How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TonyTax Your Own Question
TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15940
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
13905389
Type Your Tax Question Here...
TonyTax is online now

I am 59 years old in a part time job earn £200 a month so

Resolved Question:

I am 59 years old in a part time job earn £200 a month so don't pay income tax but do have shares and savings of over £10,000 should I be filling in a self assessment form ?
Submitted: 3 years ago.
Category: Tax
Expert:  TonyTax replied 3 years ago.

Hi.

Take a look under the heading "You have income from savings, investment or property" here for information on the criteria which determines the necessity or otherwise to complete an annual tax return.

You will see that you only need to complete a tax return if the income produced by your savings and shares and other investments is £10,000 or more annually or you have an untaxed income of £2,500 or more annually from those savings and investments.

The £10,000 figure refers to income not the value of the savings and investments themselves. If your total annual income before tax is £10,000 or less, then you will have no tax to pay at all and will not need to complete a tax return.

I hope this helps but let me know if you have any further questions.

TonyTax and other Tax Specialists are ready to help you