Tax return over 100k?

Discussion in 'Accounts & Finance' started by John44, Jan 11, 2020.

  1. John44

    John44 UKBF Contributor Free Member

    80 1
    Is it still the case that someone earning over £1100k a year (purely just PAYE) and not a director has to file an annual tax return? Or have they finally allowed people not to bother?
    Posted: Jan 11, 2020 By: John44 Member since: Jan 25, 2013

    JEREMY HAWKE UKBF Legend Full Member

    5,179 1,773
    What are you circumstances do you have other interest
    Posted: Jan 11, 2020 By: JEREMY HAWKE Member since: Mar 4, 2008
  3. Mr D

    Mr D UKBF Legend Free Member

    24,482 2,976
    If they request you to complete a tax return, complete it or else ask them nicely can you not have to do it.
    Until they say otherwise, follow their instructions about doing it.
    Posted: Jan 11, 2020 By: Mr D Member since: Feb 12, 2017
  4. Mark T Jones

    Mark T Jones UKBF Big Shot Free Member

    4,859 1,861
    Usually self-assessment is for those with multiple income streams (which includes salary/dividend split)

    When they see a single source of income they might revert to non-se

    alternatively you can request to be taken off on the basis that you anticipate only having a single income. In the meantime, you really must file on time
    Posted: Jan 11, 2020 By: Mark T Jones Member since: Nov 4, 2015
  5. TheCyclingProgrammer

    TheCyclingProgrammer UKBF Regular Free Member

    1,219 246
    If you are registered for self assessment and receive a notice to file a return you have to file one or try and get HMRC to revoke the notice if you have good reason not to do one.

    If you are not registered for self assessment you have a requirement to notify HMRC - within 6 months after the end of the tax year to which any income relates - of any income that is taxable and to which sufficient tax has not already been deducted at source.

    In practice this means any income in excess of the personal tax allowance, or any other relevant allowances/zero rate bands (eg small traders allowance, savings allowances, dividend zero rate band etc.) that has not already been taxed via PAYE and therefore tax is due.

    If you have no net liability due to all income being covered by any of the above you are under no legal obligation to notify HMRC (TMA 1970 s3-7).

    Depending on the tax owed and HMRC policy they will either try to adjust your tax code to collect the tax if they can (there’s a threshold and deadline for this) or they will send you a notice to file a tax return.
    Posted: Jan 11, 2020 By: TheCyclingProgrammer Member since: Jul 15, 2014