self assessment error!

peter1000

I have made a mistake on my self assessment for 2009/10 ,I done the return back in august and thought no more of it but have realised that i have not declared some interest on my savings between oct 09 and april 10,I declared the interest earned on a savings bond and another online account,both these accounts were annual interst and added at the end of the term,my other account was a monthly interest,but i forgot that and was thinking i could wait until the account matured at oct 10 and put it on my tax return for 2010/11,I am on paye and dont earn more than 20k a year and all the savings are taxed at source,not sure what to do i filed my return by post,????

ncthomas1

How much in money are we talking about here? roughly?

peter1000

430 ish after the tax was taken off

Mikeyorks

Do as you were implying and add the entity onto 10-11 ..... as though it had been paid on maturity. If you'd filed online it is easy enough to amend. But as there's no tax at issue it's a needless paper chase to write HMRC to get them to amend it. And they have been known to do it wrong.

I deduce they're working towards automating the 'tax deducted at source' returns from Banks etc. But I don't think they're going to do it in time to 'catch' your apportioning of a bit of interest.

peter1000

thanks mikeyorks,does seem abit of a bind doing this tax return when iam paye and my savings are taxed at source,so you dont think i will get any nasty shocks then if i just put it on 2010/11

Mikeyorks

peter1000 wrote: »

,so you dont think i will get any nasty shocks then if i just put it on 2010/11

No - that won't happen.

But if you're solely PAYE and circa £20k ....... why are you filing SA Returns?

peter1000

good question! I inherited a property in 2002,it was sold in 2005,i had a accountant who sorted all the tax stuff out and that was the end of it,my accountant spoke to the revenue quite a few times and i did get alletter saying that i would no longer need to do a tax return and so did my wife.Then about a year later i got a letter through asking for a short tax return,that was few years ago and i have been doing them,my wife has not had any demands to do a tax return.last couple of years my wage on paye have been approx 18k