HMRC calculation of tax owed on savings interest

Jazzking

HMRC notified me that I owe tax on my savings interest as is exceeds £1000 in 24/25 and is more than their estimate of £913. However I suspect (without going back and checking all my statements) that the amount that has been reported to them is quite a bit lower than what I have actually been paid across my range of current, savings and regular savings accounts (excluding ISA)
I do not complete a self-assessment and am a basic rate taxpayer.

My question is, must I dig out the old statements to check and correct this now, or is it the bank's obligation to report to correct figures?  I'm happy to pay the tax if owed, and even better if it is deferred until the next year when everything catches up but don't want to be fined for not informing them of interest received when the arrangement is that HMRC receives the information from the financial institutions directly?

Ayr_Rage

If you have not been advised that you need to file a SA return then leave it be, however if you know you subsequently meet the criteria to file then the onus is on you to do so.

You should always keep accurate records of all income received including interest and dividends.

eskbanker

Jazzking said:

My question is, must I dig out the old statements to check and correct this now, or is it the bank's obligation to report to correct figures?  I'm happy to pay the tax if owed, and even better if it is deferred until the next year when everything catches up but don't want to be fined for not informing them of interest received when the arrangement is that HMRC receives the information from the financial institutions directly?

It's the taxpayer's responsibility to ensure that the right amount of tax is paid, not HMRC's or the bank's, so if you're aware of an underpayment then it's up to you to get that corrected.