HMRC return 23/24

Dazed_and_C0nfused

Tonski said:

Dazed_and_C0nfused said:

Tonski said:

I earn ~£53k and in the financial year 2022-23 I had to fill in a self-assessment tax form as I received a very large bonus (>£12k) from work which took me over the 20% threshold despite my pension contributions. For the financial year just ended 2023-24, I increased my pension contributions and didn't receive a large bonus, so I am well under the higher rate threshold. Do I still need to complete a self-assessment form or is this no longer required? I don't have any other income to declare as all savings are in ISA's

Have you been issued with a notice to file a return?

Also, being a higher rate payer is not a reason to need to complete a tax return.  What was the real reason?  HICBC?

I was issued with a notice to file in 2022-23 but not for 2023-24 so far. Yes, I received Child benefit allowance and had to pay back a portion of this for the 2022-23 financial year.

If you haven't had a notice to file then your best bet is to follow @gt94sss2's suggestion and check if a return is required or not.

Tonski

gt94sss2 said:

Tonski said:

I earn ~£53k and in the financial year 2022-23 I had to fill in a self-assessment tax form as I received a very large bonus (>£12k) from work which took me over the 20% threshold despite my pension contributions. For the financial year just ended 2023-24, I increased my pension contributions and didn't receive a large bonus, so I am well under the higher rate threshold. Do I still need to complete a self-assessment form or is this no longer required? I don't have any other income to declare as all savings are in ISA's

If HMRC issue you with a Notice to file/tax return, you should fill it in - even if you think no tax is due - as you will otherwise be fined. 

If you haven't been asked to fill in a tax return, have a look at https://www.gov.uk/check-if-you-need-tax-return

Thanks for the link. I've been through the form, it said you "may need to send a Self assessment". I then did the child benefit tax calculator, and it said there is no tax to pay. I assume i just wait and see if HMRC contact me and if not, then I don't have to complete the form? 

MetaPhysical

I have a £560 credit from my 2022-2023 return in my HMRC tax account.  I have requested repayment of this credit four times now using the online refund system, most recently in Mid April and I first requested it July 2023.  It gives me a transaction ID and says I may need to wait four weeks.  What kind of system is this????   Nothing ever happens and the credit remains on my HRMC account.  !!!!!! is going on??????  I am due a £2500 refund - the extra 20% from a pension contribution - from my SA.  I can't afford HMRC to be sitting on my money!

PENDINGHMRC

had a letter explaining they have only the CIS deductions from one firm out of the two i worked for in 23-24. 
the second firm is a well trusted company, i have worked for them 5 years + I dont see how or why they would havent those CIS deductions 

on the final yearly payslip it states something im not familiar with or have noticed before, maybe someone can help?
Gross Amount paid in the Year (exc. VAT): (A) 19228.36
Less cost of materials: -1165.00
Amount liable to deduction: 20393.36
why would i be getting VAT deductions when im a individual sole trader, subcontractor.
i do not purchase materials. 

Hephaestus123

PENDINGHMRC said:

had a letter explaining they have only the CIS deductions from one firm out of the two i worked for in 23-24. 
the second firm is a well trusted company, i have worked for them 5 years + I dont see how or why they would havent those CIS deductions 

on the final yearly payslip it states something im not familiar with or have noticed before, maybe someone can help?
Gross Amount paid in the Year (exc. VAT): (A) 19228.36
Less cost of materials: -1165.00
Amount liable to deduction: 20393.36
why would i be getting VAT deductions when im a individual sole trader, subcontractor.
i do not purchase materials. 

I would say someone has incorrectly processed your CIS as there Should not be any deductions for materials.

PENDINGHMRC

Hephaestus123 said:

PENDINGHMRC said:

had a letter explaining they have only the CIS deductions from one firm out of the two i worked for in 23-24. 
the second firm is a well trusted company, i have worked for them 5 years + I dont see how or why they would havent those CIS deductions 

on the final yearly payslip it states something im not familiar with or have noticed before, maybe someone can help?
Gross Amount paid in the Year (exc. VAT): (A) 19228.36
Less cost of materials: -1165.00
Amount liable to deduction: 20393.36
why would i be getting VAT deductions when im a individual sole trader, subcontractor.
i do not purchase materials. 

I would say someone has incorrectly processed your CIS as there Should not be any deductions for materials.

it shows less cost of materials. ive researche what i can its saying you pay this if you earn over 85,000 per year...
i earnt less than 25k overall. 
ive sent an email to the payroll services they are using 

sheramber

PENDINGHMRC said:

had a letter explaining they have only the CIS deductions from one firm out of the two i worked for in 23-24. 
the second firm is a well trusted company, i have worked for them 5 years + I dont see how or why they would havent those CIS deductions 

on the final yearly payslip it states something im not familiar with or have noticed before, maybe someone can help?
Gross Amount paid in the Year (exc. VAT): (A) 19228.36
Less cost of materials: -1165.00
Amount liable to deduction: 20393.36
why would i be getting VAT deductions when im a individual sole trader, subcontractor.
i do not purchase materials. 

So it is not HMRC’s fault that your potential repayment has been delayed.

Archie492

MetaPhysical said:

I have a £560 credit from my 2022-2023 return in my HMRC tax account.  I have requested repayment of this credit four times now using the online refund system, most recently in Mid April and I first requested it July 2023.  It gives me a transaction ID and says I may need to wait four weeks.  What kind of system is this????   Nothing ever happens and the credit remains on my HRMC account.  !!!!!! is going on??????  I am due a £2500 refund - the extra 20% from a pension contribution - from my SA.  I can't afford HMRC to be sitting on my money!

This may need to be manually requested. Probably best to give them a call. 

Archie492

Saw on one site that someone passed security checks and payment will be made soon. They submitted on 9th April. 

Hephaestus123

Archie492 said:

Saw on one site that someone passed security checks and payment will be made soon. They submitted on 9th April. 

Was that return submitted the 9th or request for repayment.