Tax trap doubt

Jeremy535897

The salary over £50,000 isn't the issue. That would only be relevant if you had children and claimed child benefit.

The issue is that you have entered "over £10,000" as income from savings and investments. All your posts indicate that this is potential sale proceeds rather than income. Do you also have income from investments? That would form part of your adjusted net income for working out whether you might lose part of your personal allowance, and whether you need to file a tax return (and may owe tax). 

[Deleted User]

I think you are getting very confused - if you generate any Capital Gains above the annual exemption you must complete a return, regardless of your other income.

RobHT

Jeremy535897 said:

The salary over £50,000 isn't the issue. That would only be relevant if you had children and claimed child benefit.

The issue is that you have entered "over £10,000" as income from savings and investments. All your posts indicate that this is potential sale proceeds rather than income. Do you also have income from investments? That would form part of your adjusted net income for working out whether you might lose part of your personal allowance, and whether you need to file a tax return (and may owe tax). 

Income from savings and investments may stand for dividends, but I meant only share sale.
I also received some dividends, let's say around 100 pounds, but it's not over the 2k allowance.

I'm still not sure if I need to do the self assessment or not at this point  

RobHT

[Deleted User] said:

I think you are getting very confused - if you generate any Capital Gains above the annual exemption you must complete a return, regardless of your other income.

This was clear, but thanks for the remainder.

Jeremy535897

If you only received £100 in dividends you don't need to do a tax return for 2020/21, unless your other answers were incorrect:
https://www.gov.uk/check-if-you-need-tax-return/y/no/no/between-50-000-and-100-000/no-i-do-not-have-children-or-did-not-claim/no/no/none-of-these/no/no

Your dividends of £100 do count towards adjusted net income though, so your other income would have to be under £99,901.

Your answers

Start again

1. Did you work for yourself between 6 April 2020 and 5 April 2021?

No

2. Did you work as an ‘off-payroll worker’?

No

3. What was your total income for the year?

Between £50,000 and £100,000

4. Did you claim Child Benefit?

No, I do not have children or did not claim

5. Did any of your income come from UK property or land?

No

6. Did you get more than £10,000 from dividends or savings and investments?

No

7. Do you need to pay tax on any of the following?

None of these

8. Do you need to pay any Capital Gains Tax?

No

9. Did you hold a position that affects how you’re taxed?

No

RobHT

I think I misinterpreted the 10k limit that triggers the process to do the self assessment.........
In any case, it's quite messed up, too may different values...
Thank you!