HMRC - 2023-2024 - Tax Returns?

Malt_Vinegar

Malt_Vinegar

Malt_Vinegar

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Is anyone else nervous about 2023-2024?
HMRC have told me that I no longer need to do a return after last year. It looks like the thresholds have changed, and yet, despite having a reference and a note saying I no longer need to do a return, dated today, I did get a letter from them earlier this month warning me of the deadlines for a return.
Is this just a needless extra letter they send to anyone who ever has done a return, regardless of whether they actually need a return to be done, just as a reminder of the deadlines?
It would be really nice for once (as a simple paye earner) I did not get asked to pay back a shed load of tax each year :D
 
It'll probably be just an automatic reminder, but if you want to be totally sure just log into your gateway account and check your self assessment section. It'll say whether an assessment has been issued and is expected for 23/24 or not.
 
I look forward to this fun next year since I started claiming child benefit in April and slightly creep over the lower threshold to begin losing some of it :o
 
I wouldn't have a clue how to manage that.

The 1st year rebate was because me an wife seperated and so the child benefit taxation was returned for 7 months and this year I did something with the private pension something or other. Guy at work told me about it.
 
tom_e said:
I look forward to this fun next year since I started claiming child benefit in April and slightly creep over the lower threshold to begin losing some of it :o
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A true treat if ever there was one. I despise this policy. Thankfully it isn't as bad as it used to be, essentially an additional 10% tax :mad:
 
Zefan said:
A true treat if ever there was one. I despise this policy. Thankfully it isn't as bad as it used to be, essentially an additional 10% tax :mad:
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I can't believe they can't figure this out without needing to do a self assessment and it's not even something they make particularly clear you have to go looking to be told you need to self asses once you're over the threshold.
 
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tom_e said:
I can't believe they can't figure this out without needing to do a self assessment and it's not even something they make particularly clear you have to go looking to be told you need to self asses once you're over the threshold.
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Apparently they are working on this, but that they have an expected delivery time of about 2-3 years. I had to pay some backdated stuff, edge taken off after pension contributions taken in to account but it's still irritating. If it was higher I would have appealed it, there's precedent sent for "I didn't know my husband's salary had gone over the threshold, and as soon as I discovered this I made every attempt to let you know and start paying as soon as possible" being a winning appeal strategy.
 
Malt_Vinegar said:
Is anyone else nervous about 2023-2024?
HMRC have told me that I no longer need to do a return after last year. It looks like the thresholds have changed, and yet, despite having a reference and a note saying I no longer need to do a return, dated today, I did get a letter from them earlier this month warning me of the deadlines for a return.
Is this just a needless extra letter they send to anyone who ever has done a return, regardless of whether they actually need a return to be done, just as a reminder of the deadlines?
It would be really nice for once (as a simple paye earner) I did not get asked to pay back a shed load of tax each year :D
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If you're earning 40% threshold do a tax return for pension tax relief nonetheless. Unless I've misunderstood your question. If it's to bring your down below the 100k threshold best bet is to increase your pension contributions.

I've just got into a habit of doing one now.
 
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Freefaller said:
If you're earning 40% threshold do a tax return for pension tax relief nonetheless. Unless I've misunderstood your question. If it's to bring your down below the 100k threshold best bet is to increase your pension contributions.

I've just got into a habit of doing one now.
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People who do it via PAYE (and don't do any additional contributions outside of this) shouldn't need to, right? I say this as someone who just realised I need to hurry up and do mine, for this year just gone; I didn't realise that they would send you a refund earlier if you submitted earlier :o
 
Zefan said:
People who do it via PAYE (and don't do any additional contributions outside of this) shouldn't need to, right? I say this as someone who just realised I need to hurry up and do mine, for this year just gone; I didn't realise that they would send you a refund earlier if you submitted earlier :o
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I think you can still get tax relief if you do a SA. I'm on PAYE and it's been really helpful to boost my pension pot.
 
Freefaller said:
I think you can still get tax relief if you do a SA. I'm on PAYE and it's been really helpful to boost my pension pot.
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Yeah if you contribute more, I'm just saying those who have it via purely via PAYE will already have it covered, unless I'm missing something?
 
Zefan said:
Yeah if you contribute more, I'm just saying those who have it via purely via PAYE will already have it covered, unless I'm missing something?
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I think as long as you're a higher rate tax payer is all that matters as long as you pay into a private pension... But hopefully someone can correct me!
 
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If you contribute through your employer through PAYE, they should handle it all for you AFAIK. If you do it through sal sacrifice then it's even better as you never actually "earned" the money in the first place to get taxed on, so no tax relief to do. If you make additional payments that the tax man doesn't know about, then ofc you'll need to let them know so you can get a tax refund. I put a pretty significant amount away, way above what I could've done with PAYE with my remaining salary payments for the year (I tried but they refused to let me pay myself less than minimum wage :cry:) so that's why I'm making sure to do one. That and because I'm on the naughty list for child benefit payment clawback from previous years.
 
Well I've always done SA since I got stung about 8 years ago for child credits when I changed to a 40% role and got a bill for £1700 from HMRC. Since then I was always told to claim back the tax relief on my pension contributions regardless of PAYE. I always seem to either get a rebate or a more favourable tax code - it's been like that for the last 6-7 years.

I hope I don't get landed a massive bill one day! :cry:

In my current employment they contribute 12% and I contribute 13%. I claimed back an additional £3k ISH as a result.

I think you need to do a SA for the higher rate relief but as you suggest if you're under 40% tax bracket then it's all done for you.

Maybe I'm wrong! But I seem to be getting more towards my pension as a result which is all good as far as I'm concerned!
 
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If your employer is paying in, it’s before tax so there shouldn’t be anything to claim back… I think?

My understanding was you had to do a SA to claim the relief if you had paid in out of your own pocket? (Pension funds I think deal with it automatically at 20%)

Never done it so I’ve no idea - my company pays into mine and I don’t think it appears anywhere on my SA.
 
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