MSE News: Not filed your self-assessment tax return yet? Do it NOW...

Former_MSE_Callum

Millions of taxpayers have until 31 January to file their online self-assessment tax return. Act NOW to avoid a £100 fine for missing the deadline - especially if you're filing online for the first time, as it could take up to 10 days for first-time filers to receive an activation code...

Read the full story:
'Not filed your self-assessment tax return yet? Do it NOW - time's running out'

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chrismac1

If you have not quite got all the information you need, just bang in whatever you do have RIGHT NOW. That puts an end to the fines for late filing. You then have until 31 Jan 19 to re-submit.

badmemory

People should also be aware that the letters they normally send to those who file early, which actually give an address to send cheque payments to (& other means of paying), do not appear to have been sent out as normal in December. This information does not appear on the original paperwork.

I was told they were late going out but it is now so late that I very much doubt them being sent out at all.

jamesd

A mistake: "(bank account interest is usually taxed automatically)" isn't true in the UK for the 2016-17 tax year this article is primarily about.

badmemory

jamesd wrote: »

A mistake: "(bank account interest is usually taxed automatically)" isn't true in the UK for the 2011617 tax year this article is primarily about.

Well spotted - they are supposed to be pre-filling this now from the info the banks have sent them - I suggest carefully checking this figure & also carefully checking any future figure they may be including within your tax code.

HMRC seem to have somewhat unrealistic ideas of the actual interest rates banks are giving. It seems to be based on the DWPs figure of £1 per week for every £500 of savings, which surpisingly enough was equal to the old state pension deferment rate. Hopefully this is now the still unrealistic £1 per week for every £900 of savings (5.8%).

gadgetmind

I was chatting to a chap on Sunday who's just signed up to do SA for the 1st time (he's in his 60s and I've had to do one for every year for 35+ years since early 20s!) and they've told him that as he's just signed up, he has a filing extension.

DumbMuscle

The article says you need to file a return if your savings income is £2,500 or more.

Don't you owe tax on anything over £1,000? (or £500 if your pay higher rate)? How is this handled? I'm asking as from next year, my normal reason for filing a return (overseas income) will have gone, but I may just edge over the savings income threshold (from holding a house deposit in a savings account for slightly longer than expected)

badmemory

I suspect that in a couple of years the £2.5k requirement will be removed. They are still in the early stages of being notified of interest payments by banks & BSs etc & will want to confirm that the figures they are getting are accurate. This whole interest notification thing is going to be "interesting".

I am looking forward to seeing what they come up with next April as I am no longer required to file SA. I am still trying to decide whether I let their imagination run riot on my interest income, provided I pay no extra tax, or whether to argue it down to the penny. Procrastination will probably win!

jamesd

DumbMuscle wrote: »

The article says you need to file a return if your savings income is £2,500 or more.

Don't you owe tax on anything over £1,000? (or £500 if your pay higher rate)? How is this handled?

You must tell HMRC but you don't have to sign up for the self-assessment system. Phone or letter are fine. If it's all from UK places which report to HMRC, they will update your tax code based on those reports and tell you the reason for the adjustment.