Gross Tax paid on NS&I Savings Bonds

SueA

Does the tax on NS&I Savings & Bonds need to be advised to HMRC?   I have always been PAYE.  I've had notification from HMRC that I owe £2k on savings interest, which will be reclaimed via my tax code.  I assumed NS&I would notify HMRC as the banks/building societies are required.  I've been through all my accounts (mostly modest savings and I do have an ISA) and think that the £2k owed must have come from my NS&I interest (Direct Saver + Green Bond).   As they've now discovered this (I wasn't trying to hide, just wasn't aware)  and they will reclaim the tax owed, do I need to advise them in future years, or will they look at these accounts directly?  Thank you.

eskbanker

Assuming the notification from HMRC is a direct result of them being updated of taxable interest by NS&I then this should be expected to continue, which is fine and doesn't reflect negatively on you - you're not obliged to advise HMRC yourself unless you become aware of any discrepancy between what you've earned and what they tell you they've been told.

However, if your annual non-ISA interest exceeds £10K then you'd be expected to complete a self-assessment:

https://www.gov.uk/check-if-you-need-tax-return

Rusty190

Is there anywhere you can see a printed list of what HMRC have based their tax on savings on - eg. £2,000 interest from Bank A, £1,500 interest from Building Society B etc?
I know the HMRC personal income tax page shows annual figures of earnings, tax paid on savings etc but doesn't specify the detail.

eskbanker

Rusty190 said:

Is there anywhere you can see a printed list of what HMRC have based their tax on savings on - eg. £2,000 interest from Bank A, £1,500 interest from Building Society B etc?
I know the HMRC personal income tax page shows annual figures of earnings, tax paid on savings etc but doesn't specify the detail.

You'd have to contact HMRC and ask for that breakdown, there isn't a self-service option.

JRF2398

eskbanker said : there isn't a self-service option.

Unless you keep your own records of interest received.

eskbanker

JRF2398 said:

eskbanker said : there isn't a self-service option.

Unless you keep your own records of interest received.

There isn't an option to access the interest breakdown directly from HMRC other than by asking them.

There remains an obligation on the individual to retain their own records anyway....

sheramber

SueA said:

Does the tax on NS&I Savings & Bonds need to be advised to HMRC?   I have always been PAYE.  I've had notification from HMRC that I owe £2k on savings interest, which will be reclaimed via my tax code.  I assumed NS&I would notify HMRC as the banks/building societies are required.  I've been through all my accounts (mostly modest savings and I do have an ISA) and think that the £2k owed must have come from my NS&I interest (Direct Saver + Green Bond).   As they've now discovered this (I wasn't trying to hide, just wasn't aware)  and they will reclaim the tax owed, do I need to advise them in future years, or will they look at these accounts directly?  Thank you.

They do report it but as you have found out there is a delay in them doing so and HMRC actioning that report.