Tax returns and when to fill in

proudgecko

I am a bit confused as to what I should be doing regarding 2023/2024 tax year
i earned around 2.5k income
took no pension
Plus savings interest earned (exc ISAs, premium bond winnings) was around 12.5k
no other incomings

i calculate that I do not owe any tax

Been on Gov website which says my tax for that tax year has not been calculated yet, and I haven’t received a P800

Should I proactively fill in a tax return as interest > 10k
or do I wait & only fill one in if they ask me to or they send a P800 I disagree with

FlorayG

If you did one last year then I would fill it in that will show them you don't owe anything; otherwise they may just assume you do

Mr.Generous

If you owe no tax file early, you might even get a refund if they took tax in advance the previous year - as they do from the self employed.

Bigwheels1111

This was my first year of earning over 10K in interest.

I wanted to jump start the process.

I called them and gave my expected figures, I was informend that I would need to file a return.

3 days later I got a letter infoming me of this fact.

Just register, and file a self assessment return.

I did mine on April the 16th.

Still not calculated yet, but when I filed it stated you owe nothing.

Apart from, Your details,Ni number etc.

There are only 2 main boxes to fill in.

Income &

UK interest and dividend

2.Untaxed UK interest (amounts which have not been taxed).Enter total amount: £12590.00.

As I get carers allowance I filled out

Other UK income not included on supplementary pages.

16. Total of any other taxable State Pensions and benefits: £ 4001.00

Your Income Tax has not been calculated yet for 6 April 2023 to 5 April 2024

eskbanker

The HMRC web page does state that you should self-assess if receiving over £10K in savings interest, but it's been highlighted on here before that if you clearly don't owe tax then there isn't any legal obligation to submit one, so it's effectively up to you whether or not to do so.

proudgecko

I haven’t had significant income from work or interest for last couple of years so haven’t done a return since 2019
this will be first year I’ve breached the 10k in interest

Dazed_and_C0nfused

Bigwheels1111 said:

This was my first year of earning over 10K in interest.

I wanted to jump start the process.

I called them and gave my expected figures, I was informend that I would need to file a return.

3 days later I got a letter infoming me of this fact.

Just register, and file a self assessment return.

I did mine on April the 16th.

Still not calculated yet, but when I filed it stated you owe nothing.

Apart from, Your details,Ni number etc.

There are only 2 main boxes to fill in.

Income &

UK interest and dividend

2.Untaxed UK interest (amounts which have not been taxed).Enter total amount: £12590.00.

As I get carers allowance I filled out

Other UK income not included on supplementary pages.

16. Total of any other taxable State Pensions and benefits: £ 4001.00

Your Income Tax has not been calculated yet for 6 April 2023 to 5 April 2024

That wording is nothing to do with Self Assessment.

It is the PAYE position, which ultimately doesn't matter for someone who is due (or has) filed a tax return for that year.

But if you believe that is a message which genuinely relates to your Self Assessment position then you might want to contact HMRC as normally the only reason for there not being a calculation is that the return wasn't actually submitted to HMRC.

And where no return has been submitted for a tax year where one is expected then late filing penalties will inevitably follow in due course.

boingy

HMRC will be given details of your interest earnings by the banks etc.
They may then ask you to do a tax return. If they don't ask you then you don't need to do one. 

If you think you are due a refund you can view the numbers on their website and request a refund or you can wait and trust (or hope!) that they eventually figure it out. Definitely go for the proactive"request" route! 

littlemissbossy

My gov gateway account states that my income tax hasn’t been calculated yet (not SA). It seems quite late this year, last year was 3rd Oct and the year before 23rd Oct. 

Dazed_and_C0nfused

littlemissbossy said:

My gov gateway account states that my income tax hasn’t been calculated yet (not SA). It seems quite late this year, last year was 3rd Oct and the year before 23rd Oct. 

Same, as the saying goes though, a watched pot never boils!

littlemissbossy

Yes, and a boiled watch never ticks, sorry, I’ll get me coat 😊