Interest received on Personal savings over £1000 - Beware HMRC actions

molerat

Dazed_and_C0nfused said:

JGB1955 said:

badmemory said:

It was so much easier to just file self assessment with the correct figures.  I am looking forward to the first year HMRC actually gets this correct.  As a bonus it would also be nice if the DWP notified them of the correct state pension figure.  I help a friend file his still & the DWP can't even get his right and he receives it weekly.  How difficult is it to add up the figures from 6th April one year to 5th April the next.

AIUI it's worked out on entitlement, rather than money received. 1 week x one tax year + 51 weeks of following tax year.

Correct. 

https://www.gov.uk/hmrc-internal-manuals/employment-income-manual/eim75700#state-pension

the taxable amount is the amount of pension accruing in the tax year. This may be different from the amount actually paid in a tax year.