roubaixtuesday
self serving virtue signaller
Yes for this year, but not for future years, where if I don't do a SA, I'd underpay tax on dividends and interest. At least I think that's what would happen?
HMRC "Stopping Self Assesssment" - what to do?
- Thread starter roubaixtuesday
- Start date
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Yes for this year, but not for future years, where if I don't do a SA, I'd underpay tax on dividends and interest. At least I think that's what would happen?
BoldonLad
Not part of the Elite
- Location
- South Tyneside
I used to be self employed, and, filled in a SA tax form.
When I retired, I got similar message to yourself, saying I didn’t NEED to do an SA.
Having seen the unholy mess which HMRC made of my wife’s tax affairs, upon retirement, I ignored the message and continued filling in SA.
I retired 17 years ago.
They increased the threshhold for self assessment earnings as well. Previously everyone earning over 100k had to do a SA. Now it's 150k. But of course ,if you have income to declare that HMRC would not know about then you need to opt back in regardless of income level.
I'm in a similar position except I was told no need to do more several years ago but I'm now above thresholds and am finding it a nightmare to reactivate my HMRC self-assessment. Had 3 calls so far and getting nowhere.
Seems (in my case) when they sent the letter saying not needed in future they closed my self-assesment account and it's getting theat re-opened that is proving a challenge.
Ian
figbat
Slippery scientist
- Location
- South Oxfordshire, UK
That one passed me by - I just ran the "do you need to do a self-assessment" questionnaire and came out "no". It seems that, as you say, earning <£150k and dividends/interest <£5k they aren't bothered about.
Alex321
Guru
- Location
- South Wales
They generally know what income you are receiving. You only need to fill ina Self Assessment form if you are receiving income which is not from an employer/pension or a financial institution such as a bank or building society.
And you only need to fill in a self assessment form for dividends if they mount to over £10,000 in the year.
We are PAYEs but have to do the self assessment because we hit the income thereshold. It's honestly the most complicated thing I hate to do every year and I no idea what am doing. I've now got to the point I just click No for everybox and get it done in 5 minutes. Last year doing that resulted in me getting a £2k under paid tax message and my wife the opposite.
I wish I didn't have to do it. We have no investments or other sources of income, just our NHS pension and our PAYE jobs.
oldwheels
Legendary Member
- Location
- Isle of Mull
That is what we used to do and it was a great relief to me. He was know as being very straight and nobody who used his services ever had trouble from HMRC.
vickster
Legendary Member
I was going to pay the accountant as having wound up my business I was still on the hook for S.A.. however, I decided to give it a go myself, wasn’t too bad (just lots of savings accounts to include). An accountant friend kindly gave it a check over for me, a bottle of wine given in thanks
I’ve withdrawn from it now am on PAYE (I don’t earn £150k+). HMRC and the banks can sort out what tax I need to pay on interest and just let me know!
I wouldn't even know what to ask an accountant to do!! Our only income in PAYEs with zero investments or anything else. I just want to be left alone, do my job and get paid
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PaulSB
Squire
- Location
- Chorley, Lancashire
You just ask him/her to complete your tax returns. The accountant will know what questions to ask you.I wouldn't even know what to ask an accountant to do!! Our only income in PAYEs with zero investments or anything else. I just want to be left alone, do my job and get paid
figbat
Slippery scientist
- Location
- South Oxfordshire, UK
Until this (last) year the threshold was £100k.
You can fill in an online form to tell them you don’t think you need to self-assess.
vickster
Legendary Member
Even with 100k threshold, if that much of a hated chore, accountant fees are affordable surely
vickster
Legendary Member
I wouldn't even know what to ask an accountant to do!! Our only income in PAYEs with zero investments or anything else. I just want to be left alone, do my job and get paid
Ummm to do your tax return! If you explain you have zero savings earning interest and just PAYE, they can advise how to get out of it (if you legally can)
