Self Assessment tax return de-registering?
 

Having just filled in my first ever self assessment tax return due to going over the capital gains tax limit, will I now ALWAYS receive a SA tax return even though I am a PAYE tax payer?

If they will send for the next tax year is there a way to de-register and stop this?

Re: Self Assessment tax return de-registering?
 

You can't de-register - they will let you know if you have to do it again....

I have had to do it a couple of times, but after the last two years they informed me I no longer (until told again I have to) do self-assessment.

Re: Self Assessment tax return de-registering?
 

Damn, well I hope they don't send 1 just because I went over the CG tax limit once as it won't happen again.

Re: Self Assessment tax return de-registering?
 

I expect they will send one for the next year just so you can prove didn't have a chargeable gain.

I am hoping I wont have to now they are about to abolish the age allowance.

Re: Self Assessment tax return de-registering?
 

I have had to do them on and off for the last 12 years, they are very easy to fill in though.

Re: Self Assessment tax return de-registering?
 

I keep getting them even though I am quite literally just entering the numbers from my P60 and sending it on its merry way.

It is what it is.

Re: Self Assessment tax return de-registering?
 

I do mine on-line but it's mainly as igni says putting in the P60 numbers and a small amount of interest I get on some money in the building society account. No sweat really.

Re: Self Assessment tax return de-registering?
 

The next 1 i do will just be entering a few things from the P60 and P11D too and private medical costs and a few £s of bank interest here and there.

1 thing that confused me is they seem to ignore any PENCE when entering online, for example i put down £1.98 for bank interest and it turned it into £1.00, also £19.20 tax refund turned into £19.00?!

Re: Self Assessment tax return de-registering?
 

Same thing happens on VAT returns, the old paper system told you not to enter pence so I guess it's the same way on line. With big companies entering £millions the odd pence don't really matter.

Re: Self Assessment tax return de-registering?
 

Aye once you're in self assessment you'll keep getting one each year. You can keep checking on the hmrc website if you don't need to do one for next year

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

if you feel you dont need to then you can call the tax helpline, they'll go through your details and send a referral to close your self assessment record if they need to.

Re: Self Assessment tax return de-registering?
 

Thanks for the link, I won't need a self assessment next year as I only needed it as I went over the capital gains tax limit so had to declare it.

Re: Self Assessment tax return de-registering?
 

I believe all the SA tax forms advise you to round down to the nearest pound. It's HMRC's way of being kind...

Re: Self Assessment tax return de-registering?
 

what i'd advise you to do is call up around middle of april and they'll send the referral off nice and early and get you out of SA fairly painlessly :)

Re: Self Assessment tax return de-registering?
 

When do they normally tell people they need to fill in a SA, is it April?

Re: Self Assessment tax return de-registering?
 

notice to file for 14-15 is usually sent out in stages from 6th april. You can cancel SA at any point in the year really but the earlier the better since the summer is always busy with people getting SA penalties and trying to sort their tax codes out after finally realising theyre on a wrong code...so earlier the better!

Re: Self Assessment tax return de-registering?
 

SA forms are sent out early April. If you get another and don't feel it's required, just call the number on the form.

Re: Self Assessment tax return de-registering?
 

Thanks for all the help people! :)

Re: Self Assessment tax return de-registering?
 

I did a tax return in two successive years, and both years resulted in a refund albeit small. They wrote and said I didn't have to complete a form again...

Re: Self Assessment tax return de-registering?
 

Did it cost you much to send the return in. If it didn't I wouldn't let the government hang on to money that's rightfully yours :D

Re: Self Assessment tax return de-registering?
 

Well i am pretty pleased with the result of filling in my first ever tax return online, i managed to do it before the cutoff date of 31st January and in the end although i went over the capital gains tax limit by £99 meaning i owed around £17 in capital gains tax, they actually owe me £42 for over payed income tax. :)

This will be easy to do next year until they say i don't need to do it again.

Re: Self Assessment tax return de-registering?
 

Did mine earlier today. Bit last minute but pretty painless. Nothing to pay, nothing to repay.

Re: Self Assessment tax return de-registering?
 

It took them over a week to reply to my posting, is that normal?

Re: Self Assessment tax return de-registering?
 

It certainly takes a few days, particularly towards the due date at the end of this month.

Re: Self Assessment tax return de-registering?
 

Capital gains tax???!!! That must make you one of those evil capitalists...

;)

Re: Self Assessment tax return de-registering?
 

Haha, nah i was in a share scheme for 3 years at work and when it matured the original share price had gone up in price over 600% so it was a nice shock! When i sold some of them i tried to keep it under the 10900 CG limit but on the day i instructed to sell i got caught out as the shares increased by £1 each.

It won't ever happen again like that so need to spend it wisely on a bigger house eventually.

Re: Self Assessment tax return de-registering?
 

Typical capitalist excuses!!! Bet you went to public school too!!! Once a capitalist always a...


;)

Re: Self Assessment tax return de-registering?
 

Not entirely sure I grasp the point behind this?

I must've missed where people on CF advocated other systems than capitalism. I can see plenty of posts where people have said it's gone a bit wrong and needs fixing, mind you.

The UK economy is largely about rent seeking now rather than actually producing anything, which is part of why our balance of payments is so bad.

Re: Self Assessment tax return de-registering?
 

Point? None really, not too serious anyway. Just a light hearted comment (hence the ;) ) intended to mimic (and poke fun at) a certain proportion of people who jump on the back of anyone who owns shares or dares to make a profit from them. There have been several here over the years and yes you may have missed them but there are a great many more out there.

Re: Self Assessment tax return de-registering?
 

Let's see if they reappear during this election, which should be interesting if nothing else!

Re: Self Assessment tax return de-registering?
 

Tax man rounds to your benefit - income down, tax paid up.

Last couple of years I've had nice rebates and my tax code is now right up. This is because we give money by gift aid which get you back the difference between basic and higher rate on giving if you do pay higher rate. Nice rebate from tax man, new code means rebate for current year from employer and less tax next year.

Re: Self Assessment tax return de-registering?
 

If you tax affairs are "simple" you can phone them up and you won't have to complete a form any longer