What form for savings interest declaration?

colin79666

Last year during the financial hoo ha I opened a NS&I Easy Access Savings account which pays interest in gross. I recently received my statement showing the interest paid to me (which is gross) so I though I'd better contact HMRC and tell them about the interest so I could pay at the income tax required.

Now it seems it is difficult to simply them what I owe! I phoned them up as I couldn;t find what I was looking for on the webiste and spoke to a lady who, although polite, did seems to be in a rush to get me off the phone and I don't think paid proper attention to what I was saying. It wound up she would send me a form. Well I've searched the form online and it seems to be for reclaiming tax - what I want is the other way around! Still waiting for the form to arrive.

All this over something less than a pound

Anyone know what form I need? Please don't say tax return. Surely there must be some way that can just reduce my personal allowance for this years thorugh PAYE and get the money their owed...

glider3560

If you don't do tax returns, then just write a very simple letter and send it to your tax office. The letter need only be one line long and include you NI number, e.g.

Name & Address
Date

NI Number: XX123456X

Dear Sir/Madam,

I am writing to declare that I received £xx.xx gross interest from a NS&I Easy Access Savings Account. No tax was deducted.

Could you confirm that you have noted this declaration and let me know the tax due.

Yours faithfully,

Name

My motto if you don't get what you want from the person in the call centre is to just call again and speak to someone else! Also, don't call just before the start of the hour because it is likely they may be getting ready to go home or go to lunch.

suso

I thought they could take the details over the phone and reduce the code.

If it really is less than a pound, don't worry about it as its well within their thresh hold for not collecting (I think if you underpay by anything upto £25.00 they aren't bothered.)

colin79666

Thanks for the replies. @suso yeah I would have thought it could be done over the phone.
@glider3560 I will see what form comes but will probably try the letter route.

fengirl_2

If the tax due is less than £100, they wont be bothered.

suso

They might have been trying to fob you off as they are switching IT systems at the moment and can't amend codes for the next couple of weeks.

ScarletBea

suso wrote: »

I thought they could take the details over the phone and reduce the code.

If it really is less than a pound, don't worry about it as its well within their thresh hold for not collecting (I think if you underpay by anything upto £25.00 they aren't bothered.)

I did mine over the phone (but it was the difference between 40 and 20%) - they took the details and then sent me a letter with the new tax code (last week).

And I agree with them not bothering for less than £1 - I wouldn't!

sweetietot

The first £70 of interest from ordinary National Savings accounts are exempt from tax anyway http://www.hmrc.gov.uk/rewrite/exposure/second/p11.htm

Cook_County

sweetietot wrote: »

The first £70 of interest from ordinary National Savings accounts are exempt from tax anyway http://www.hmrc.gov.uk/rewrite/exposure/second/p11.htm

This is NOT the ordinary account as that is no longer on sale.

colin79666

Right I'm going to go down the recorded letter route. Saves all the hassle of trying to be understood on the phone.

I knows its such a small amount but it would be just typical if it came back to bite me later.