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Bank interest on personal tax account online

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  • RG2015
    RG2015 Posts: 5,815
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    polymaff wrote: »
    Neither do they feel that they need to point out that when you are deep in a hole of your own making - stop digging. :)
    It must be me as that is exactly what my wife says to me.

    After 30 years I have realised that she is always right.
  • dori2o
    dori2o Posts: 8,150
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    polymaff wrote: »
    My point stands.

    Theoretically, no, but the danger is that tax-payers get a warm feeling that with their new data collection regime, MTD, etc., HMRC have got it all sorted and tax-payers can sleep at night. They can't. The unfortunate truth is that the gap between HMRC's assessment of their own capabilities and reality has never been wider.

    I would recommend that everyone opt for self-assessment. If your affairs are simple then it is a simple task; if they are not then it is still relatively simple and the very effort of assembling the data makes it more likely that you will gain a better understanding of your taxable income* and so make fewer errors - plus - the immediate feedback you get from the assessment result may prompt you to spot your own errors - PLUS - if your data is correct, you have HMRC's seal of approval that you are not wrong, WHATEVER wrong means.

    * unless you fall back on your disastrous reply to my original point

    How exactly do you believe a person has HMRC's seal of approval?

    Self Assessment tax calculations are not confirmation from HMRC that your tax affairs are correct. They never have been.

    Not every one of the total number of SA tax returns are reviewed/inspected.

    The calculation is merely that, a calculation of the information that is submitted on the form.

    If the information submitted is wrong then the calculation is wrong, just as with any other calculator.

    If you are selected for a review and the return is wrong then HMRC will write to you advising of any additional tax due.

    If it's not selected then its not selected. It still doesn't mean it's correct.

    To answer OP's question. This year will be the first year full details are provided by the banks. In the previous 2 years it's been on a limited basis to check the information carries over correctly.

    ALSO, joint accounts are not included. Simply because neither the banks nor HMRC can be sure of the beneficial split of the interest.

    This is why you need to check the details and inform HMRC of any discrepancies.
    [SIZE=-1]To equate judgement and wisdom with occupation is at best . . . insulting.
    [/SIZE]
  • Tom99
    Tom99 Posts: 5,371
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    [FONT=Verdana, sans-serif]If you have savings tax owed from 2016/17 and 2017/18 but are quite happy to wait because HMRC say there is no need to report this to them and they will find out from you banks, will they eventually be able to fine you for not telling them years down the track?[/FONT]
  • RG2015
    RG2015 Posts: 5,815
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    dori2o wrote: »
    To answer OP's question. This year will be the first year full details are provided by the banks. In the previous 2 years it's been on a limited basis to check the information carries over correctly.

    ALSO, joint accounts are not included. Simply because neither the banks nor HMRC can be sure of the beneficial split of the interest.

    This is why you need to check the details and inform HMRC of any discrepancies.
    Thank you for addressing my question.

    This is the first I have heard that for 2016/17 and 2017/18 full details are not being provided by the banks. Your information of joint accounts is also very useful to know

    Do you have any evidence for these statements that I can reference?
  • RG2015
    RG2015 Posts: 5,815
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    Tom99 wrote: »
    [FONT=Verdana, sans-serif]If you have savings tax owed from 2016/17 and 2017/18 but are quite happy to wait because HMRC say there is no need to report this to them and they will find out from you banks, will they eventually be able to fine you for not telling them years down the track?[/FONT]
    Thank you for your reply.

    I am 100% sure that I do not owe any tax on my interest received in either of 2016/17 or 2017/18.

    This being the case, I see no need to report anything to HMRC. I have yet to find any information from HMRC that obliges me to report my interest received when it will not result in any additional tax liability for me. I actually believe that reporting this may muddy the waters with HMRC.

    I am not ignoring the advice that I have received but do not believe that it applies to my particular circumstances. I have also spoken directly to HMRC and am following their advice to the letter. Nevertheless I am now considering asking for them to confirm this in writing.
  • RG2015
    RG2015 Posts: 5,815
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    PS: Please accept my apologies if my latest posts include any discourteous slapdashery.

    Yes, I am still digging deeper into my own comfortable hole. :)
  • polymaff
    polymaff Posts: 3,903
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    dori2o wrote: »
    How exactly do you believe a person has HMRC's seal of approval?

    Mostly answered by the very text you highlighted.

    The rest of your post falls into the category of "When did you stop beating your wife?"
  • AirlieBird
    AirlieBird Posts: 1,046 Forumite
    dori2o wrote: »
    To answer OP's question. This year will be the first year full details are provided by the banks. In the previous 2 years it's been on a limited basis to check the information carries over correctly.

    ALSO, joint accounts are not included. Simply because neither the banks nor HMRC can be sure of the beneficial split of the interest.

    No its not. Full data has been provided by the banks for decades. Perhaps you mean this is the first year data has been fully processed and used in tax calculations. Joint accounts are reported but, as you say, are not used.

    RG: you need to contact HMRC to report your interest if you are a joint account holder
    If you’re a joint bank account holder, not in self-assessment, then please contact HMRC and report the saving income or interest as appropriate.

    https://www.gov.uk/government/publications/personal-savings-allowance-factsheet/personal-savings-allowance
    Did you really mean to put loose?
    Lose: no longer possess, not to retain, unable to find
    Loose: not firmly or tightly fixed in place
  • RG2015
    RG2015 Posts: 5,815
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    AirlieBird wrote: »
    RG: you need to contact HMRC to report your interest if you are a joint account holder
    Thanks AirlieBird,

    I have just phoned HMRC to report the interest and they told me that I have no obligation to report interest if it is below my PSA.

    I asked if I could get this in writing and they said that if I wrote to them they would confirm it in writing.
  • AnotherJoe
    AnotherJoe Posts: 19,622
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    Can you get that in writing?
    :D
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