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Confusion over tax on savings
Comments
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To be fair it’s been explained several times by various people, including links to useful info. No one is “having a go”. It’s just frustrating saying the same thing over and over again.vikkimcd said:Okay then, can someone explain in simple words instead of having a go all the time please?? Just saying I don't understand is not exactly helpful
The banks have nothing to do with tax on interest. So they don’t tell HMRC anything about tax.
But the banks do tell HMRC how much interest you have earned on non ISA accounts.2 -
As others have explained you have misrepresented what they've said.vikkimcd said:
Here is an example of one of the institutions I was considering for the rest of the savings, which shows the account holder as having to inform HMRC.
To put your mind at rest I have had accounts with Atom and the interest has been reported by Atom to HMRC.
HMRC have them told me how much tax I have to pay on the interest I have received, including from Atom.1 -
Okay. So I presume HMRC would contact me if I need to pay anything? Or do I need to calculate all this and let them know somehow anyway?0
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Yes. But if your taxable interest (not the amount of money in your account and not interest from an ISA) is £10,000 or more in any tax year then HMRC expect you to register to for Self Assessment and file a return.vikkimcd said:Okay. So I presume HMRC would contact me if I need to pay anything? Or do I need to calculate all this and let them know somehow anyway?0 -
I have calculated that I am way under £10,000. Using my personal allowance and low savings rate etc. I am within the threshold. I read somewhere that HMRC would alter the tax code if money was owed.
I am just concerned I need to complete some form or other, and if I don't do this, I will be fined etc.0 -
No, don't worry about it. If you need to do anything HMRC will tell you but from what you say this sounds unlikely.vikkimcd said:I have calculated that I am way under £10,000. Using my personal allowance and low savings rate etc. I am within the threshold. I read somewhere that HMRC would alter the tax code if money was owed.
I am just concerned I need to complete some form or other, and if I don't do this, I will be fined etc.0 -
Many thanks for your help
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