Reasons for having to do self assessment.

singhini

InvesterJones said:

Putting a lump sum of £10k+ into a SIPP doesn't trigger a SA request. However they may ask for documentation of the deposit to update their records - this can be provided by letter, or via the dedicated online form for doing this, without needing to SA.

Just a thought, why would they need this? (i appreciate you put the word "may ask")

Surely HMRC would see the 20% tax relief already being claimed by the SIPP provider 

InvesterJones

singhini said:

InvesterJones said:

Putting a lump sum of £10k+ into a SIPP doesn't trigger a SA request. However they may ask for documentation of the deposit to update their records - this can be provided by letter, or via the dedicated online form for doing this, without needing to SA.

Interesting (the HMRC advisor on the phone said the opposite i.e. agreed with what my accountant had said to me)

Is there a list of "triggers" for SA?
and if so does anyone know what they are? 

https://www.moneysavingexpert.com/family/self-assessment-tax-return/

singhini

InvesterJones said:

singhini said:

InvesterJones said:

Putting a lump sum of £10k+ into a SIPP doesn't trigger a SA request. However they may ask for documentation of the deposit to update their records - this can be provided by letter, or via the dedicated online form for doing this, without needing to SA.

Interesting (the HMRC advisor on the phone said the opposite i.e. agreed with what my accountant had said to me)

Is there a list of "triggers" for SA?
and if so does anyone know what they are? 

https://www.moneysavingexpert.com/family/self-assessment-tax-return/

  Perfect, thanks for that 👍

scoobyjones1

HMRC's tool for finding out if you need to file :
https://www.gov.uk/check-if-you-need-tax-return

InvesterJones

singhini said:

InvesterJones said:

Putting a lump sum of £10k+ into a SIPP doesn't trigger a SA request. However they may ask for documentation of the deposit to update their records - this can be provided by letter, or via the dedicated online form for doing this, without needing to SA.

Just a thought, why would they need this? (i appreciate you put the word "may ask")

Surely HMRC would see the 20% tax relief already being claimed by the SIPP provider 

You'd have to ask them that - possibly because the same form covers any contributions where the provider may not have claimed the 20% tax relief (and that's assuming HRMC find it easy to join things up...). But it's very easy if your provider gives you a summary of your contributions in a year you can just pass this on.

singhini

scoobyjones1 said:

HMRC's tool for finding out if you need to file :
https://www.gov.uk/check-if-you-need-tax-return

thanks for that 👍

I just had a quick look and all the questions centre around me having to pay tax  (no questions asking me did i do anything to try to avoid paying tax thus i might want to claim some back)

The system is happy for me to pay tax but less forthcoming when i want to claw some back.

Moan over!

InvesterJones

singhini said:

scoobyjones1 said:

HMRC's tool for finding out if you need to file :
https://www.gov.uk/check-if-you-need-tax-return

thanks for that 👍

I just had a quick look and all the questions centre around me having to pay tax  (no questions asking me did i do anything to try to avoid paying tax thus i might want to claim some back)

The system is happy for me to pay tax but less forthcoming when i want to claw some back.

Moan over!

Surely that's because you don't need to SA to claim tax back/report situations where you don't need to pay as much.

singhini

InvesterJones said:

singhini said:

scoobyjones1 said:

HMRC's tool for finding out if you need to file :
https://www.gov.uk/check-if-you-need-tax-return

thanks for that 👍

I just had a quick look and all the questions centre around me having to pay tax  (no questions asking me did i do anything to try to avoid paying tax thus i might want to claim some back)

The system is happy for me to pay tax but less forthcoming when i want to claw some back.

Moan over!

Surely that's because you don't need to SA to claim tax back/report situations where you don't need to pay as much.

Your correct

I'm thinking of my SIPP scenario  i.e.  40% tax payer and so the need to claim back the 20% the SIPP provider doesn't claim back.

They could ask the question "did you dump a load of cash into an SIPP and your a 40% payer"  ------> if so you should register for SA "because we might owe you money"   [words to that effect] 

i just feel the questions on that link are about scenarios where i might owe them money. How about a few questions where i might benefit from doing a SA and getting money back. 

Another scenario might be if you gave money to charities and your a 40% tax payer 

InvesterJones

SA would be overkill for the above scenarios - you can just let HRMC know.

Dazed_and_C0nfused

singhini said:

InvesterJones said:

singhini said:

scoobyjones1 said:

HMRC's tool for finding out if you need to file :
https://www.gov.uk/check-if-you-need-tax-return

thanks for that 👍

I just had a quick look and all the questions centre around me having to pay tax  (no questions asking me did i do anything to try to avoid paying tax thus i might want to claim some back)

The system is happy for me to pay tax but less forthcoming when i want to claw some back.

Moan over!

Surely that's because you don't need to SA to claim tax back/report situations where you don't need to pay as much.

Your correct

I'm thinking of my SIPP scenario  i.e.  40% tax payer and so the need to claim back the 20% the SIPP provider doesn't claim back.

They could ask the question "did you dump a load of cash into an SIPP and your a 40% payer"  ------> if so you should register for SA "because we might owe you money"   [words to that effect] 

i just feel the questions on that link are about scenarios where i might owe them money. How about a few questions where i might benefit from doing a SA and getting money back. 

Another scenario might be if you gave money to charities and your a 40% tax payer 

I think what you are missing is that lots of people shudder at the thought of having to file a tax return and actively try and avoid it, however simple it might seem to some people.

HMRC are increasingly trying to limit who needs to file a return, the new HICBC service looks to be a recent example of that.