Self assessment idiots guide wanted

Langtang

I am also assuming that, as i do not work or claim pension and have no other "earnings" beyond interest, my full tax allowance can be used along with however much "free" interest i get?

Funnily enough, my wife has had no comms from HMRC as of yet - which I thought odd….

Shylock_249

For which FY have you been told to file your return?

Banks should report interest payments to HMRC by 30 June each year but I know many of them don't meet that deadline and IIRC two years ago HMRC allowed them to report by the end of October.

One thing I used to do was when I knew an interest payment was made to an online bank account was to make a Print Screen of the entry and paste it into MS Word and print it off. OK, it's NOT an official statement but it was better than nothing.

Dazed_and_C0nfused

https://forums.moneysavingexpert.com/discussion/comment/81959625#Comment_81959625

Your Personal Allowance, £12,570 or £11,310, will be used first.

Then any available savings starter rate band (will no doubt be the full £5,000 given what you have said about no earnings or pension income).

Then lastly the savings nil rate band (£500 or £1,000 taxed at 0%).

Langtang

https://forums.moneysavingexpert.com/discussion/comment/81959630#Comment_81959630

Sorry, I feel like I am hijacking the OPs post here… I'm sure he will gain knowledge from some of the answers to my questions.

Thank you for that info, it is comforting to know that. So, barring any anomalies, I should have c£18k of allowances? That should cover me entirely.

The year I have been asked to complete id 24/25, and not 25/26 as I first thought.

I'm a little confused as to why HMRC don't just send me a tax bill if they already have all my interest payments in hand. Then we could negotiate where errors have occurred.

An assumption here, but I'm guessing that HMRC will know, from their figures, that I am due to pay tax, which is why they've asked me to file an assessment? I am more than confident, with the above figures given, that I am OK.

Dazed_and_C0nfused

https://forums.moneysavingexpert.com/discussion/comment/81959641#Comment_81959641

In this situation it isn't necessarily about paying tax (you believe none is payable), but that you have sufficient taxable interest (at least £10,000) that HMRC want you to file a return.

The only "allowance" you will have is the Personal Allowance (or maybe Blind Persons Allowance as well). Any interest above will be taxed, but the first £6,000 can be taxed at 0%.

Do you have any Gift Aid donations to enter on the return?

sarah_25

Does anyone know how HMRC calculate the yearly rate for state pension? I vaguely remember reading something like 51 weeks at new rate and 1 week at old rate or am I wrong? All I can find on state pension letters is the weekly rate that my parents get.

Dazed_and_C0nfused

https://forums.moneysavingexpert.com/discussion/comment/81960462#Comment_81960462

It depends on what their State Pension age is.

https://www.gov.uk/hmrc-internal-manuals/paye-manual/paye76030

mybestattempt

https://forums.moneysavingexpert.com/discussion/comment/81960462#Comment_81960462

I believe that the SA100 notes tell you arrive at the fifty-two weeks figure to include in the self-assessment return as you suggest, that is one week at the old rate plus fifty-one weeks at the new rate.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/81959621#Comment_81959621

You mentioned accrued interest; it's actual credited interest that matters, not accrued (interest which hasn't yet been paid). If it relates to 24/25 these data should be available on your statements.

Flugelhorn

https://forums.moneysavingexpert.com/discussion/comment/81960533#Comment_81960533

agree - one of mine pays interest in January, to that is the amount that gets put on the form