And another self assessment question

Krakkkers

First time filling one out due to ebay activity, earned around £6500 in 2024/2025 tax year.
So is my pension income and savings income included in this assessment as i thought this was a business account and i already have a personal tax account?
It is asking for my income from uk savings interest but is this not covered by my personal account?
Also i have no idea how much interest i earned in 2024 as i have 25 accounts with 15 providers and open and close them regularly?
Don't HMRC already know this? Is my income from ebay now lumped together with income from my 2 pensions and savings interest?
Please help as i am lost

Dazed_and_C0nfused

Krakkkers said:

First time filling one out due to ebay activity, earned around £6500 in 2024/2025 tax year.
So is my pension income and savings income included in this assessment as i thought this was a business account and i already have a personal tax account?
It is asking for my income from uk savings interest but is this not covered by my personal account?
Also i have no idea how much interest i earned in 2024 as i have 25 accounts with 15 providers and open and close them regularly?
Don't HMRC already know this? Is my income from ebay now lumped together with income from my 2 pensions and savings interest?
Please help as i am lost

Yes, you need to include all sources of taxable income on your Self Assessment return.

If you have paid any tax on your pension income there will be a box to declare that tax figure so that you receive credit for it on your Self Assessment calculation.

soolin

Yes as above, the self assessment covers ‘all’ your income, employment under PAYE, interest, dividends , pensions received and self employment income. You have one personal allowance that is then deducted from the gross total leaving the balance taxable.

As for interest received, all the various providers will be able to supply a certificate of interest for the correct year. 

Krakkkers

I have a lot of closed accounts, would an ISA also generate a tax statement as the accounts i am finding only have a number not a description?

Krakkkers

I have answered my own question as i have found that ISAs also generate the same tax statement and that means i have now way of knowing whether the closed accounts were ISAs or not?

Flugelhorn

I thought ISAs were tax free - not sure why they would have a tax statement

soolin

Flugelhorn said:

I thought ISAs were tax free - not sure why they would have a tax statement

They would show the interest earned , but that doesn’t mean it would be taxable. An incorrect term was used for the statement, it should be a certificate of interest, not a tax certificate. 

martindow

When you start doing the reurn it asks about your sources of income.  You click the appropriate boxes and then as you go on it gives only the relevant pages and questions for you to complete.  It is really straightforward to do.

Regarding the savings accounts, you are going to have to contact each of the companies to find if they are ISAs or not.  ISAs are not entered on the return, you add up the figures for normal savings accounts and just enter the total.

The main advice is to not leave it until the last minute in case you have any last minute questions.  You can pay the tax bill near the deadline if you wish regardless of when you do the tax return.

soolin

martindow said:

When you start doing the reurn it asks about your sources of income.  You click the appropriate boxes and then as you go on it gives only the relevant pages and questions for you to complete.  It is really straightforward to do.

Regarding the savings accounts, you are going to have to contact each of the companies to find if they are ISAs or not.  ISAs are not entered on the return, you add up the figures for normal savings accounts and just enter the total.

The main advice is to not leave it until the last minute in case you have any last minute questions.  You can pay the tax bill near the deadline if you wish regardless of when you do the tax return.

I echo the 'don't leave it until the last minute' advice I haven't always taken in the past. Then with a couple of weeks to go before the deadline you realise you have a vital bit of paper missing or need to wait on a reply from a company that responds slowly- and the days tick off .....

Krakkkers

Thanks for the advice, i have actually completed it provisionally but my savings are very complicated as i have a large amount of savings and they are split over many accounts that i change regularly.
I have calculated my taxable interest (non ISA) at around £11400 for 24/25.
I have watched many Youtube videos that take you through it step by step.

Krakkkers

Do you want to pay Class 2 NICs voluntarily?

I am 60 and retired, claiming 2 works pensions and am 1 year short of the max state pension.
Current pension forecast is £226 against a max of £230