Missed Nationwide payout off tax return

RSD7a

24/25 SA all done and paid including tax on interest. Only just now noticed (remembered) that Nationwide £200 payout to members is classed as interest, so in my case taxable. Would you hang tight and wait  or take action? 

Isthisforreal99

RSD7a said:

24/25 SA all done and paid including tax on interest. Only just now noticed (remembered) that Nationwide £200 payout to members is classed as interest, so in my case taxable. Would you hang tight and wait  or take action? 

Hang tight for what?

HMRC aren't going to amend your return for you.

Peter999_2

Isthisforreal99 said:

RSD7a said:

24/25 SA all done and paid including tax on interest. Only just now noticed (remembered) that Nationwide £200 payout to members is classed as interest, so in my case taxable. Would you hang tight and wait  or take action? 

Hang tight for what?

HMRC aren't going to amend your return for you.

Obviously they mean hang tight and not say anything in case they don't realise.

Unfortunately, if it was me I would contact them and see what I should do as I would constantly worry about it - but that's just me.

Isthisforreal99

Peter999_2 said:

Isthisforreal99 said:

RSD7a said:

24/25 SA all done and paid including tax on interest. Only just now noticed (remembered) that Nationwide £200 payout to members is classed as interest, so in my case taxable. Would you hang tight and wait  or take action? 

Hang tight for what?

HMRC aren't going to amend your return for you.

Obviously they means hang tight and not say anything in case they don't realise.

Unfortunately, if it was me I would contact them and see what I should do as I would constantly worry about it - but that's just me.

Wasn't obvious to me that OP was proposing dishonesty and failing to submit a correct tax return.

RSD7a

Exactly my question. Hang tight for what? I'm asking because I have no idea if something like that would be picked up by HMRC and if so then what happens. Or maybe it's too small to matter. Or maybe I can add it next year, or maybe it gets forgotten. I wasn't even aware I could make an amendment etc etc 
I'm not well informed about these things. That's why I'm asking. Though feel free to continue to be dismissive if that's your preference.

Isthisforreal99

You amend your return to reflect the income you received in the year. If it was online you can do it in 2 minutes.

RSD7a

Isthisforreal99 said:

You amend your return to reflect the income you received in the year. If it was online you can do it in 2 minutes.

Thanks. That's helpful to know.

Veteransaver

You can amend it it up to (and I think even beyond the 31st Jan deadline)
As to whether HMRC would pick up on it, possibly, or they'd add it to next year. I'd imagine they'd be unlikely to start an investigation into you because of it though.

RSD7a

Veteransaver said:

You can amend it it up to (and I think even beyond the 31st Jan deadline)
As to whether HMRC would pick up on it, possibly, or they'd add it to next year. I'd imagine they'd be unlikely to start an investigation into you because of it though.

Thanks. Grateful for that perspective. All sorted now!

Lagrange

Just noticed this thread. 
Did you receive £200 for 2024/25 from Nationwide as I understand the Fairer share payment was actually £100 ? If your account was a joint account then each member would be entitled to £100. If that applies in your case you only need to declare your £100 and you could revise your Tax Return again to reflect this. 

caper7

What about that £50 thank you, does that also need to be declared as income?
Had completely forgotten about it till I saw this thread, luckily I haven't done my return yet.