Saving via Raisin Saving Platform

Tom_Bradbury

I have started to use the Raisin platform to find saving providers.  I've noticed in the terms and conditions this clause...

"It is Your responsibility to declare and pay any tax on interest and/or Expected Profit distributions. We may be required to report any interest and/or Expected Profit credited to You, to HMRC."

My understanding is that normally, if the interest on savings is less than £10,000 per annum, then I don't need to inform HMRC as the provider submits the information to HMRC and then HMRC will adjust my tax code to recover any tax due.

Is Raisin different because it's not a provider and is just a platform, so therefore I need to inform HMRC?

I don't do a tax return, so can I just write to HMRC to tell them of my interest earnings and ask for them to recover any tax via my tax code?

Bigwheels1111

I like to keep things simple.
This question about who reports interest has come up lots of times on here.
No Definite answer has come from it.
My personal opinion is, saving interest over 1k, self report.
By calling HMRC, or setting up gateway access.
My earnings for the last 3 years have not been reported, one gov department to another so good luck with banks etc reporting the correct amount.
I need to file a return next year as over 10k.

allegro120

Tom_Bradbury said:

I have started to use the Raisin platform to find saving providers.  I've noticed in the terms and conditions this clause...

"It is Your responsibility to declare and pay any tax on interest and/or Expected Profit distributions. We may be required to report any interest and/or Expected Profit credited to You, to HMRC."

My understanding is that normally, if the interest on savings is less than £10,000 per annum, then I don't need to inform HMRC as the provider submits the information to HMRC and then HMRC will adjust my tax code to recover any tax due.

Is Raisin different because it's not a provider and is just a platform, so therefore I need to inform HMRC?

I don't do a tax return, so can I just write to HMRC to tell them of my interest earnings and ask for them to recover any tax via my tax code?

Raisin is just a platform, so they won't be reporting your earnings, it's a job of the banks you open the amounts with via Raisin.  I'm not sure if you need to inform HMRC if your interest on savings is below £10k, this should be done by banks I think.  I report my interest on savings because I do self assessment report and it's part of it, otherwise I wouldn't.