled in a registration on there but now am i going to get fined because im too late.

i need UTR code which im assuming will come in a few days after they get this form. I dont have any others houses or stock assets etc, literally just my wage which is over 50K


i think i have to pay a high income child benefit tax as my wife doesnt work but does claim child benefit for our 3 chidlren.

thanks
rob

Darksparkle

Are you referring to the Child Benefit High Income Charge? Which tax year did your income exceed £50,000? This year or previous year’s?

stolt

Darksparkle wrote: »

Are you referring to the Child Benefit High Income Charge? Which tax year did your income exceed £50,000? This year or previous year’s?

hi yes thats the one, i checked the requirements on the gov website and the only condition i can see i have to complete the self assessment is that we do claim child benefit and im earning over 50k.

ive just been on there again and in 2015- 2016 tax year i was above 50K aswell as this year

wife doenst work or get any income if that makes any difference
thanks

Darksparkle

You’re already passed the deadline for 2015/16 so will likely have late filing penaltie and interest to pay as well as the tax.

You need to contact them ASAP.

Dazed_and_confused

If you haven't actually been asked to complete a tax return you cannot be fined for not completing one.

Now you have registered you should be sent one to complete and you will get 3 months to fulfill it in and return it, only if you exceed this period would you be fined for a late return.

You will probably still have to pay any tax (child benefit) owed by 31January or face interest charges so you might to guesstimate how much you will owe for 2016:17 and pay that (using the UTR which will be on your tax return) as soon as possible.

stolt

Darksparkle wrote: »

You’re already passed the deadline for 2015/16 so will likely have late filing penaltie and interest to pay as well as the tax.

You need to contact them ASAP.

ok thanks, i will try to call them in the morning. I had no idea it even exsisted my wife gets that money for the girls so never really took an interest in how much we got. thats going to teach me isnt it to be clued up with this kind of thing.

got me worried now its going to be thousands

Dazed_and_confused

Just seen reference to 2015:16. You will owe interest for any tax/child benefit paid late i.e. after 31 January 2017.

But you should get 3 months to complete the return for that year before late filing penalties can be charged.

Darksparkle

Dazed_and_confused wrote: »

Just seen reference to 2015:16. You will owe interest for any tax/child benefit paid late i.e. after 31 January 2017.

But you should get 3 months to complete the return for that year before late filing penalties can be charged.

Yes sorry you’re correct. If any penalties where to be charged it would be failure to notify rather than late filing. As you have contacted them yourself rather than them notifying you, you may not be charged a penalty though.

stolt

Dazed_and_confused wrote: »

Just seen reference to 2015:16. You will owe interest for any tax/child benefit paid late i.e. after 31 January 2017.

But you should get 3 months to complete the return for that year before late filing penalties can be charged.

ok thanks i will call them, i need a drink just to try to understand all this. Do you know roughly what they charge interest on. Ive never been contacted at all by HMRC about this. I see a advert on tv and then googled it, i know its not a excuse not to know but just nobody really explains it.

stolt

Dazed_and_confused wrote: »

If you haven't actually been asked to complete a tax return you cannot be fined for not completing one.

Now you have registered you should be sent one to complete and you will get 3 months to fulfill it in and return it, only if you exceed this period would you be fined for a late return.

You will probably still have to pay any tax (child benefit) owed by 31January or face interest charges so you might to guesstimate how much you will owe for 2016:17 and pay that (using the UTR which will be on your tax return) as soon as possible.

thanks, I ve been given a P60 for 2016 -2017 from work, it was confusing when i was on it earlier but all a bit new to me


just back on there and i need to know my pay with pension deducted

enter your income details for the tax year:

• don’t combine your household income
• use your partner’s income if it’s higher than yours
• you can get some of this information from your P60, P11D, employer or tax adviser

Salary before tax (with pension contributions deducted) _ not sure where i find this info, i can see total pay but is my pension on the P60?
Other employment income - for example bonuses
Taxable benefits provided by your employer - for example the value of any medical insurance, company car, or anything else included on your P11D
We get medical insurance at work
Income from pension(s) before tax - for example from a state pension
Other income before tax - for example profits from self-employment, taxable

Dazed_and_confused

Your P60 should show the correct pay and you should have a form P11D from your employer (one for each year) with the value of the medical benefit

If your salary is £45000 and you pay 10% pension, before tax is deducted, then your P60 would show your taxable pay as £40500. There is nowhere on the return you should show this type of pension payment