Tax refund for a £50 interest earned on Barclays EasySaver?

the_learner

Hi, I have a Barclays account and on my EasySaver I earned around £50 interests during 2014.
I am a higher tax payer so I think that I have do declare this amount in my tax return for 2014.
Am I still on time to do this for 2014? I want to avoid paying penalties on a such small amount.
Can you please gine me some hints how to do this? Thank you.

Archi_Bald

the_learner wrote: »

Hi, I have a Barclays account and on my EasySaver I earned around £50 interests during 2014.
I am a higher tax payer so I think that I have do declare this amount in my tax return for 2014.
Am I still on time to do this for 2014? I want to avoid paying penalties on a such small amount.
Can you please gine me some hints how to do this? Thank you.

"during 2014" could imply you received interest in tax year 2013-14, and in 2014-15 (i.e. before and after April 6 2014). You aren't saying how much you received when.

Your self-assessment tax return for 2013-14 is due no later than 31/01/2015. You aren't saying whether you already completed it. If you have not, then just declare the interest you earned in 2013-14 when you make your return. If you have, and have not declared the interest for 2013-14, you should really tell the HMRC but you could probably do this in your next tax return as it it such a tiny amount (just declare the 2013-14 and 2014-15 in one go). But best ask the HMRC if you are worried about getting fined.

Your self-assessment tax return for 2014-15 is not due until 31/01/2016 (though you can of course submit it earlier). So you still have oodles of time declaring the interest you received / will be receiving between 06/04/2014 and 05/04/2015.

NB. I am a bit confused about your title talking about a tax refund as your question doesn't appear to be about a refund.....

the_learner

Thanks for your answer. I opened the Barclays account in 2013 so I will have some little interest earned on my EasySaver from April 2013 to March 2014.
So I just need to declare this interests no later than January 31st 2015?

jimjames

the_learner wrote: »

Thanks for your answer. I opened the Barclays account in 2013 so I will have some little interest earned on my EasySaver from April 2013 to March 2014.
So I just need to declare this interests no later than January 31st 2015?

Yes, that's right.

the_learner

I was trying to register for a self assessment. I never did it before and now it's asking for the Unique Taxpayer Reference.
I don't have such code so I will probably need to ask for it somehow tomorrow. But I will probably not meet the deadline of January 31 to complete the self assessment and send the tax refund online.
Do you have any suggestion?