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Unsure how to do tax return now I am employed

gilesm89
Posts: 36 Forumite

in Cutting tax
I know that this is probably quite a stupid question but I don't think I am Googling the right thing to get the answer I want.
I always used to be employed by my own Ltd company so my accountant used to do a self assessment for me every year. I have since closed the company and am now an employee of a large company.
The only things that I need to square away on my tax return for 2023/24 are interest earned from savings and hopefully some tax relief on business mileage (through MAR). My understanding is that I do not need to do a self assessment for this but how do I go about doing the tax return? Is this something the company's payroll team should sort out for me if I give them the info on my savings interest?
I always used to be employed by my own Ltd company so my accountant used to do a self assessment for me every year. I have since closed the company and am now an employee of a large company.
The only things that I need to square away on my tax return for 2023/24 are interest earned from savings and hopefully some tax relief on business mileage (through MAR). My understanding is that I do not need to do a self assessment for this but how do I go about doing the tax return? Is this something the company's payroll team should sort out for me if I give them the info on my savings interest?
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Comments
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Your payroll department operates PAYE on your salary in accordance with the code issued by HMRC. They are not responsible for your personal tax whatsoever.Given the questions can you continue with your accountant to complete the 2023/24 return or seek to remove yourself from self-assessment?If a notice to file a return has been issued you must complete it.1
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Unless your mileage claim is over £2500 there is no need for a Tax Return. Complete form P87 on gov.uk (unless, as above, you have already been sent a notice to file)0
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But if you have been sent a notice to file a return then don't just ignore it. Either file the return with your full income details (including any expenses claim) or ask HMRC to withdraw it and go down the P87 route.1
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Never done one myself (in the UK) before this year and it was really easy. If it's just a bit of interest that might be taxed it will probably take you about 5 minutes. Self Assessment tax returns: Overview - GOV.UK (www.gov.uk)I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe and Old Style Money Saving boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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