Tax return help needed

[Howardh]

This is basically to save me spending hours onthe phone to HMRC!

In my previous employment always had PAYE, but sinde retirement I've not needed to fill in forms or rely on PAYE as my income has always been below tax thresholds.

Because of the rise in interest rates the interest on my savings is now above the £1000 tax threshold. I also recieve dividends above the £2000 tax threshold; but my one pension that I currently get is below the £12300 threshold.

Thinking I should write to them declaring the interest and dividend after April next year, but worried that they wouldn't notice that the pension income is below the threshold and therefore take far more tax off my interest than they should.

Alternatively - simply write to them with the income fom all three; or is it best if I simply get myself a tax reference number and fill in a self-employed on-line tax form even though I'm not employed?? Their forms don't seem to cover the simply retired!!

Is anyone in a similar position, getting a pension below £12000 yet has interest above £1000?? What do you do??

As an aside after my mother's death and completing IHT forms, I found that the banks had added interest to her account between death and probate; so I simply wrote an explanation to HMRC (no forms) with the figures and they replied with a tax bill that I paid on-line.

Thanks in advance!!

 

[simonw]

This is basically to save me spending hours onthe phone to HMRC!

In my previous employment always had PAYE, but sinde retirement I've not needed to fill in forms or rely on PAYE as my income has always been below tax thresholds.

Because of the rise in interest rates the interest on my savings is now above the £1000 tax threshold. I also recieve dividends above the £2000 tax threshold; but my one pension that I currently get is below the £12300 threshold.

Thinking I should write to them declaring the interest and dividend after April next year, but worried that they wouldn't notice that the pension income is below the threshold and therefore take far more tax off my interest than they should.

Alternatively - simply write to them with the income fom all three; or is it best if I simply get myself a tax reference number and fill in a self-employed on-line tax form even though I'm not employed?? Their forms don't seem to cover the simply retired!!

Is anyone in a similar position, getting a pension below £12000 yet has interest above £1000?? What do you do??

As an aside after my mother's death and completing IHT forms, I found that the banks had added interest to her account between death and probate; so I simply wrote an explanation to HMRC (no forms) with the figures and they replied with a tax bill that I paid on-line.

Thanks in advance!!

If your total income including interest, dividends and pension is below the £12,300 threshold there is no tax to pay. If it is over, register to do your tax return online. You won't be self employed but will need to enter your pensiom, interest and dividends.

 

[Howardh]

If your total income including interest, dividends and pension is below the £12,300 threshold there is no tax to pay. If it is over, register to do your tax return online. You won't be self employed but will need to enter your pensiom, interest and dividends.

Yes, I'll register in April so it doesn't look like I'm askign for a form for this (tax) year; thx