Tax on interest earnt in savings

polymaff

badmemory wrote: »

I still keep exactly the same records as I used to keep when I was allowed to file SA. The errors by businesses that should know better is to put it mildly interesting. If we don't keep on top of it ourselves we could land up in a financial mess, which you can bet none of them will help you out of.

I think we are rapidly reaching the stage where we should all receive mandatory financial education every few years. After all, without somewhere like MSE we could all land up with no-one to ask as none of the "helplines" actually have enough info to actually help.

Agree with both of your points.

Independent, competent records are essential and the idea of HMRC taking more control - which is the heart of MTD - is bound to founder as the bedrock premise of MTD is that its input data is timely and competent...:rotfl:

The idea of education is fine - but there is a problem. How do you establish truth? There has never been as many "experts" as now - and yet a thousand agreeing voices can often root from one ignorant item on the internet. In our subject, usually on HMRC's own web pages. Even when fundamental research is carried out, is truth what the legislation mandates or an incompetent interpretation of the legislation by HMRC?

BTW the delinquent institution I was writing about is NS&I. Here is an example of their lunatic behaviour:

https://imgur.com/GMTGAZd

badmemory

polymaff wrote: »

BTW the delinquent institution I was writing about is NS&I. Here is an example of their lunatic behaviour:

https://imgur.com/GMTGAZd

Yes that was interesting & NS&I is one of my banks - unfortunately it didn't account for the over £600 error. I am awaiting this years attempt with bated breath! Well at least trying to see the funny side.

polymaff

badmemory wrote: »

Yes that was interesting & NS&I is one of my banks - unfortunately it didn't account for the over £600 error. I am awaiting this years attempt with bated breath! Well at least trying to see the funny side.

Incidentally, that example was for Tax Year 18/19; my original complaints were about Tax Year 17/18.

So NS&I have fulfilled their promise not to change their now-acknowledged-to-be-faulty reporting procedures. This means that they are now, in addition, seriously transgressing GDPR.

Just one example of why this aspect of MTD as currently conceived is doomed to fail.