New bank accounts and HMRC

carnation86

Do you need to notify HMRC when you open a new bank account? I've always had the same current account that child tax credits go into, but I've opened 2 regular savings accounts with the same bank in the last year just to try to better organise my finances. They don't have anything significant in them-- £30 or so most of the time and never more than £150 at their highest (Christmas fund ). Do I need to write to HMRC and let them know the details of these accounts or are they irrelevant since they've got nowt really in them? It didn't even occur to me that they might need to know until I was reading another post here just now about HMRC asking someone about a bank account the person had that was unused but that they had never told them about. Thank you!

Horseunderwater

You'd only need to tell them of any interest paid out that is over £300 in any given tax year. Since the amounts you mention are less than that, I do not think you need to worry. You only need to tell HMRC Tax credits if you change the bank account and sort code of where you want them to pay the money in.

carnation86

Ooh yeah, definitely come nowhere near that! I think the highest I've seen the interest go is £.02! Thanks very much.

Horseunderwater

carnation86 wrote: »

Ooh yeah, definitely come nowhere near that! I think the highest I've seen the interest go is £.02! Thanks very much.

We got a generous 33p with £5k in capital for a month so quite agree WOW!
One has to laugh at all the mess the country is in, yet it could all be resolved if they actually stopped causing people to lose jobs - made sure that MOD ordered equipment like screws and light bulbs etc in bulk and not at £20 a time - if that was sorted then the 5000 army blokes that are being forced out in the near future may not need to be. Budgeting in this country needs someone who has common sense to sort it out. I know that if I ran my house like the gov't runs the country then I'd have been bankrupted many years ago.