Self assessment query

JV_21

Hi, I've received my P800 tax calculation for FY23-24 and it correctly shows I earned just over £11k bank interest. It also says the tax will be collected from April next year (I'm paye) or I can make a one-off payment. 

Nowhere on my account does it ask me to complete an SA tax return. Would I still need to?

Hoenir

Have you other income to declare? 

JV_21

No. It correctly captured all my income from my job and bank interest

sheramber

https://www.gov.uk/self-assessment-tax-returns/who-must-send-a-tax-return

Dazed_and_C0nfused

JV_21 said:

No. It correctly captured all my income from my job and bank interest

In that case I wouldn't bother with the Self Assessment return.

If you choose to now complete a tax return you will have to pay any tax due direct to HMRC long before 6 April 2025.  Paying it via your tax code over the 12 months from 6 April 2025 to 5 April 2026 won't be an option.

JV_21

Dazed_and_C0nfused said:

JV_21 said:

No. It correctly captured all my income from my job and bank interest

In that case I wouldn't bother with the Self Assessment return.

If you choose to now complete a tax return you will have to pay any tax due direct to HMRC long before 6 April 2025.  Paying it via your tax code over the 12 months from 6 April 2025 to 5 April 2026 won't be an option.

Thanks. I've just realised I did pay into a pension where I haven't yet claimed additional tax relief.

Putting that aside, I suppose my question am I likely to run into problems if I don't complete a SA return? For example because I earned over 10k interest. 

wmb194

JV_21 said:

Dazed_and_C0nfused said:

JV_21 said:

No. It correctly captured all my income from my job and bank interest

In that case I wouldn't bother with the Self Assessment return.

If you choose to now complete a tax return you will have to pay any tax due direct to HMRC long before 6 April 2025.  Paying it via your tax code over the 12 months from 6 April 2025 to 5 April 2026 won't be an option.

Thanks. I've just realised I did pay into a pension where I haven't yet claimed additional tax relief.

Putting that aside, I suppose my question am I likely to run into problems if I don't complete a SA return? For example because I earned over 10k interest. 

See the comments from @spider42 in the linked thread from March. Given that HMRC is aware of your tax liability, has said it will collect the tax via your tax code and hasn't asked you to complete one then, assuming you don't have other reasons to have to file one e.g., declaring taxable capital gains, it shouldn't be a problem.

https://forums.moneysavingexpert.com/discussion/6511830/self-assessment-query-regarding-over-10k-savings-interest/p1

Bigwheels1111

I get 4k for carers allowance and over 10k interest.
So I file a self assessment return.
It takes me 10-15 minutes at most.
So I don’t mind to be honest.

JV_21

Bigwheels1111 said:

I get 4k for carers allowance and over 10k interest.
So I file a self assessment return.
It takes me 10-15 minutes at most.
So I don’t mind to be honest.

What concerns me is things like payments on account which I understand is an advanced payment. And a simple mistake could end up costing hours trying to get through to an adviser.

Am I over thinking? 

Bigwheels1111

JV_21 said:

Bigwheels1111 said:

I get 4k for carers allowance and over 10k interest.
So I file a self assessment return.
It takes me 10-15 minutes at most.
So I don’t mind to be honest.

What concerns me is things like payments on account which I understand is an advanced payment. And a simple mistake could end up costing hours trying to get through to an adviser.

Am I over thinking? 

I think you are overthinking it.

I keep very accurate records, down to the penny.

I filed my return, then for get about it.

I will only panic if they get in touch.

Mine went in on the 16/04/24, still not heard a thing.

poseidon1

wmb194 said:

JV_21 said:

Dazed_and_C0nfused said:

JV_21 said:

No. It correctly captured all my income from my job and bank interest

In that case I wouldn't bother with the Self Assessment return.

If you choose to now complete a tax return you will have to pay any tax due direct to HMRC long before 6 April 2025.  Paying it via your tax code over the 12 months from 6 April 2025 to 5 April 2026 won't be an option.

Thanks. I've just realised I did pay into a pension where I haven't yet claimed additional tax relief.

Putting that aside, I suppose my question am I likely to run into problems if I don't complete a SA return? For example because I earned over 10k interest. 

See the comments from @spider42 in the linked thread from March. Given that HMRC is aware of your tax liability, has said it will collect the tax via your tax code and hasn't asked you to complete one then, assuming you don't have other reasons to have to file one e.g., declaring taxable capital gains, it shouldn't be a problem.

https://forums.moneysavingexpert.com/discussion/6511830/self-assessment-query-regarding-over-10k-savings-interest/p1

In case of any residual concerns with regard to the validity of spider42's anonymous post, see link below from a specialist tax barrister outlining the case law authority for the legal requirement that HMRC must issue Section 8 notice, to compell submission of a self assessment return.

https://www.procedure.tax/1-duty-to-submit-a-direct-tax-retur#:~:text=No duty to submit a return unless notice given by HMRC&text=“In other words, the delivery,previously given to that taxpayer.