File your Self Assessment return

dosh37

Here we go again - another tax year.

Only 4 days in and I have already received the email demanding I 'file my Self-Assessment return'.

I would be happy to do so if HMRC were to sort out their own processes such that I don't have to wait until November before I can request a copy of the BBSI report for savings interest. The BBSI report is not made available online so you have to either phone HMRC (good luck with that!) or write a letter.

Please don't bother to reply telling me it's 'my responsibility to keep track of savings interest'. When you have had dozens of savings accounts over a year, it's almost impossible to reconcile the figures in advance against those reported to HMRC via BBSI. In many cases, after you close an online account, the closing statement, including interest received, immediately disappears. You can't always track it from your bank statements because the bank FPO reference number doesn't tell you where payments originate. The 'Payee' name is usually your own name, so that doesn't help unless you use a slightly different name for each savings account.

The existing system is flawed, but no one can be bothered to fix it.

masonic

It's not a demand, it's an invitation. The invitation gives people the maximum window in which to choose for themselves when to do so. Many like to file early, especially those who are owed something. I'm sure if HMRC could email everybody on 6th April, they would, but I imagine they have a fair few of those notifications to send out.

According to my records, this year I have received interest into 27 different accounts. I have all of this information ready as I record all interest received on a monthly basis as it comes in. Where I close an account and don't get a closing statement, the interest will be the difference between payments out of the account and payments into it while it was open.

I shall not be filing until much later in the year though, because I have no reason to rush things. I have no interest in the BBSI report though, because this will be inaccurate for me - I still hold a couple of multi-year fixed-term accounts where interest has been credited but does not arise for tax until a future tax year.

Dazed_and_C0nfused

dosh37 said:

Here we go again - another tax year.

Only 4 days in and I have already received the email demanding I 'file my Self-Assessment return'.

I would be happy to do so if HMRC were to sort out their own processes such that I don't have to wait until November before I can request a copy of the BBSI report for savings interest. The BBSI report is not made available online so you have to either phone HMRC (good luck with that!) or write a letter.

Please don't bother to reply telling me it's 'my responsibility to keep track of savings interest'. When you have had dozens of savings accounts over a year, it's almost impossible to reconcile the figures in advance against those reported to HMRC via BBSI. In many cases, after you close an online account, the closing statement, including interest received, immediately disappears. You can't always track it from your bank statements because the bank FPO reference number doesn't tell you where payments originate. The 'Payee' name is usually your own name, so that doesn't help unless you use a slightly different name for each savings account.

The existing system is flawed, but no one can be bothered to fix it.

To be honest it's your system that is flawed.

With Self Assessment the clue is in the name, it isn't for you to simply copy the BBSI report HMRC can send you.

The recent consultation announcement on third data gathering shows that system has its own problems and isn't something that you can 100% rely on.  See in particular the section headed The case for mandating third-party data suppliers to request and report tax references.

https://www.gov.uk/government/consultations/better-use-of-new-and-improved-third-party-data/better-use-of-new-and-improved-third-party-data-to-make-it-easier-to-pay-tax-right-first-time

wmb194

dosh37 said:

Here we go again - another tax year.

Only 4 days in and I have already received the email demanding I 'file my Self-Assessment return'.

I would be happy to do so if HMRC were to sort out their own processes such that I don't have to wait until November before I can request a copy of the BBSI report for savings interest. The BBSI report is not made available online so you have to either phone HMRC (good luck with that!) or write a letter.

Please don't bother to reply telling me it's 'my responsibility to keep track of savings interest'. 

When you have had dozens of savings accounts over a year, it's almost impossible to reconcile the figures in advance against those reported to HMRC via BBSI. In many cases, after you close an online account, the closing statement, including interest received, immediately disappears. You can't always track it from your bank statements because the bank FPO reference number doesn't tell you where payments originate. The 'Payee' name is usually your own name, so that doesn't help unless you use a slightly different name for each savings account.

The existing system is flawed, but no one can be bothered to fix it.

I filed mine on Sunday morning and received a modest tax refund today. You don't need to wait for the BBSI report, I just keep track myself through the year using the banks, BS' and stockbrokers' online statements and enter the data into MS Money - 78 accounts this year (lots of RS'). I've never asked for a BBSI report and HMRC's never bothered me (touch wood). I imagine that even if my numbers don't exactly match HMRC's there's a margin for error before it cares to ask questions.

MisterMotivated

I filed mine on Sunday evening.  No refund for me, but it was good to know how much I owe.  I've never asked for a BBSI report either, but my sum total of the 115 taxable interest payments received over the year should suffice.

So far in2025-26, I'm at 5 taxable interest payments received.  I wonder if I can get up to an average of 1 per day

subjecttocontract

We have both had our invitations to file our SA's as well, as we do every year. We usually wait until end of June before filing returns by which time all the necessary records have been received and sorted by us. I couldn't care Iess what HMRC records show because I keep detailed accurate records of income. In previous years if there has been any discrepancy, it's usually very small and I just pay it. I don't ever recall contacting HMRC to dispute or argue the position.

400ixl

Can't say I have any issues keeping track of interest across multiple accounts. 10 minutes once an month and its done.

Its waiting for my P60 from work that delays my submission as i don't get that for a couple of months.

IanManc

dosh37 said:

Please don't bother to reply telling me it's 'my responsibility to keep track of savings interest'. When you have had dozens of savings accounts over a year, it's almost impossible to reconcile the figures in advance against those reported to HMRC via BBSI. 

[........]

The existing system is flawed, but no one can be bothered to fix it.

I received 73 separate interest payments from different accounts in the last tax year, plus dividends from OEICs and unit trusts, interest from gilts, and occupational pension receipts. I also made disposals which were reportable for CGT purposes and made contributions to a SIPP, but I was able to file my self assessment in less than an hour on Sunday.

It isn't "almost impossible" to keep records, and as you have to tell HMRC what you've received, not the other way round, I've never bothered asking for a BBSI.

The flaw isn't in "the existing system". 

Bigwheels1111

Flied mine Sunday at 10.32am.

Tried at 00.30am Sunday morning but HMRC site was not working.

27 accounts with interest payments.

All listed and correct to the penny.

Took 10 minutes in total.

Never asked for a BBSI report.

I might ask this year and see what it tells me.

As Raisin & H&L do not always tell HMRC about interest.

badmemory

My tax bill is now done by HMRC via simple assessment, I used to file self assessment, but I still keep records to enable me to check for errors with both income & interest.  If you are filing self assessment (it would have been "simpler" if they had come up with a name with different initials) do you keep other records to enable you to file or do you just guess.  And yes HMRC do make mistakes and have done almost every year of my state pension.  Please be careful as if HMRC make a mistake & you accept the mistake & they find out they have been underpaid they consider it to be YOUR fault not theirs.

TheSpectator

Back in the day HMRC would not divulge this information so how would you have coped then.

People wonder why HMRC cannot deal with the number of phone calls they get. Maybe because a significant amount are needless.