Declaring Tax on Savings

j_netprofit

And what if you filled out the tax return but forgot about your interest? Not trying to avoid/evade tax here just trying to educate myself.

eskbanker

jay_ftw said:

And what if you filled out the tax return but forgot about your interest? Not trying to avoid/evade tax here just trying to educate myself.

It'll depend on whether or not forgetting interest is credible - ultimately you're formally declaring that the information submitted on the return is accurate and complete, so any subsequent action would be determined according to the severity of the breach.

Dazed_and_C0nfused

jay_ftw said:

And what if you filled out the tax return but forgot about your interest? Not trying to avoid/evade tax here just trying to educate myself.

Read up on enquiries made under S9A, that is HMFC's usual approach.

https://www.gov.uk/hmrc-internal-manuals/self-assessment-legal-framework/salf403

j_netprofit

I'm still unsure how it would work with an employed person paying PAYE?

silvercue

I thought the banks notify HMRC of the annual interest received and your records were updated based on this information.

Any charges will be notified by way of a calculation and tax code change.

Is that incorrect then? 

eskbanker

jay_ftw said:

I'm still unsure how it would work with an employed person paying PAYE?

Your question related to submitting partial information on a tax return, what are you now referring to by how would 'it' work?

j_netprofit

eskbanker said:

jay_ftw said:

I'm still unsure how it would work with an employed person paying PAYE?

Your question related to submitting partial information on a tax return, what are you now referring to by how would 'it' work?

Well being an employed person paying PAYE you’re not completing a self assessment are you?

Dazed_and_C0nfused

jay_ftw said:

eskbanker said:

jay_ftw said:

I'm still unsure how it would work with an employed person paying PAYE?

Your question related to submitting partial information on a tax return, what are you now referring to by how would 'it' work?

Well being an employed person paying PAYE you’re not completing a self assessment are you?

But your question was this,

And what if you filled out the tax return but forgot about your interest? Not trying to avoid/evade tax here just trying to educate myself

InvesterJones

jay_ftw said:

eskbanker said:

jay_ftw said:

I'm still unsure how it would work with an employed person paying PAYE?

Your question related to submitting partial information on a tax return, what are you now referring to by how would 'it' work?

Well being an employed person paying PAYE you’re not completing a self assessment are you?

So what tax return are you talking about when you asked about "you filled out the tax return but forgot about your interest?" ?

j_netprofit

I moved on, the previous question was addressed.

Like I said my questions are not personal, just circumstantial, I’m just trying to learn.