Certificate of Tax Deduction on savings

nilrem_2

innovate wrote: »

Don't understand why you guys need a tax cert. Just tot up the net interest you got and enter it on your tax return.

In the unlikely even that HMRC will ask you for evidence, you can still ask for a tax cert. Or just show HMRC your savings statements (online or paper ones).

I have been doing tax returns for at least 30 years now and never once needed to show a tax cert for my savings.

When I had an accountant do my tax return he always absolutely insisted I get a tax certificate, now I do my own I just get the info from my bank statements.

mulronie

gadgetmind wrote: »

What are the chances of people able to get a cert (say) five years later after the organisation has been merged and spun-off another half dozen times

It's a statutory requirement under Section 975 of the Income Tax Act 2007. Compliance managers up and down the country have nightmares about falling foul of HMRC requirements.

Since noone would have an interest in falsely declaring interest income, the only time I can imagine HMRC being remotely concerned is if you were claiming a tax rebate (even then, on form R40 for reclaiming tax deducted, it states "Please do not send us any personal records, or tax certificates or vouchers with your form.")

I guess some people just love getting sent mail and having the 'fun' of opening, categorising, filing and storing it. Not for me thanks!

gadgetmind

It's no more fun that keeping careful records of share trades to track capital gains. However, I know that keeping up to things rather than having a mad panic at some future point pays dividends, if you'll excuse the pun.

innovate

According to this post, HMRC have got all the information already from the banks, anyway.

IMO, the likelihood that they will ask you for proof of your sum is next to nil, as long as your sum is as correct as can be expected.

And if they did want me to proof it, I'd just show them my MS Money records which go back to the year dot, and tally 100% with the details of the bank accounts.

Also, I would suggest that the HMRC could raise a heck of a lot more income for the Treasury from the likes of Mrs Philip Green than from hunting down the occasional Joe Bloggs saver.