Registration self assessment

Notepad_Phil

Dazed_and_C0nfused said:

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 🤔

That may be true for savings accounts with banks and building societies, but I know of at least two stocks &shares platform providers that do tax the interest from the cash that is just left on the platform.

wmb194

Notepad_Phil said:

Dazed_and_C0nfused said:

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 🤔

That may be true for banks and building societies, but I know of at least two stocks &shares platform providers that do tax the interest from the cash that is just left on the platform.

Really? Which ones? None of mine do that.

masonic

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? 

The question of what you might have missed is best answered by someone with whom you can share a detailed view of your financial affairs.

flopsy1973 said:
How do I know when the untaxed interest started versus the taxed interest ?

Find the first interest payment of the tax year. Who paid it?

Notepad_Phil

wmb194 said:

Notepad_Phil said:

Dazed_and_C0nfused said:

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 🤔

That may be true for banks and building societies, but I know of at least two stocks &shares platform providers that do tax the interest from the cash that is just left on the platform.

Really? Which ones? None of mine do that.

Fidelity and Santander Investment Hub both currently do, and I've a feeling Mrs Notepad had a further platform in the past that did the same (but she's not with them anymore and so may of course have changed since then).

Yorkie1

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 ?

The risk is that you decide to rely on what people here have posted, which is just partially-informed opinions rather than advice. Nobody here knows what your 'unknown unknowns' are. You are asking impossible questions which suggest that you are against taking professional advice (even if that may not actually be the case).

By consulting a professional, for this year at least, you can talk through all your questions, ensure that all aspects are properly recorded in the right place, and identify what you might have missed. You might then be in a far better place to carry on in future years.

wmb194

Notepad_Phil said:

wmb194 said:

Notepad_Phil said:

Dazed_and_C0nfused said:

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 🤔

That may be true for banks and building societies, but I know of at least two stocks &shares platform providers that do tax the interest from the cash that is just left on the platform.

Really? Which ones? None of mine do that.

Fidelity and Santander Investment Hub both currently do, and I've a feeling Mrs Notepad had a further platform in the past that did the same (but she's not with them anymore and so may of course have changed since then).

That's bizarre. It's not as if Santander deducts tax from interest paid on its savings accounts. "Other than cash held in an ISA and Personal Pension Account, interest is paid after basic rate tax has been taken off."

https://www.santander.co.uk/personal/savings-and-investments/investments/fees-charges-and-key-documents

masonic

wmb194 said:

Notepad_Phil said:

wmb194 said:

Notepad_Phil said:

Dazed_and_C0nfused said:

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 🤔

That may be true for banks and building societies, but I know of at least two stocks &shares platform providers that do tax the interest from the cash that is just left on the platform.

Really? Which ones? None of mine do that.

Fidelity and Santander Investment Hub both currently do, and I've a feeling Mrs Notepad had a further platform in the past that did the same (but she's not with them anymore and so may of course have changed since then).

That's bizarre. It's not as if Santander deducts tax from interest paid on its savings accounts. "Other than cash held in an ISA and Personal Pension Account, interest is paid after basic rate tax has been taken off."

https://www.santander.co.uk/personal/savings-and-investments/investments/fees-charges-and-key-documents

There was prior discussion of this. The position seems to be that a wide range of financial institutions had the obligation to deduct tax at source removed when the PSA was launched (see https://www.legislation.gov.uk/ukpga/2007/3/part/15/chapter/3/crossheading/exceptions-from-duty-to-deduct ). However, some financial institutions considered themselves out of scope of this change. 

wmb194

masonic said:

wmb194 said:

Notepad_Phil said:

wmb194 said:

Notepad_Phil said:

Dazed_and_C0nfused said:

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 🤔

That may be true for banks and building societies, but I know of at least two stocks &shares platform providers that do tax the interest from the cash that is just left on the platform.

Really? Which ones? None of mine do that.

Fidelity and Santander Investment Hub both currently do, and I've a feeling Mrs Notepad had a further platform in the past that did the same (but she's not with them anymore and so may of course have changed since then).

That's bizarre. It's not as if Santander deducts tax from interest paid on its savings accounts. "Other than cash held in an ISA and Personal Pension Account, interest is paid after basic rate tax has been taken off."

https://www.santander.co.uk/personal/savings-and-investments/investments/fees-charges-and-key-documents

There was prior discussion of this. The position seems to be that a wide range of financial institutions had the obligation to deduct tax at source removed when the PSA was launched (see https://www.legislation.gov.uk/ukpga/2007/3/part/15/chapter/3/crossheading/exceptions-from-duty-to-deduct ). However, some financial institutions considered themselves out of scope of this change. 

It’s just funny that almost every other broker considers itself in scope but I guess Santander’s and Fidelity’s lawyers didn’t want to take the risk.

masonic

wmb194 said:

masonic said:

wmb194 said:

Notepad_Phil said:

wmb194 said:

Notepad_Phil said:

Dazed_and_C0nfused said:

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 🤔

That may be true for banks and building societies, but I know of at least two stocks &shares platform providers that do tax the interest from the cash that is just left on the platform.

Really? Which ones? None of mine do that.

Fidelity and Santander Investment Hub both currently do, and I've a feeling Mrs Notepad had a further platform in the past that did the same (but she's not with them anymore and so may of course have changed since then).

That's bizarre. It's not as if Santander deducts tax from interest paid on its savings accounts. "Other than cash held in an ISA and Personal Pension Account, interest is paid after basic rate tax has been taken off."

https://www.santander.co.uk/personal/savings-and-investments/investments/fees-charges-and-key-documents

There was prior discussion of this. The position seems to be that a wide range of financial institutions had the obligation to deduct tax at source removed when the PSA was launched (see https://www.legislation.gov.uk/ukpga/2007/3/part/15/chapter/3/crossheading/exceptions-from-duty-to-deduct ). However, some financial institutions considered themselves out of scope of this change. 

It’s just funny that almost every other broker considers itself in scope but I guess Santander’s and Fidelity’s lawyers didn’t want to take the risk.

I think the number has been going down. I like to think in response to HMRC asking why they are still doing it

badger09

@flopsy1973

Start here for an overview

https://www.gov.uk/income-tax

You can also download a copy of the Notes which accompany SA tax return here

https://assets.publishing.service.gov.uk/media/67dab07e69606cdea9e08822/SA150-Notes-2025.pdf