2024/25 Self Assessment Tax Return

Shahzada

bonn1267 said:

Finally mine is now showing as payment issued 8th June. I got selected for security / compliance checks. I submitted on 7th April so 9 weeks in total for it to be sorted. I was expecting longer so pleased to now see it as payment issued. Money should be in bank tomorrow. Roll on next year when the fun begins again.

Where you guys do check that ?

WindfallWendy

An issue that another thread has me confused a bit about....

Early submitters will have used their bank account statements to report their interest payments, and I diligently record mine each month... The only think you report is what is PAID into accounts, right? It's not about what has been accrued?

I ask because of the Nationwide 18 month £10k bond account that opened recently, and how they have timed the interest payments to both land in FY 26-27. I'm sure ona thread associated with that offer, someone said it was good of them to help with the accural timing or something.... So I had a mini panic that I should ONLY reply on interest statements rather than just tot up what the banks had paid me throughout the year.

I realise this sounds ridiculous, but wanted to check. I have draftered my SA (back in April) but needed to wait for my P60 to come through as I've had two employers over 24-25 and couldn't confidently rely on payslip information.

HUMBUG

I just completed my first 2024/25 tax self assessment return and thought the online process was  more complicated than I ever imagined. Some of the questions I found difficult to fathom but finally worked my way through their terminology. I actually used AI to help me understand what the questions were about which was great because it can be very good at explanations for the layman.

Anyhow , after completing and submitting my electronic form (they call this 'filing') their calculation of the tax I owed was a few pence different from my own spreadsheet , so I must have completed it correctly.

There were a few times where I'd thought I had submitted the form only to then get an email and SMS text messages saying I hadn't yet filed it. That was good because I logged back in again and finally submitted the damn thing and now have received an email confirming its submission. 

I now have to make payment to HMRC by the 31st Jan 26   for what I owe in year 24/25  (ie. £1075)  with an additional amount they say must be paid towards tax I might be owing in 25/26 .  Then they want me to make another payment for year 25/26 by 31st July 26 . 

But in the tax form they asked a question about whether I wanted my outstanding tax (if less than £3000)  to be collected via my PAYE tax code (ie. which would mean extra tax paid via my private pension)  and I responded with a 'YES' response.  So why are they asking me to make these payments in Jan and June 26 ?

Will they send me details as to how I can make these payments to them , or must I find out myself via their website?

Note that before I completed my tax return , I requested HMRC to send me details of the untaxed interest on my bank/building society savings accounts for year 2024/25 .  It took a month before they sent me a spreadsheet which I found alarmingly incorrect . They were using interest amounts for previous financial year 23/24 not just 24/25  .  Thank heavens I opted to do a self-assessment otherwise they'd be overtaxing me by a significant amount.

gt94sss2

HUMBUG said:

I now have to make payment to HMRC by the 31st Jan 26   for what I owe in year 24/25  (ie. £1075)  with an additional amount they say must be paid towards tax I might be owing in 25/26 .  Then they want me to make another payment for year 25/26 by 31st July 26 . 

But in the tax form they asked a question about whether I wanted my outstanding tax (if less than £3000)  to be collected via my PAYE tax code (ie. which would mean extra tax paid via my private pension)  and I responded with a 'YES' response.  So why are they asking me to make these payments in Jan and June 26 ?

The system is called Payments on Account. See https://www.gov.uk/understand-self-assessment-bill/payments-on-account

If you know you will have less income/tax due last year, you can ask to reduce these installments. However, if you end up being wrong, HMRC will charge you interest.

In addition, there are limits to how much HMRC will take off an income source via PAYE

Dazed_and_C0nfused

HUMBUG said:

I just completed my first 2024/25 tax self assessment return and thought the online process was  more complicated than I ever imagined. Some of the questions I found difficult to fathom but finally worked my way through their terminology. I actually used AI to help me understand what the questions were about which was great because it can be very good at explanations for the layman.

Anyhow , after completing and submitting my electronic form (they call this 'filing') their calculation of the tax I owed was a few pence different from my own spreadsheet , so I must have completed it correctly.

There were a few times where I'd thought I had submitted the form only to then get an email and SMS text messages saying I hadn't yet filed it. That was good because I logged back in again and finally submitted the damn thing and now have received an email confirming its submission. 

I now have to make payment to HMRC by the 31st Jan 26   for what I owe in year 24/25  (ie. £1075)  with an additional amount they say must be paid towards tax I might be owing in 25/26 .  Then they want me to make another payment for year 25/26 by 31st July 26 . 

But in the tax form they asked a question about whether I wanted my outstanding tax (if less than £3000)  to be collected via my PAYE tax code (ie. which would mean extra tax paid via my private pension)  and I responded with a 'YES' response.  So why are they asking me to make these payments in Jan and June 26 ?

Will they send me details as to how I can make these payments to them , or must I find out myself via their website?

Note that before I completed my tax return , I requested HMRC to send me details of the untaxed interest on my bank/building society savings accounts for year 2024/25 .  It took a month before they sent me a spreadsheet which I found alarmingly incorrect . They were using interest amounts for previous financial year 23/24 not just 24/25  .  Thank heavens I opted to do a self-assessment otherwise they'd be overtaxing me by a significant amount.

If the tax due for 2024/25 is collected via your 2026/27 tax code then the POA for 2025/26 will automatically be cancelled as you haven't had to pay anything direct to HMRC.

You should check your Self Assessment account in a few days and you should see if the POA have been cancelled.