HMRC "Stopping Self Assesssment" - what to do?

[roubaixtuesday]

Did my tax return (self assessment) at the weekend, and got a message today saying I don't need to send a tax return in future.

Was very surprised, as I'm liable for tax on dividends and interest at higher rate.

Am I supposed to declare these somewhere other than in a tax return in future? Or are HMRC saying they don't want to collect the tax on these (which would be very surprising)?

Can't find much about this online.

 

[fossyant]

You can still do them - they just think you don't need to.

 

[T4tomo]

Did my tax return (self assessment) at the weekend, and got a message today saying I don't need to send a tax return in future.

Was very surprised, as I'm liable for tax on dividends and interest at higher rate.

Am I supposed to declare these somewhere other than in a tax return in future? Or are HMRC saying they don't want to collect the tax on these (which would be very surprising)?

Can't find much about this online.

I believe you can go to the tax code part of the HMRC site and put in estimates for the year ahead, but its not as accurate as doing a self assessment.

 

[vickster]

I think if your additional Tax burden on interest is under £5k you don’t need to self assess (HMRC do from the info from banks and will send you a bill or take off your personal allowance for the following year).
Not sure about dividends

 

[Beebo]

Self assessment really is a tax dodgers charter.
How many people don’t declare these sorts of income streams.

 

[raleighnut]

Not troubled the tax man for years apart from them sending me a p60 every year saying tax paid £00.00

 

[roubaixtuesday]

I'm still confused.

HMRC know I have income to declare, but are telling me not to declare it, it seems to me.

Just seems weird.

 

[BoldonLad]

Is the key point the actual wording of the message, ie “don’t need to” rather than “do not”. The onus for declaring tax liability is always with the tax payer, not the tax office, as I understand it. Thus, if you choose not to complete a self assesment, it is still your liability to inform them of the dividends etc. At least, that is my understanding of the “rules”.

 

[fossyant]

Is the key point the actual wording of the message, ie “don’t need to” rather than “do not”. The onus for declaring tax liability is always with the tax payer, not the tax office, as I understand it.

This - if you think you need to do one, do it. They won't stop you doing one, they just think you don't need to.

 

[bikingdad90]

I'm still confused.

HMRC know I have income to declare, but are telling me not to declare it, it seems to me.

Just seems weird.

It’s a computer says no attitude. I’m in the opposite position where HMRC don’t think I need to register but I do as I need to give them the correct earnings and overall pay less tax than I am getting charged.

 

[figbat]

Have they adjusted your tax code to allow for the extra tax owed?

 

[roubaixtuesday]

Have they adjusted your tax code to allow for the extra tax owed?

Yes

 

[SuffolkBlue]

I was told to stop doing a SA back in 2018.
You may have already done this but I do a reassurance check every once in a while using their on line tool:
https://www.gov.uk/check-if-you-need-tax-return

 

[figbat]

I was asked years ago to do a SA and after doing it was then told I didn’t need to. I never received any further requests to do one but realised I needed to based on my evolving circumstances. As said above the onus is on the individual to know if and when to do one.

 

[figbat]

Yes

In which case I wouldn’t bother unless your income changes dramatically from when you did the assessment. They will be taking what they believe you owe at source.