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Completing self assessment, but already paid PAYE last year
7sefton
Posts: 657 Forumite
in Cutting tax
I'm completing self assessment for the first time because I rented out my property in the last tax year.
However, do I need to restate all my other income (e.g. regular employment, savings interest) when they've already been taxed through PAYE?
It seems to imply I need to, but as I'm new to this I want to make sure a) I'm not unnecessarily creating work for myself, and b) I do this correctly!
Thanks.
However, do I need to restate all my other income (e.g. regular employment, savings interest) when they've already been taxed through PAYE?
It seems to imply I need to, but as I'm new to this I want to make sure a) I'm not unnecessarily creating work for myself, and b) I do this correctly!
Thanks.
0
Comments
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Most savings accounts are not actually taxed at source (but there is an allowance for savings interest). Any income from ISAs is tax free so this doesn't need to be included anyway.You need to include your regular employment income, plus any benefits or expenses relating to this. If you contribute to a workplace pension scheme, ensure you use the figures on your P60 for employment income and tax, not the figures from your payslips if they are different. If your employer operates "salary sacrifice" then the figures on your payslips for your income may not be the correct taxable amounts - so always go by the P60 amounts.Assuming all your employment income is already taxed and you don't have many savings, the figures you enter will likely not have any tax implications (so they won't cause you to have to pay more tax) but you'll need to include them for completeness. You can sense check the amounts if you think you've already paid the correct amount of tax by omitting the amounts from a category, checking the estimated tax due, then entering the correct amounts again and check there is no significant difference in tax to be paid.Indecision is the key to flexibility
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