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Personal Savings Allowance - How does HMRC know?
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Richmmm
Posts: 18 Forumite

I think I may bust the £1000 limit this year, across various accounts. How will HMRC know? I dont file a tax return.
Rich
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Richmmm said:I think I may bust the £1000 limit this year, across various accounts. How will HMRC know? I dont file a tax return.Rich0
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RG2015 said:Richmmm said:I think I may bust the £1000 limit this year, across various accounts. How will HMRC know? I dont file a tax return.Rich0
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RG2015 said:Richmmm said:I think I may bust the £1000 limit this year, across various accounts. How will HMRC know? I dont file a tax return.RichHowever in the many years I've had saving income I dont think the revenue have EVER correctly assesed my interest received.....It is usually a wild guess based on previous years' interest which I always have to challenge with phone calls .....
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steveksullivan said:RG2015 said:Richmmm said:I think I may bust the £1000 limit this year, across various accounts. How will HMRC know? I dont file a tax return.RichHowever in the many years I've had saving income I dont think the revenue have EVER correctly assesed my interest received.....It is usually a wild guess based on previous years' interest which I always have to challenge with phone calls .....
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Audaxer said:steveksullivan said:RG2015 said:Richmmm said:I think I may bust the £1000 limit this year, across various accounts. How will HMRC know? I dont file a tax return.RichHowever in the many years I've had saving income I dont think the revenue have EVER correctly assesed my interest received.....It is usually a wild guess based on previous years' interest which I always have to challenge with phone calls .....Yes ....you really would have thought so wouldnt you? Ceratinly NOT for me ....probably ever! Interested to know other peoples experiences but I do know from previous posts on here that I'm not alone!Last year my tax free allowance was decimated using figures that looked like they were based on figures from years ago when interest rates were much higher - even though the PREVIOUS year I informed them that my rates were now much lower and also that I had paid off my mortgage with savings. The figure used looked like it had leapfrogged back two years ....with a phone call I got it reinstated to the full amount .....Also when I asked for a breakdown of the figure there were amounts for accounts which had been closed at least two years previously - they had abviously just 'rolled' these figures forward .....
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Don't get to enthusiastic.....the PSA could be reduced or removed completely in the tax shake up on November 17th.0
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subjecttocontract said:Don't get to enthusiastic.....the PSA could be reduced or removed completely in the tax shake up on November 17th.1
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