Aldermore savings tax help.

Lizgus · 18 February 2018 at 5:26PM

Hi everyone ,
Please forgive me for being daft but im confused.
I thought the banks gave all the information for tax in savings to HMRC. When i go online on my personal savings tax account ( i think thats its name) , my lloyds and santander accounts are listed but not my Aldermore account. Aldermore says its up to you to inform the taxman . Is this correct as it Seems confusing that some banks do give the info and some dont.

Thanks for your help... Liz...x

00ec25 · 18 February 2018 at 5:38PM

why does it matter?

it is your responsibility to declare your own tax affairs, hence the name self assessment

polymaff · 18 February 2018 at 5:49PM

It is more that HMRC request such data as they want, and then show you some of that data - and they, sometimes, massage the data inbetween the receiving and the showing !

As 00ec25 implies, the real data is for you to declare.

Lizgus · 18 February 2018 at 5:59PM

Sorry but I didnt think i needed to do a self assessment. Im a basic taxpayer , work for a shop with some savings.

xylophone · 18 February 2018 at 8:01PM

https://www.gov.uk/government/publications/personal-savings-allowance-factsheet/personal-savings-allowance

https://www.aldermore.co.uk/personal/personal-savings-accounts/latest-news-for-savers/

Aldermore refer you to the first link above which says

For sole bank account holders, not in Self-Assessment, HM Revenue and Customs (HMRC) will normally collect the tax by changing your tax code. Banks and building societies will give HMRC the information they need to do this.

How comes it that Aldermore think that they have a dispensation not to report to HMRC?

Aside from that, if you have checked your own tax situation and are satisfied that you do not owe tax, then you will have no need to contact HMRC.

If you do owe tax, then you will need to contact HMRC and presumably can give the information through the Personal Tax Account?

Lizgus · 18 February 2018 at 9:22PM

i may have just misunderstood what they were saying as i was reading something else , might have been to do with self assessment. ..hence why i was confused. Im really sorry .

Dazed_and_confused · 18 February 2018 at 9:25PM

Maybe the op could confirm if the final paragraph from the link xylophone posted is applicable to their Aldermore account

If youre a joint bank account holder, not in self-assessment, then please contact HMRC and report the saving income of interest as appropriate.

Lizgus · 18 February 2018 at 9:49PM

The links xylophone posted was very helpful. It does apply to my account and solved my question.
Ive read so many things today that i misunderstood what aldermore were saying.Unfortunately it doesnt take much to confuse me lately. I am sorry for being daft and appreciate the help...xx

Dazed_and_confused · 18 February 2018 at 9:55PM

Is it a joint account then?

Lizgus · 18 February 2018 at 11:10PM

It was just my account , but the links xylophone posted was helpful and applied to me.
I went to the hmrc website to get the telephone number to call them tomorrow but found there was webchat. The man said banks are still sending them the interest information so there still time for it to appear . He also added on file the amount of interest i received from aldermore so its all uptodate. He was very patient with me!!

realaledrinker · 19 February 2018 at 12:38AM

OP don't stress it. There are plenty more "daft" questions on MSE than yours!

Aldermore savings tax help.

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