Does my bank report my savings to the HMRC?...

mmunro2013

Apologies if this is an obvious question/answer to some, however does my bank report my savings to the HMRC? and if so, then why do I need to declare interest on savings on my self assessment return?

Bookworm105

simple: HMRC's computers are monitoring to see if you are honest

eskbanker

The fact that banks report savings to HMRC doesn't impact on your responsibility to declare all taxable income if/when self-assessing, just like you also need to declare employment earnings that HMRC already know about!

Dazed_and_C0nfused

mmunro2013 said:

Apologies if this is an obvious question/answer to some, however does my bank report my savings to the HMRC? and if so, then why do I need to declare interest on savings on my self assessment return?

Yes.

You are somewhat missing the point, it is a Self Assessment return.

I guess maybe one day HMRC will pre populate the bank interest they have received onto the return but given banks have until 30 June after the end of the tax year to report the interest it will never be available for early filers.

SiliconChip

Dazed_and_C0nfused said:

mmunro2013 said:

Apologies if this is an obvious question/answer to some, however does my bank report my savings to the HMRC? and if so, then why do I need to declare interest on savings on my self assessment return?

I guess maybe one day HMRC will pre populate the bank interest they have received onto the return but given banks have until 30 June after the end of the tax year to report the interest it will never be available for early filers.

Given how long HMRC have taken to notify people of the total interest for 2023/4 I suspect even some people filing on 31st January 2025 wouldn't have been told their figure in time.

wmb194

mmunro2013 said:

Apologies if this is an obvious question/answer to some, however does my bank report my savings to the HMRC? and if so, then why do I need to declare interest on savings on my self assessment return?

Self Assessments have to show the whole picture and it doesn’t matter that banks, BSs, employers, pension providers etc also report data to HMRC. 

There are reports that there may be gaps in reporting e.g., from savings intermediaries like Raisin, IIRC in another thread someone said that Chase hadn’t reported their interest (wrong personal details?) and I’m not sure stockbrokers report data.

SiliconChip

wmb194 said:

mmunro2013 said:

Apologies if this is an obvious question/answer to some, however does my bank report my savings to the HMRC? and if so, then why do I need to declare interest on savings on my self assessment return?

IIRC in another thread someone said that Chase hadn’t reported their interest (wrong personal details?)

That's mine, the details that Chase hold are correct so I'm currently waiting on a SAR with HMRC to try to figure out why they included all the other banks that reported interest but ommitted Chase.

mmunro2013

Ok, thanks all for your responses... guess all make some sense