HMRC "Stopping Self Assesssment" - what to do?

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roubaixtuesday

self serving virtue signaller
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

Ride It Like You Stole It!
Location
South Manchester
You can still do them - they just think you don't need to.
 

T4tomo

Legendary Member
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

Legendary Member
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
 
OP
OP
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roubaixtuesday

self serving virtue signaller
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

Not part of the Elite
Location
South Tyneside
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

Ride It Like You Stole It!
Location
South Manchester
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.
 
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

Slippery scientist
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.
 
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