Declaring Tax on Savings

Mee

Apologies if this is the wrong place, but have others received a letter (received 16/10/2017) from HMRC re: "Changes to the way we collect tax from your savings interest" blah blah ..."What Happens next "We'll contract you if you have any tax to pay on your savings..".

dated at the bottom HMRC 08/2017

?

polymaff

ricky101 wrote: »

Thanks,

Unable to load a copy of the letter, seems you cannot load a pic direct and do not use the photo sites etc.

...

At the bottom of the letter is references BBSI 1 HMRC 08/2017

Mee wrote: »

Apologies if this is the wrong place, but have others received a letter (received 16/10/2017) from HMRC re: "Changes to the way we collect tax from your savings interest" blah blah ..."What Happens next "We'll contract you if you have any tax to pay on your savings..".

dated at the bottom HMRC 08/2017

Same? Whatever that letter says, you are ultimately responsible for notifying HMRC of, and for paying the tax on, any taxable income

mhoc

I have not actually had a tax coding letter in about 25 years - my only income over that time was the old family allowance, long since ceased.

I've been carefully keeping an excel chart of my savings interest since the new system came into place.
My savings are from a small inheritance plus whatever else I've squirrelled away over the years.
Mostly I've got a few bonds and a selection of regular savers that pay interest annually plus bank accounts paying monthly interest.

Apart from that I have no personal income.

2016/2017 I was just under the £1000 savings interest allowance. 2017/2018 - a couple of my accounts have closed abruptly so I might be over the allowance by April

Where do I stand - do I have to complete a self assessment short tax form just to be on the safe side??

dampsquib

Mee wrote: »

Apologies if this is the wrong place, but have others received a letter (received 16/10/2017) from HMRC re: "Changes to the way we collect tax from your savings interest" blah blah ..."What Happens next "We'll contract you if you have any tax to pay on your savings..".
dated at the bottom HMRC 08/2017
?

I've also had one of these letters.
I'm wondering if they have gone to all taxpayers, or if they have only gone to ones that will soon get a coding adjustment re interest?

Dazed_and_confused

Maybe to those who are due a bill for last year, not just those who need a new code for this year?