when do i have to complete a self assessment?

Comms69

stolt wrote: »

apologies for asking these questions.... just realy worried how much etc this is going tobe. I went on the webchat again and was asking about interest which i will be charged but they have no indication until the form has been submitted


I asked how much roughly and he said


The interest rate is between 2.5% - 3.00% at the moment over 365 days but we work it out daily

I think we have to pay back at least £1500 for 2015-2016 and at worst case its 3% (i'd love a bank account that pays 3%) is that 3% of £1500 = £45 per day! or total and I know we didnt have the 1500 for the whole 365 days but im just looking at worse case at the moment. Surely can't be £45 a day

2.5%-3.0% OVER 365. worked out daily.


IS NOT 2.5%-3.0% daily interest.


To keep it simple, £1,500 x 3% = £45. £45 / 365 = 0.12p a day.

Darksparkle

Intereste rates are on the website - https://www.gov.uk/government/publications/rates-and-allowances-hmrc-interest-rates-for-late-and-early-payments/rates-and-allowances-hmrc-interest-rates#income-tax-national-insurance-contributions-capital-gain-tax-stamp-duty-land-tax-stamp-duty-and-stamp-duty-reserve-tax-from-1-october-1999

Dazed_and_confused

stolt

Try Nationwide, First Direct or Santander. They all have accounts which pay far more than 3%, albeit on relatively small amounts.

And you can probably avoid most,
if not all of any potential interest charge for 2016:17 by making a payment by 31January 2018.

stolt

Dazed_and_confused wrote: »

stolt

Try Nationwide, First Direct or Santander. They all have accounts which pay far more than 3%, albeit on relatively small amounts.

And you can probably avoid most,
if not all of any potential interest charge for 2016:17 by making a payment by 31January 2018.

thanks i'll have a look but probably too late to earn interest to pay the interestback to HMRC. I just have to wait for my UTR reference now but as ive just applied for it, it can take upto 20 days to arrive so there is a chance im going to miss the deadline because i cant file it.

Dazed_and_confused

Once you have got your UTR you should be able to make a payment straight away, there is no need to wait until you have submitted the return. The sooner you make the payment the less the interest charge (for 2015:16) will be.

greasylover

stolt wrote: »

thanks i'll have a look but probably too late to earn interest to pay the interestback to HMRC. I just have to wait for my UTR reference now but as ive just applied for it, it can take upto 20 days to arrive so there is a chance im going to miss the deadline because i cant file it.

How are you getting on with this?

I've just found myself in the same boat and have notified HMRC after finding out. I've registered for a UTR on Monday but still not received it to submit a Self Assessment.

I was previously earning well under the threshold in 2013 when the legislation changed, but went over in 2014/15 tax year. As I was earning significantly under the threshold in 2013, I received no mailshot at the time & naturally wasn't something I gave much significance to in the media.

I now just want to pay back what I owe ASAP, but finding it a difficult process to move forward on. There's very limited info and help available from various HMRC depts about my circumstance, but looks like I need to submit multiple SAs for the relevant tax years. Being PAYE, I've never completed a SA in my life and & am slightly frustrated seeing as HMRC should already have the info I'm being asked to submit, but can't at this stage. Surely notifications to people getting close to or now over the earnings threshold could/should have been sent out, not just a one time event at the time of legislation changes?

stolt

greasylover wrote: »

How are you getting on with this?

I've just found myself in the same boat and have notified HMRC after finding out. I've registered for a UTR on Monday but still not received it to submit a Self Assessment.

I was previously earning well under the threshold in 2013 when the legislation changed, but went over in 2014/15 tax year. As I was earning significantly under the threshold in 2013, I received no mailshot at the time & naturally wasn't something I gave much significance to in the media.

I now just want to pay back what I owe ASAP, but finding it a difficult process to move forward on. There's very limited info and help available from various HMRC depts about my circumstance, but looks like I need to submit multiple SAs for the relevant tax years. Being PAYE, I've never completed a SA in my life and & am slightly frustrated seeing as HMRC should already have the info I'm being asked to submit, but can't at this stage. Surely notifications to people getting close to or now over the earnings threshold could/should have been sent out, not just a one time event at the time of legislation changes?

hi there, yes i agree with you completely I understand the logic thats its up to the person to be aware of the tax situation and it is there fault if they do not complete self assessement. Just like you ive had no notifications in any previous tax years that i need to submit a self assessment. ive always been PAYE and dont own any houses or am a director so i have found the situation very stressfull and quite tricky to understand. Bearing in mind my affairs are not very complicated i literally get paid and have works provided medcal isurance the only other thing is the child benefit.
I basically got my sign in then a few days later my UTR reference I submitted a self assessment for 2015-2016 and also
2016-2017 on the 30th January.


It calculated my tx bill as
2015-2016 - £2251.00
2016-2017 - £2291.55


I made two payments one by DD and another on the HRMC website on the 30th for the sums above.


Yesterday the HRMC website stated that i was £2355.86 overdue. I could see from my bank account that the transaction for £2291.55 had still not been taken yesterday but today its showing as left my account


i logged into today and can see that it says i have £ 2355.86 overdue


and that i need to pay £228 by 8th march
£114.00 30 days late payment penalty
£114.00 6 months late payment penalty


and i need to pay £2421.05 by the 1st May


so im alittle confused still by it all, the whole process i would say isnt as easy as i thought esepcially as I'm PAYE.


I'm trying to get onto them to work out that perhaps my payments has cleared through the system. Im still debating whether to appeal the charges above as i only got a self assessment notification a few days after i signed up.


good luck but yes very tricky certainly the first time.




Im




£2291.55 - 2916-2017

sammyjammy

stolt wrote: »

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.

Seems highly unlikely, my sister got a letter and she doesn't even have children or claim child benefit (her friend she house shares with does.)

LilElvis

When I submitted my husband's return, and made a debit card payment, on 31st the confirmation clearly stated that it would take several days to show on his tax account. If you only made payments on 30th then it might be another day of two before they update your account.

Cath27

I completed the 2016/17 SA a couple of weeks back missing the official deadline. As i wasn't set up online i filled in the paper form and sent this back via special delivery. I heard nothing not even a confirmation. I called the HMRC and they have confirmed receipt, the form hasn't been processed yet. Didn't really find the tax notes very helpful. I'm expecting to have to complete an SA for 2017/18 as i received child benefits up til Sept 2017. Does anyone know whether a paper form is sent through or do you go online?
Any help would be great i'm trying to sort this mess out as soon as i can.
I've always been PAYE, will i be expected to continue submitting SAs?