Self assessment idiots guide wanted

DRS1

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

I think they would send a letter (or some sort of communication) saying you need to do a tax return for 26/7. But don't assume this is a one off. If you think you shouldn't have to do one for 26/7 you should tell HMRC and make sure they agree with you.

dinosaur66

you can go to your bank and ask for all your interest earned give dates including closed accounts tax year april 6th to april 5th but you are allowed to change this if you wish

tell them truth its for hmrc return and they will print your interest off for you

not isas /premium bonds or any other tax free investments / you do not need to include them on your return

i do my accounts april 1 to march 31 every year just makes it easier for my own accounts

if it is only interest that you earn from uk interest and not anything else that is self employed taxable income then it will be a very easy tax return

underneath every box there is an explanation that you can click on if unsure

on one of the first pages a question will ask did you earn interest from uk savings / tick that box

then on nearly the last few pages it will ask you to put 1 single figure for how much taxable interest you earned between the dates you use for your tax year how much tax you owe if any

submit and it will give you how much tax you owe if any

1st year it might take you an hour making sure of everything / following year on your return 10 mins

if you make a mistake you can delete that section and start again

Shylock_249

Banks should notify HMRC of interest payments they have paid to you.

You could phone HMRC and request they send you a hard copy of that list stating which FY you require?

I too have been ordered to complete SA for FY 24-25 which must be done by 2 July.

My P2 for FY 25-26 showed the correct sum of bank interest I received in 24-25 (6 bank accounts). The first time it was correct, previously it was wrong and I would phone HMRC and go through the list entry by entry.

Regarding an Idiots Guide, I couldn't understand some parts of filling out the return on my PC and asked for specific assistance on this forum and was rewarded accordingly.

I filed (submitted) mine and my wife's yesterday and I certainly wouldn't have been able to do so without the help of the posters on this forum.

Good Luck

littlemoney

https://forums.moneysavingexpert.com/discussion/comment/81957062#Comment_81957062

Can you tell me what is a P2 please

Dazed_and_C0nfused

https://forums.moneysavingexpert.com/discussion/comment/81959020#Comment_81959020

A tax code letter, showing how your tax code, say 225L or K345, has been calculated.

Shylock_249

https://forums.moneysavingexpert.com/discussion/comment/81959020#Comment_81959020

Yes, as written above. If you look to the bottom of the form it has P2 written in small letters?

Good Luck

Langtang

I am in the same boat as the OP. 63 years old, and this is my first time filling one in. I, too have a "late" on my online HMRC account - I only got the letter on Friday!!!

I do not work (retired, collecting NO pensions) and live solely off savings.

I am assumng they want a tally of all the interest accrued in my savings accounts. No problem with that, but some of the totals are not available online with some accounts yet (Nationwide, Skipton, Barclays etc) How do I go about getting actual numbers?

With regard to interest, all the accounts are held jointly with my wife (also retired, who does collect an NHS pension) but I see no mention of how to work out my share of the interest - is it simply 50% of total.

Any help would be greatly recieved.

Ayr_Rage

Yes, you are deemed to get 50% of the interest in joint accounts.

As for gathering the data, you'll have to request it from the banks.

Shylock_249

As Ayr_Rage says, the banks should allocate the interest on a 50/50 basis, but in the past I had to get HMRC to rectify one figure because only half had been allocated to one of us but NOT the other. Honesty is the worst policy!

I suggest you phone HMRC and ask for printouts for both yourself and your wife's interest payments notified by banks for which ever FY you require.

For the FY 24/25 the figures held by HMRC were correct, all previous years the figures were wrong, mainly because HMRC used Actuals and Estimates which really confused the matter. One year I had over 20 entries on my list and only 7 of them were correct.

Why this information is NOT available on HMRC is beyond me.

Langtang

https://forums.moneysavingexpert.com/discussion/comment/81959602#Comment_81959602

Excellt, thnks for the information. I know all banks are different but on average how long does it take to get that info from them? I have filled in the tailored part, and am just trying to do the maths from extrapolated info atm.