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Self assessment query

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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?
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Comments

  • Hoenir
    Hoenir Posts: 7,742 Forumite
    1,000 Posts First Anniversary Name Dropper
    Have you other income to declare? 
  • JV_21
    JV_21 Posts: 12 Forumite
    Fourth Anniversary First Post
    No. It correctly captured all my income from my job and bank interest
  • 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
    JV_21 Posts: 12 Forumite
    Fourth Anniversary First Post
    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
    wmb194 Posts: 4,930 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 29 December 2024 at 9:16AM
    JV_21 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


  • 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
    JV_21 Posts: 12 Forumite
    Fourth Anniversary First Post
    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? 
  • JV_21 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
    poseidon1 Posts: 1,381 Forumite
    1,000 Posts First Anniversary Name Dropper
    wmb194 said:
    JV_21 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.


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