Self assessment idiots guide wanted

littlemoney

Out of the blue, I have received an HMRC letter stating I need to complete a tax return and they gave set up a self assessment record and created my Unique Tax payers reference shown in the letter. I assume due to savings.

No details were included apart from mentioning downloading an app, or scan the QR code.

I'm now very worried about this and don't know what to do or what information I will need to provide.

Is there an idiots guide to self assessment that would explain it in simple terms please

DRS1

Probably the best thing to do is log in (sometimes the hardest bit) and try filling out the self assessment tax return. At the start is a tailor your return bit which cuts out all the irrelevant parts of the return and you may find you only have a box or two to fill in when that section is done. The boxes have explanatory notes which you can click on - though how helpful they are is a matter of opinion.

mybestattempt

https://forums.moneysavingexpert.com/discussion/6663169/self-assessment-idiots-guide-wanted

You may find some useful help here:

https://www.gov.uk/guidance/help-and-support-for-self-assessment

sheramber

The information you need to provide is full details of all your taxable income.

Ayr_Rage

As above, just collate all your taxable income.

Salary and/or pension figures from your P60.

Interest and dividends from all sources (not ISAs), just add them all together and put in one figure on the return in the appropriate boxes.

I find it best to do my return on a laptop as the help notes are easier to read.

If you get stuck, you can save at any point and come back later.

You can even amend a return after submission if you find, like myself in the past, have forgotten about an account that paid interest.

XzavierWalnut

I have just done mine for the 3rd time. I don't do it on the app, as I find the phone screen too small to do important things on.
As previously mentioned you can save as you go along and amend anything up to the point of submitting it.
It's daunting at first, but keep checking it until you are finished.

wmb194

https://forums.moneysavingexpert.com/discussion/6663169/self-assessment-idiots-guide-wanted

There's software like TaxCalc and GoSimple which have a 'simple step' feature which takes you through the return step by step and then enables you to submit your SA to HMRC electronically. You need to buy a licence but if you're anxious it might be worth it.

https://www.taxcalc.com/individual#Features

https://www.gosimpletax.com/what-is-gosimpletax/

Albermarle

https://forums.moneysavingexpert.com/discussion/6663169/self-assessment-idiots-guide-wanted

You should only need to fill in a self assessment in regard to savings, if the interest earned in a tax year is above £10K.

littlemoney

Can I ask

Will I need to have evidence of interest received. I have not downloaded the interest details before, only recorded the amount in a spreadsheet after viewing the information on line.

As I just been asked to do this, will this only be for 2025/26 tax year.

What happens where I have closed accounts, not realising I was going to have to do self assessment and didn't get any interest proof before closing.

Thank you.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/81955599#Comment_81955599

Not in the first instance, no. HMRC receives these data directly from banks and building societies so it rarely needs to ask and even then probably only if it opens an enquiry into your return.

Dazed_and_C0nfused

https://forums.moneysavingexpert.com/discussion/comment/81955599#Comment_81955599

It is Self Assessment. You have to write a single figure in a box for untaxed interest and it is upto HMRC if they want to ask questions about your return.

They usually have twelve months to open an enquiry into your return and you just keep any evidence you have in case they do ask questions. You don't send it with the return.