Paying back savings tax rebate to hmrc.

roxy28

Paying back savings tax rebate to hmrc. Registered for gross interest on the 5-4-2015 on a savings account, it was meant for the 2015/16 tax year but did it a day or 2 too soon, and was given a tax rebate for the 2014/15 on savings.I should not have got this rebate.
The rebate was for £65, do i need a tax certificate from the bank to show to hmrc.

pjread

do you do a tax return? If so stick it on there as gross interest without tax deducted

roxy28

pjread wrote: »

do you do a tax return? If so stick it on there as gross interest without tax deducted

No i have never done a tax return, never needed to, this rebate is the only thing thats not in order, everything else is fine.
Its my own fault for registering too soon.

t0rt0ise

Just tell the company that gave you the refund and if they can't simply take it back they'll tell you to contact the tax office. They'll be happy enough to advise you.

roxy28

t0rt0ise wrote: »

Just tell the company that gave you the refund and if they can't simply take it back they'll tell you to contact the tax office. They'll be happy enough to advise you.

Its just a online saver with my bank, they said cant take it back and contact hmrc, just like you said.

zagfles

Did you use a 2014/15 form or a 2015/16 form? The forms are different.

If you used a 2015/16 form it's the bank's fault and they should sort it out. If you used a 2014/15 form it's your fault and you'll need to tell HMRC.

roxy28

zagfles wrote: »

Did you use a 2014/15 form or a 2015/16 form? The forms are different.

If you used a 2015/16 form it's the bank's fault and they should sort it out. If you used a 2014/15 form it's your fault and you'll need to tell HMRC.

Did not need a form they allowed online registration.

Yep its my fault guilty as charged

zagfles

roxy28 wrote: »

Did not need a form they allowed online registration.

Yep its my fault guilty as charged

Did it not ask which year? The paper forms specify the year - so you could send a 2015/16 form in early, ie last tax year, if say interest is due on 6th April and you want it tax free. Surprised the online forms aren't the same.

roxy28

zagfles wrote: »

Did it not ask which year? The paper forms specify the year - so you could send a 2015/16 form in early, ie last tax year, if say interest is due on 6th April and you want it tax free. Surprised the online forms aren't the same.

No it was quiet simple but never had any tax year ie 15/16, unless i missed it but i dont think i did, it was virginmoney.

dori2o

roxy28 wrote: »

No it was quiet simple but never had any tax year ie 15/16, unless i missed it but i dont think i did, it was virginmoney.

Op, was you other income (not including the interest) more than £12790? If not then some of your interest is only taxabe at 10%.

In any case all you need to do is call HMRC and tell them that you have registered for nil interest but it has been applied to the wrong year in error.

Tell them how much the interest was that you received and they will update the record for you and if they have the details available will also calculate the tax position for that year and send out the tax calculation to you.

Once you have received the tax calculation you can then send the payment to HMRC.

Simples.

roxy28

dori2o wrote: »

Op, was you other income (not including the interest) more than £12790? If not then some of your interest is only taxabe at 10%.

In any case all you need to do is call HMRC and tell them that you have registered for nil interest but it has been applied to the wrong year in error.

Tell them how much the interest was that you received and they will update the record for you and if they have the details available will also calculate the tax position for that year and send out the tax calculation to you.

Once you have received the tax calculation you can then send the payment to HMRC.

Simples.

Ok thanks will do.
Is the tax calculation the tax refund i recieved on the interest?