Registration self assessment

poseidon1

masonic said:

Oh! I see there is also a third thread where relevant matters are being discussed.

So piecing it together, the OP has...

• £400k in a GIA with cash and/or investments (including bond funds) that could easily throw off >£10k interest and potentially also capital gains
• Ongoing rental income from a second property which may have not been declared for the whole duration it has been let

Time to lay cards on the table, because it is starting to look like this may extend beyond the beginning of the previous tax year.

I really don't think the OP has a proper grasp of the various moving parts to his financial circumstances and needs hands on professional assistance ( from a tax accountant), rather than the well meaning suggestions from the various forums he is 'consulting' here.

My concern is he may either soon find himself in hot water with HMRC on self assessment matters, or unknowingly is already non compliant in the past.

masonic

poseidon1 said:

masonic said:

Oh! I see there is also a third thread where relevant matters are being discussed.

So piecing it together, the OP has...

• £400k in a GIA with cash and/or investments (including bond funds) that could easily throw off >£10k interest and potentially also capital gains
• Ongoing rental income from a second property which may have not been declared for the whole duration it has been let

Time to lay cards on the table, because it is starting to look like this may extend beyond the beginning of the previous tax year.

I really don't think the OP has a proper grasp of the various moving parts to his financial circumstances and needs hands on professional assistance ( from a tax accountant), rather than the well meaning suggestions from the various forums he is 'consulting' here.

My concern is he may either soon find himself in hot water with HMRC on self assessment matters, or unknowingly is already non compliant in the past.

Yes, I agree. We've reached the point where merely helping the OP to complete the registration form runs the risk of a potentially fraudulent declaration to HMRC, unless they have come into a lot of money since April 2024 and all of these sources of income are new. But even then, there could be things that are missed. A simple case of being pushed into SA due to a lot of savings interest this is not.

flopsy1973

Yes they asked to complete registration due to excess Interest so what date do I put on registration form ? This has not been issue before and I just paid tax on it 
Moved out this year and renting home out so I need to include that also ?

poseidon1

flopsy1973 said:

Yes they asked to complete registration due to excess Interest so what date do I put on registration form ? This has not been issue before and I just paid tax on it 
Moved out this year and renting home out so I need to include that also ?

OP what is the reason for your insistence in not engaging a  tax accountant to handle this entire matter on your behalf in the first instance?

You can clearly afford to do so, and if I may so you appear to be struggling to comprehend what HMRC requires from you going forward as a self assessment tax payer. 

A professional tax accountant can set you on the correct course, and in the fullness of time you can takeover the task with a better understanding of what's involved.

flopsy1973

I may do that but am keen to learn more  but in the meantime I need to register and not sure what date to put 

masonic

Since the rental income didn't start until this year, and prior interest is all taxed, then unless you have any other untaxed income lurking in your affairs, the date of the first interest payment of 2024/25 would be the best date to use for when the untaxed income started.

But are you sure you haven't missed anything else?

Bigwheels1111

I start form the 6th April in the relevant year, you need to file this year so use this year date.
I did on the 6th, even though interest was from last year.
No issues at all.
As I got a new job, well a job, ha ha, HMRC adjusted my tax code and did me out of 7k.
I called, they deleted any tax on interest as I have not received it yet this years & carers allowance as has stopped due to job. But remaining on their system.
In April I will self assess and pay tax on interest in one go.

Fill out the untaxed earning box for rent and you will be all good.

When you start to file a return it will ask you questions and limit the boxes you need to fill out.

Standard earnings if you work, untaxed interest and rental income.
That simple.

Have a look and if you’re not sure, pay an accountant.

dingling68

flopsy1973 said:

I may do that but am keen to learn more  but in the meantime I need to register and not sure what date to put 

An accountant will take care of that for you and ensure the correct dates are used if you give them the complete picture of all your sources of income 

flopsy1973

masonic said:

Since the rental income didn't start until this year, and prior interest is all taxed, then unless you have any other untaxed income lurking in your affairs, the date of the first interest payment of 2024/25 would be the best date to use for when the untaxed income started.

But are you sure you haven't missed anything else?

I am  trying to learn more here so I can do this myself maybe one day.
What could I have missed? 
How do I know when the untaxed interest started versus the taxed interest ?

Dazed_and_C0nfused

flopsy1973 said:

masonic said:

Since the rental income didn't start until this year, and prior interest is all taxed, then unless you have any other untaxed income lurking in your affairs, the date of the first interest payment of 2024/25 would be the best date to use for when the untaxed income started.

But are you sure you haven't missed anything else?

I am  trying to learn more here so I can do this myself maybe one day.
What could I have missed? 
How do I know when the untaxed interest started versus the taxed interest ?

Who do you receive taxed interest from 🤔