Can I stop submitting Self Assessment if only for savings interest?

hgt

Hi Everyone,

Just trying to check my understanding is correct. For many years I've submitted an annual self assessment tax return purely for the purposes of paying tax on savings interest (over the PSA).

For some reason I was under the impression that I needed to do this regardless of the amount. However the current advice on Gov.uk seems to be that a Self Assessment return is only required if savings interest income is over £10,000 (mine is nowhere near that)!

So am I right in thinking that I can tell HMRC that I believe I no longer need to perform Self Assessment, and instead they will receive figures from the relevant Banks / Buillding societies in order to claim the underpaid tax via my PAYE tax code?

masonic

It sounds like you could tell them you don't need to be on SA, but you can check here:

https://www.gov.uk/check-if-you-need-tax-return

DRS1

This may help

Self Assessment tax returns: If you no longer need to send a tax return - GOV.UK

If they send you a notice saying you need to self assess for tax year x then you still need to self assess for tax year x. I now I have had such a notice for 25/6 so you may have had one too. Don't ignore it just because you have written to HMRC - make sure they agree you don't need to do it.

mta999

Yes you can tell them. I did this and they stopped my having to do self-assessment

hgt

Thanks all for your replies 🙂 Sounds like I should contact HMRC and see if they agree.

Malchester

I used to submit a self assessment form but contacted HMRC when I though the need to do so had stopped. They replied very quickly with a letter confirming I no longer need to submit one even though I received a reminder I did need to

jaypers

I’m in a similar position but prefer to do SA every year as I then know that the figures are correct.

kempiejon

Never done SA, don't have a tax liability. Last week I submitted my savings interest details (< £1k) via online chat, that concluded the calculation for 25/26 tax year enabling my tax reclaim.

dont_use_vistaprint

They will tell you , normally straight after end of tax year.

I got the notice, and this is my first year I can remember not doing SA.

The only negative I found is that when they owe you it just sits there, no obvious mechanism to claim it like with SA.

Dazed_and_C0nfused

https://forums.moneysavingexpert.com/discussion/comment/82055379#Comment_82055379

If you have received a P800 calculation showing a refund is due you should be able to transfer the tax overpaid into your bank account via your Personal Tax Account.