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: 15845
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
13905389
Type Your Tax Question Here...
TonyTax is online now

Tax Ref 663/ZH310 nat. no. ZY613944B Tax is deducted from

Resolved Question:

Tax Ref 663/ZH310
nat. no. ZY613944B
Tax is deducted from my pensions by H.C.C. I have some savings in Isa's, On line saver account & Royal Mail shares.
Reading Tax Coding Notice 2014 - 15 it implies that if I don't have an income obove £27,000 I do not need to complete a tax return.
Can you please confirm my interpretation is correct.
Many thanks for a hasty reply.
Carol E. Richards
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

Most people don't need to complete an annual tax return. Take a look here for information on when you might need to complete one.

The £27,000 figure is the income level point at which you start to lose the extra personal allowance you get if you were born before 6 April 1948 or 6 April 1938 or 6 April 1935 (married couple's allowance). There is information here on age allowances and how they work. Take a look here for the allowance levels. So, assuming that all the income you do have which is taxable has been taxed at source or is completely covered or partially covered by your personal allowance and the total is £27,000 or less, then you won't need to complete an annual tax return.

If your personal allowance is absorbed completely by your pension income, then any bank interest you receive other then through ISA accounts or other tax exempt accounts should have basic rate tax deducted at source. Dividends from shares you own carry a 10% tax credit which is deemed to cover your basic rate tax liability.

You can ask the tax office at the end of the tax year to review your tax postion without necessarily having to complete a tax return.

I hope this helps but let me know if you have any further questions.
Customer: replied 2 years ago.

thanks Tony, but does the tax year end at the end of October or March next year?

Expert:  TonyTax replied 2 years ago.
The tax year runs from 6 April to the following 5 April so the current tax year, 2014/15, started on 6 April 2014 and ends on 5 April 2015.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15845
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
TonyTax and other Tax Specialists are ready to help you

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
< Previous | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
 
 
 

Meet The Experts:

 
 
 
  • Sam

    Sam

    Accountant

    Satisfied Customers:

    7088
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
< Previous | Next >
  • http://ww2.justanswer.com/uploads/TA/Tax Expert/2013-8-21_231010_sam.64x64.jpg Sam's Avatar

    Sam

    Accountant

    Satisfied Customers:

    7088
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
  • http://ww2.justanswer.com/uploads/BI/bigduckontax/2013-8-12_222058_1.64x64.jpg bigduckontax's Avatar

    bigduckontax

    Accountant

    Satisfied Customers:

    2333
    FCCA FCMA CGMA ACIS
  • http://ww2.justanswer.com/uploads/TA/TaxRobin/2013-8-28_16186_femalebusinessprofessionalbinderhand11038485.64x64.jpg TaxRobin's Avatar

    TaxRobin

    Tax Consultant

    Satisfied Customers:

    524
    International tax
  • /img/opt/shirt.png taxadvisor.uk's Avatar

    taxadvisor.uk

    Chartered Certified Accountant

    Satisfied Customers:

    2845
    FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
  • http://ww2.justanswer.com/uploads/MS/MsAM/2012-6-9_16426_anna.64x64.jpeg Anna's Avatar

    Anna

    Teacher, writer, biologist

    Satisfied Customers:

    270
    Great research skills, variety of work experiences, teaching experience.
  • http://ww2.justanswer.com/uploads/PD/pdheslin/2012-6-6_232056_pambig.64x64.jpg pdheslin's Avatar

    pdheslin

    Consultant

    Satisfied Customers:

    51
    20+ years of internet site creation and search engine optimization. Dozens of search tools at my disposal.
 
 
 

Related Tax Questions