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Ceasing self assesment tax returns

Ella_fella
Ella_fella Posts: 132 Forumite
Seventh Anniversary 10 Posts Name Dropper
edited 24 September at 1:51PM in Cutting tax
So for the past couple of years I've been employing an accountant to submit my self assesment tax returns to HMRC, main reason being that I have been receiving over 10k in savings interests annually for these two years.

For this tax year I don't envisage that I will earn interest over this amount and also am questioning whether I could indeed do my self assesment forms myself rather than pay an accountant - apart from the interest I am employed as PAYE well below the 40% tax bracket,  additionally earning a few hundred pounds of dividends from shares annually which fall below the tax threshold. 

How do I tell HMRC that I don't need to self assess anymore and they derive my annual interest direct from the banks and I submit the annual share dividend certificate to them, or if my interest does go over the 10k threshold how do I submit this information myself rather then passing the paperwork on to my account to submit on my behalf?

Comments

  • Famau
    Famau Posts: 73 Forumite
    Fourth Anniversary 10 Posts Name Dropper
    I have to say that I really don't think you should bother with an accountant now.  I am in a similar boat to you (though interest over 10k) and complete my own self-assessment online.  It's very easy to register for this and to complete.  But as you don't have interest over 10k and have only modest dividends, I think you should be contacting HMRC to ask them if you can be removed from self-assessment.  You can ring them or email.  As you say, they can obtain information from banks etc regarding your interest and make changes without you having to do anything - other than checking that they are correct of course...
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