Re. simple tax return for 2023-2024

katejo

Bookworm105 said:

katejo said:

Hoenir said:

Dazed_and_C0nfused said:

katejo said:

Dazed_and_C0nfused said:

katejo said:

I have rarely ever had to do a tax return. I am a standard rate tax payer with no other external income so the only issue is interest on savings. I have exceeded the £1000 allowed  in 2023-2024 for the first time so will have to do one. Is there a simpler version of the form which just covers savings interest? If I declare all my interest (approx £1800) via the tax return form, is there any risk of confusion with adjustments to my PAYE tax code? I am still working an 80% week and haven't claimed my pension yet. 

Why do you think you need to file a tax return?

With interest the only limit relevant to a tax return is £10,000, not £1,000.

Have you checked if you can use the savings starter rate band?  This (and the Personal Allowance) must be used before the savings nil rate band (aka Personal Savings Allowance) comes into play.

I don't follow. Standard rate tax payers (who are working) are allowed £1000 interest on savings and higher rate payers £500

Calculations for 2023-24 are probably being issued now.

Some have and some haven't. I'm still waiting for my update. 

 I thought I had  to actively declare any interest over the £1000 allowed before tax.  

did you read my post above?
Do you not believe info written on a .Gov website?

why not check it for yourself (the outcome will be as stated, you do not need to submit a tax return when interest is <£10k)
Check if you need to send a Self Assessment tax return - GOV.UK (www.gov.uk)

Ok thanks. I did read it but was surprised and wanted to be sure. 

katejo

Bookworm105 said:

katejo said:

Hoenir said:

Dazed_and_C0nfused said:

katejo said:

Dazed_and_C0nfused said:

katejo said:

I have rarely ever had to do a tax return. I am a standard rate tax payer with no other external income so the only issue is interest on savings. I have exceeded the £1000 allowed  in 2023-2024 for the first time so will have to do one. Is there a simpler version of the form which just covers savings interest? If I declare all my interest (approx £1800) via the tax return form, is there any risk of confusion with adjustments to my PAYE tax code? I am still working an 80% week and haven't claimed my pension yet. 

Why do you think you need to file a tax return?

With interest the only limit relevant to a tax return is £10,000, not £1,000.

Have you checked if you can use the savings starter rate band?  This (and the Personal Allowance) must be used before the savings nil rate band (aka Personal Savings Allowance) comes into play.

I don't follow. Standard rate tax payers (who are working) are allowed £1000 interest on savings and higher rate payers £500

Calculations for 2023-24 are probably being issued now.

Some have and some haven't. I'm still waiting for my update. 

 I thought I had  to actively declare any interest over the £1000 allowed before tax.  

did you read my post above?
Do you not believe info written on a .Gov website?

why not check it for yourself (the outcome will be as stated, you do not need to submit a tax return when interest is <£10k)
Check if you need to send a Self Assessment tax return - GOV.UK (www.gov.uk)

I have answered the questions on this link. Most are clearly no but there is one which asks about income from a trust. Does this include interest from a Unit Trust?

[Deleted User]

katejo said:

Bookworm105 said:

katejo said:

Hoenir said:

Dazed_and_C0nfused said:

katejo said:

Dazed_and_C0nfused said:

katejo said:

I have rarely ever had to do a tax return. I am a standard rate tax payer with no other external income so the only issue is interest on savings. I have exceeded the £1000 allowed  in 2023-2024 for the first time so will have to do one. Is there a simpler version of the form which just covers savings interest? If I declare all my interest (approx £1800) via the tax return form, is there any risk of confusion with adjustments to my PAYE tax code? I am still working an 80% week and haven't claimed my pension yet. 

Why do you think you need to file a tax return?

With interest the only limit relevant to a tax return is £10,000, not £1,000.

Have you checked if you can use the savings starter rate band?  This (and the Personal Allowance) must be used before the savings nil rate band (aka Personal Savings Allowance) comes into play.

I don't follow. Standard rate tax payers (who are working) are allowed £1000 interest on savings and higher rate payers £500

Calculations for 2023-24 are probably being issued now.

Some have and some haven't. I'm still waiting for my update. 

 I thought I had  to actively declare any interest over the £1000 allowed before tax.  

did you read my post above?
Do you not believe info written on a .Gov website?

why not check it for yourself (the outcome will be as stated, you do not need to submit a tax return when interest is <£10k)
Check if you need to send a Self Assessment tax return - GOV.UK (www.gov.uk)

I have answered the questions on this link. Most are clearly no but there is one which asks about income from a trust. Does this include interest from a Unit Trust?

No.