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Where Taxpayers and Advisers Meet

Worried about Self Assessments for 2010-11 & 2011-12 -

mullet
Posts:3242
Joined:Fri Nov 06, 2009 9:26 am
Re: Worried about Self Assessments for 2010-11 & 2011-12 -

Postby mullet » Thu Jun 28, 2012 10:39 pm

Not wishing to get too pedantic
Nothing wrong with that, it's what we do. :)

taxconsultant82
Posts:6
Joined:Tue Jun 26, 2012 10:13 am

Re: Worried about Self Assessments for 2010-11 & 2011-12 -

Postby taxconsultant82 » Fri Jun 29, 2012 8:39 pm

As I read it section 7 states that a person is not required to notify HMRC if

S7(4) All income from a source is taken into account for PAYE
S7(6) All income has had tax deducted, or is treated as having had tax deducted, or is dividend income
and the individual is a basic rate taxpayer so no further tax is due.
S7(7) All income is income which would not become liable to tax under self assessment.

Put simply no further tax is due on the income.

mullet
Posts:3242
Joined:Fri Nov 06, 2009 9:26 am

Re: Worried about Self Assessments for 2010-11 & 2011-12 -

Postby mullet » Sat Jun 30, 2012 11:21 am

Just to clarify for the OP, as there have been a couple of potentially misleading points.
I've never filled in a tax return in my life yet in the last month I've been sent tax Self Assessments for both 2010-11 & 2011-12.
This means that you have received legal notification (Section 8 TMA 1970) from HMRC of the requirement to complete and file these two tax returns.
I would recommend you complete and submit the returns
It is not an option. You are required (by law) to complete and submit them.
If you have no other income I would contact HMRC and request you are taken out of the self assessment system.
That is good advice, but it does not remove the requirement as explained above.

Roger Bailey
Posts:34
Joined:Wed Aug 06, 2008 3:17 pm

Re: Worried about Self Assessments for 2010-11 & 2011-12 -

Postby Roger Bailey » Mon Jul 23, 2012 9:50 am

Hi LucanJoe,

Further to Mullets post. For every £2 that your taxable earnings exceed £100k you lose £1 of your personal allowance. Filing of SATR's are necessary to claw this back and also to tax you on any other income you might not have been fully taxed on. In future years you could consider putting some income into a pension so as to reduce taxable income to 100k if possible. Say up to £16210, as nothing to be gained if you exceed this amount for 2012/13 tax year. Unfortunately too late for previous years.

Roger Bailey
Posts:34
Joined:Wed Aug 06, 2008 3:17 pm

Re: Worried about Self Assessments for 2010-11 & 2011-12 -

Postby Roger Bailey » Mon Jul 23, 2012 9:57 am

Hi Lucanjoe.

Apologies, "earnngs" should read "income." It is necessary to claw back the extra tax payable due to the reduction of your personal allowance.


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