Self assessment payment reminders

Dazed_and_C0nfused

TheSpectator said:

dosh37 said:

The arcane rules - especially those relating to  tax on savings, personal savings allowances for basic and higher rate tax payers, starting rates for savings etc. are almost impossible for older mortals like myself to understand.

I have an old Which excel tax spreadsheet I use to try and keep track but the rules have changed so it no longer gives results that match HMRC figures. It is so complex that, even with an honours degree in electronic engineering, I am unable to figure out how to modify it.

400ixl said:

HMRC will know some of the information, possibly not all of it. How would they know if you sold a property abroad, had capital gains etc etc.

Granted for most they have the information which they know retrospectively of you confirming it. But for many they don't, hence asking everyone.

If you are unable to keep track yourself, you need to ask someone to assist or keep things simple.

400ixl said:

HMRC will know some of the information, possibly not all of it. How would they know if you sold a property abroad, had capital gains etc etc.

Granted for most they have the information which they know retrospectively of you confirming it. But for many they don't, hence asking everyone.

If you are unable to keep track yourself, you need to ask someone to assist or keep things simple.

Who do I ask?

That's why people like me go on these forums!

I don't have property abroad, capital gains, shares or anything else. I am just an ordinary pensioner.

With over £10k of interest you can clearly afford the services of a tax advisor to file your returns.

For your complaints about the rules on personal savings allowance, rates etc, direct these to your MP, HMRC are only applying government legislation.

The £10k rule isn't legislative though, it's something HMRC have decided to implement.

That said I'm not entirely convinced by this explanation, enough brain power to open multiple accounts but not enough to keep track of the ensuing interest 🤔

I'm a 70 year old pensioner with failing eyesight and failing brain power. How do you and HMRC expect me to be able to accurately keep track of multiple accounts?

dosh37

Dazed_and_C0nfused said:

TheSpectator said:

dosh37 said:

The arcane rules - especially those relating to  tax on savings, personal savings allowances for basic and higher rate tax payers, starting rates for savings etc. are almost impossible for older mortals like myself to understand.

I have an old Which excel tax spreadsheet I use to try and keep track but the rules have changed so it no longer gives results that match HMRC figures. It is so complex that, even with an honours degree in electronic engineering, I am unable to figure out how to modify it.

400ixl said:

HMRC will know some of the information, possibly not all of it. How would they know if you sold a property abroad, had capital gains etc etc.

Granted for most they have the information which they know retrospectively of you confirming it. But for many they don't, hence asking everyone.

If you are unable to keep track yourself, you need to ask someone to assist or keep things simple.

400ixl said:

HMRC will know some of the information, possibly not all of it. How would they know if you sold a property abroad, had capital gains etc etc.

Granted for most they have the information which they know retrospectively of you confirming it. But for many they don't, hence asking everyone.

If you are unable to keep track yourself, you need to ask someone to assist or keep things simple.

Who do I ask?

That's why people like me go on these forums!

I don't have property abroad, capital gains, shares or anything else. I am just an ordinary pensioner.

With over £10k of interest you can clearly afford the services of a tax advisor to file your returns.

For your complaints about the rules on personal savings allowance, rates etc, direct these to your MP, HMRC are only applying government legislation.

The £10k rule isn't legislative though, it's something HMRC have decided to implement.

That said I'm not entirely convinced by this explanation, enough brain power to open multiple accounts but not enough to keep track of the ensuing interest 🤔

I'm a 70 year old pensioner with failing eyesight and failing brain power. How do you and HMRC expect me to be able to accurately keep track of multiple accounts?

You try it when you get to 70. Sometimes I go upstairs and can't remember why. I have 6 pairs of glasses and still lose them. With an MSE Forum name of Dazed_and_C0nfused I would have thought you would understand.

dosh37

Luckily I still have a sense of humour!

sheramber

dosh37 said:

Dazed_and_C0nfused said:

TheSpectator said:

dosh37 said:

The arcane rules - especially those relating to  tax on savings, personal savings allowances for basic and higher rate tax payers, starting rates for savings etc. are almost impossible for older mortals like myself to understand.

I have an old Which excel tax spreadsheet I use to try and keep track but the rules have changed so it no longer gives results that match HMRC figures. It is so complex that, even with an honours degree in electronic engineering, I am unable to figure out how to modify it.

400ixl said:

HMRC will know some of the information, possibly not all of it. How would they know if you sold a property abroad, had capital gains etc etc.

Granted for most they have the information which they know retrospectively of you confirming it. But for many they don't, hence asking everyone.

If you are unable to keep track yourself, you need to ask someone to assist or keep things simple.

400ixl said:

HMRC will know some of the information, possibly not all of it. How would they know if you sold a property abroad, had capital gains etc etc.

Granted for most they have the information which they know retrospectively of you confirming it. But for many they don't, hence asking everyone.

If you are unable to keep track yourself, you need to ask someone to assist or keep things simple.

Who do I ask?

That's why people like me go on these forums!

I don't have property abroad, capital gains, shares or anything else. I am just an ordinary pensioner.

With over £10k of interest you can clearly afford the services of a tax advisor to file your returns.

For your complaints about the rules on personal savings allowance, rates etc, direct these to your MP, HMRC are only applying government legislation.

The £10k rule isn't legislative though, it's something HMRC have decided to implement.

That said I'm not entirely convinced by this explanation, enough brain power to open multiple accounts but not enough to keep track of the ensuing interest 🤔

I'm a 70 year old pensioner with failing eyesight and failing brain power. How do you and HMRC expect me to be able to accurately keep track of multiple accounts?

You try it when you get to 70. Sometimes I go upstairs and can't remember why. I have 6 pairs of glasses and still lose them.

The banks issue a statement of interest paid to  5 April each year.
All you need to do is download them, add them uop and you have the total amount to enter on your self assessment tax return.

Note  Self Assessment.

How do you check that HMRC have used the correct figure?

TheSpectator

Dazed_and_C0nfused said:

TheSpectator said:

dosh37 said:

The arcane rules - especially those relating to  tax on savings, personal savings allowances for basic and higher rate tax payers, starting rates for savings etc. are almost impossible for older mortals like myself to understand.

I have an old Which excel tax spreadsheet I use to try and keep track but the rules have changed so it no longer gives results that match HMRC figures. It is so complex that, even with an honours degree in electronic engineering, I am unable to figure out how to modify it.

400ixl said:

HMRC will know some of the information, possibly not all of it. How would they know if you sold a property abroad, had capital gains etc etc.

Granted for most they have the information which they know retrospectively of you confirming it. But for many they don't, hence asking everyone.

If you are unable to keep track yourself, you need to ask someone to assist or keep things simple.

400ixl said:

HMRC will know some of the information, possibly not all of it. How would they know if you sold a property abroad, had capital gains etc etc.

Granted for most they have the information which they know retrospectively of you confirming it. But for many they don't, hence asking everyone.

If you are unable to keep track yourself, you need to ask someone to assist or keep things simple.

Who do I ask?

That's why people like me go on these forums!

I don't have property abroad, capital gains, shares or anything else. I am just an ordinary pensioner.

With over £10k of interest you can clearly afford the services of a tax advisor to file your returns.

For your complaints about the rules on personal savings allowance, rates etc, direct these to your MP, HMRC are only applying government legislation.

The £10k rule isn't legislative though, it's something HMRC have decided to implement.

That said I'm not entirely convinced by this explanation, enough brain power to open multiple accounts but not enough to keep track of the ensuing interest 🤔

I'm a 70 year old pensioner with failing eyesight and failing brain power. How do you and HMRC expect me to be able to accurately keep track of multiple accounts?

I didn't say the £10,000 was legislative but the OP mentioned the complexity of tax rates, allowances etc.

dosh37

sheramber said:

dosh37 said:

Dazed_and_C0nfused said:

TheSpectator said:

dosh37 said:

The arcane rules - especially those relating to  tax on savings, personal savings allowances for basic and higher rate tax payers, starting rates for savings etc. are almost impossible for older mortals like myself to understand.

I have an old Which excel tax spreadsheet I use to try and keep track but the rules have changed so it no longer gives results that match HMRC figures. It is so complex that, even with an honours degree in electronic engineering, I am unable to figure out how to modify it.

400ixl said:

HMRC will know some of the information, possibly not all of it. How would they know if you sold a property abroad, had capital gains etc etc.

Granted for most they have the information which they know retrospectively of you confirming it. But for many they don't, hence asking everyone.

If you are unable to keep track yourself, you need to ask someone to assist or keep things simple.

400ixl said:

HMRC will know some of the information, possibly not all of it. How would they know if you sold a property abroad, had capital gains etc etc.

Granted for most they have the information which they know retrospectively of you confirming it. But for many they don't, hence asking everyone.

If you are unable to keep track yourself, you need to ask someone to assist or keep things simple.

Who do I ask?

That's why people like me go on these forums!

I don't have property abroad, capital gains, shares or anything else. I am just an ordinary pensioner.

With over £10k of interest you can clearly afford the services of a tax advisor to file your returns.

For your complaints about the rules on personal savings allowance, rates etc, direct these to your MP, HMRC are only applying government legislation.

The £10k rule isn't legislative though, it's something HMRC have decided to implement.

That said I'm not entirely convinced by this explanation, enough brain power to open multiple accounts but not enough to keep track of the ensuing interest 🤔

I'm a 70 year old pensioner with failing eyesight and failing brain power. How do you and HMRC expect me to be able to accurately keep track of multiple accounts?

You try it when you get to 70. Sometimes I go upstairs and can't remember why. I have 6 pairs of glasses and still lose them.

The banks issue a statement of interest paid to  5 April each year.
All you need to do is download them, add them uop and you have the total amount to enter on your self assessment tax return.

Note  Self Assessment.

How do you check that HMRC have used the correct figure?

Sorry - you are wrong!

Banks and building societies  do not issue a statement of interest on account closure.

If that were the case there would be no problem.

With many online savings accounts, once the account has been closed you can no longer even logon let alone obtain an interest statement. Unlike years ago, they do not issue an interest statement either by post or email on account closure.

DRS1

dosh37 said:

Sorry - you are wrong!

Banks and building societies  do not issue a statement of interest on account closure.

If that were the case there would be no problem.

With many online savings accounts, once the account has been closed you can no longer even logon let alone obtain an interest statement. Unlike years ago, they do not issue an interest statement either by post or email on account closure.

Yes I got caught out by that once - and not for some app only outfit but with Nationwide.

DRS1

If you take the topic here, people saying that the tax is not due until January so HMRC should not send them reminders. HMRC will say it is due from April and if they didn't send reminders then people may forget to pay or to put money aside to pay.

Since when?

The payment dates are in January and July.  That is when the payment is due not before.

Oh and while we are moaning about self assessment let's not forget payments on account - which mean you are paying tax in advance.

Dazed_and_C0nfused

DRS1 said:

If you take the topic here, people saying that the tax is not due until January so HMRC should not send them reminders. HMRC will say it is due from April and if they didn't send reminders then people may forget to pay or to put money aside to pay.

Since when?

The payment dates are in January and July.  That is when the payment is due not before.

Oh and while we are moaning about self assessment let's not forget payments on account - which mean you are paying tax in advance.

I genuinely don't understand that logic.  Tax paid under the Self Assessment POA regime is payable in the January after the start of the tax year and the July after the end of the tax year.

Whilst someone in employment or getting a pension that is paid under PAYE could well be paying tax within a few days of the tax year starting!  I know which I'd prefer 😉

poseidon1

dosh37 said:

sheramber said:

dosh37 said:

Dazed_and_C0nfused said:

TheSpectator said:

dosh37 said:

The arcane rules - especially those relating to  tax on savings, personal savings allowances for basic and higher rate tax payers, starting rates for savings etc. are almost impossible for older mortals like myself to understand.

I have an old Which excel tax spreadsheet I use to try and keep track but the rules have changed so it no longer gives results that match HMRC figures. It is so complex that, even with an honours degree in electronic engineering, I am unable to figure out how to modify it.

400ixl said:

HMRC will know some of the information, possibly not all of it. How would they know if you sold a property abroad, had capital gains etc etc.

Granted for most they have the information which they know retrospectively of you confirming it. But for many they don't, hence asking everyone.

If you are unable to keep track yourself, you need to ask someone to assist or keep things simple.

400ixl said:

HMRC will know some of the information, possibly not all of it. How would they know if you sold a property abroad, had capital gains etc etc.

Granted for most they have the information which they know retrospectively of you confirming it. But for many they don't, hence asking everyone.

If you are unable to keep track yourself, you need to ask someone to assist or keep things simple.

Who do I ask?

That's why people like me go on these forums!

I don't have property abroad, capital gains, shares or anything else. I am just an ordinary pensioner.

With over £10k of interest you can clearly afford the services of a tax advisor to file your returns.

For your complaints about the rules on personal savings allowance, rates etc, direct these to your MP, HMRC are only applying government legislation.

The £10k rule isn't legislative though, it's something HMRC have decided to implement.

That said I'm not entirely convinced by this explanation, enough brain power to open multiple accounts but not enough to keep track of the ensuing interest 🤔

I'm a 70 year old pensioner with failing eyesight and failing brain power. How do you and HMRC expect me to be able to accurately keep track of multiple accounts?

You try it when you get to 70. Sometimes I go upstairs and can't remember why. I have 6 pairs of glasses and still lose them.

The banks issue a statement of interest paid to  5 April each year.
All you need to do is download them, add them uop and you have the total amount to enter on your self assessment tax return.

Note  Self Assessment.

How do you check that HMRC have used the correct figure?

Sorry - you are wrong!

Banks and building societies  do not issue a statement of interest on account closure.

If that were the case there would be no problem.

With many online savings accounts, once the account has been closed you can no longer even logon let alone obtain an interest statement. Unlike years ago, they do not issue an interest statement either by post or email on account closure.

Which is why I do not close them entirely. Either small balances are maintained solely for the purpose of accessing year end tax certificates ( instant access accounts), or I will download the certificate the instance a fixed interest deposit matures. Like you I have multiple saving accounts, chopping and changing as new opportunities present. 

Tend to agree Dazed_and_C0nfused's comment yesterday. I am 3 years your junior by the way with 8 pairs of glasses scattered around the home!