savings problem

HappyMJ

Nothing it's not over £300 per year so it didn't need to be declared. I wouldn't worry about it.

Indie_Kid

HappyMJ wrote: »

Nothing it's not over £300 per year so it didn't need to be declared. I wouldn't worry about it.

The OP has said that the interest is £570 per year.

almostemptynest

I don't even know who I would declare it to now as I am no longer claiming tax credit - or any benefits. If the cheque is lodged in a UK account won't the bank inform HMRC ? I would rather go to the appropriate authority before that and be proactive.

flashnazia

sh1305 wrote: »

The OP has said that the interest is £570 per year.

she didn't say it was per year though (although it had grown by that much - I'm assuming she put more in). That much interest per year sounds high.

almostemptynest

No , I have never put any in or taken any out. Like I said it was there as an insurance policy - was bringing up 2 kids on my own and wanted to be sure there would be nothing to derail us as a family. Planned to use it eventually to help with uni costs as on my salary there isn't much opportunity to save much. Now it looks like I am going to be derailed - just as uni starts for my son.

Vader123

almostemptynest wrote: »

No , I have never put any in or taken any out. Like I said it was there as an insurance policy - was bringing up 2 kids on my own and wanted to be sure there would be nothing to derail us as a family. Planned to use it eventually to help with uni costs as on my salary there isn't much opportunity to save much. Now it looks like I am going to be derailed - just as uni starts for my son.

The problem is that your situation at the time of claiming was presented inaccuratly.

You say you hid the money not to derail the family. I would ask what kind of example you set for your kids?

My advice remains, contact the tax credits people and confess up.

You won't feel better until you do, and the advice here is that the money made little difference to your claim.

Vader

sarflee

If i've read this correctly it appears you always knew you should have declared it and hoped nobody would find out, but now that you have to hold the money in a UK bank account you are worried tax credits people will find out anyway.

The answer is you should telephone the tax credit people and tell them. Advise the full amount of interest you received each year, after taking of the £300 disregard. This should stop you worrying too much over it all, as you do have the money to pay it back

What I would do, I wouldn't bother now and leave it as it is. We're talking such a small amount it would probably take so much time reopening the account, reams of paper being sent out and working out that it would likely be more bother than it is worth to tax credits. People do much worse you know, I know that doesn't make it right but I really wouldn' worry yourself sick over it.

Mupette

Give tax credits a call tomorrow, get it over and done with.