Newbie to Self Assessment

dales1

Yes, if you check this box, hopefully it will stop HMRC fiddling with your tax code and trying to estimate your current-year interest and dividends.

hgt

dales1 wrote: »

Yes, if you check this box, hopefully it will stop HMRC fiddling with your tax code and trying to estimate your current-year interest and dividends.

Yes I agree with this.... as soon as you let HMRC fiddle with your tax code, it's neigh on impossible to work out if they have taken the correct amount, and it's difficult to get off one of their special codes. I'd suggest filing a self assessment and paying off anything you owe in January.

ColdIron

talexuser wrote: »

Just that I've read a lot of stuff complaining about SA so a little wary of the unknown.

It's a doddle once you've done it once, mine took about 30-40 minutes this year including double checking. The trick is to keep good records of salary, pension payments (and income if retired), savings interest and dividends, then it's just a matter of plugging the numbers in. The thought of trusting them to get everything right would keep me awake at night plus it's all done and dusted by January rather than having knock on effects in the next tax year

Before you submit it you can see how they worked out your tax bill (or refund) and how all the allowances are applied, this gives you the opportunity to try some 'what ifs'. What if I took more dividends than interest etc

Albermarle

After years of SA and in recent times all online , I have been informed by HMRC that I do not need to do it next year .
It is true my tax situation is not that complicated but I do claim back some HRT relief from pension contribution.
Like already mentioned I prefer to do the SA , so not very happy about being taken off it !

dales1

Yes, HMRC may well say that you do not need to do Self Assessment.
But you still can, if you wish, and that is often preferable.
There are 450,000 voluntary SA's per year, and HMRC accepts them all as valid submissions.
https://www.tax.org.uk/media-centre/press-releases/press-release-voluntary-tax-returns-%E2%80%93-taxpayer-rights-safeguarded
Dales.