BSSI inaccuracies

proudgecko

Earlier in Jan I filed my tax return with my interest figures, I also requested a copy of the BSSI they have for me

My interest figures show I am just below the threshold for paying tax on it. But HMRCs figures are much higher due to old accounts, long since closed.

Do I need to go back to HMRC and give them details of where their data is wrong? Or will they just accept my figures?

masonic

You can ignore the BBSI return figures, your tax return will be used to determine the tax you pay. HMRC have the option to investigate if they choose, but in my case over almost a decade of submitting differing figures they have not.

Dazed_and_C0nfused

proudgecko said:

Earlier in Jan I filed my tax return with my interest figures, I also requested a copy of the BSSI they have for me

My interest figures show I am just below the threshold for paying tax on it. But HMRCs figures are much higher due to old accounts, long since closed.

Do I need to go back to HMRC and give them details of where their data is wrong? Or will they just accept my figures?

Which tax year(s) did you request information for and when did HMRC send their response to you?

That could impact what you see as the accuracy of the information they have supplied.

And Self Assessment is (mostly!) what it says on the tin, it would be up to HMRC to open an enquiry into your return if they wanted to dispute it.

poseidon1

masonic said:

You can ignore the BBSI return figures, your tax return will be used to determine the tax you pay. HMRC have the option to investigate if they choose, but in my case over almost a decade of submitting differing figures they have not.

Same here. Been self assessing over 15 years, and have never been interested in whatever BBSI data HMRC might have received since they would have  difficulty reconciling their information  with my  untaxed interest submissions.

This is due to holding  bond funds producing interest HMRC would struggle ( in the past)  to collate from the different platform sources in trying to check my total untaxed interest figure in Box 2. In any event never had an enquiry or investigation.

DRS1

Just make sure you are happy with your figures.  I once had BBSI figures higher than I had returned and the difference turned out to be interest on a closed Nationwide account which I had missed.

proudgecko

I asked for the tax year 24-25 - I requested the figures a couple of weeks a go and just got the letter yesterday
i am pretty confidant my figures are correct but was surprised when the hmrc numbers were so much higher - I will go through them to confirm that I havent missed any thing before 31st just in case I have tax to pay

but I did notice they still have estimated figures for PCF bank which I believe ceased trading a couple of years ago

BreakingGlass

I have mentioned this before on the forum, but for Tax Year 23/24 I completed self-assessment and declared £18k interest based upon my detailed records and statements.  Out of curiosity I later requested a BBSI for the same tax year; it showed a total of £13k interest had been reported by the Banks and Building Societies.  Two banks, Chase and Tandem, were not showing on the BBSI, hence £5k of interest was missing.

We have to remember that much of UK taxation is base upon trusting the taxpayer to understand the rules and be honest about declaring the correct figures!