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Brockend
Posted: 21 October 2024 12:32:26(UTC)
#5

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Newbie;322891 wrote:
At age 75 - just tell to keep as she is.
If HMRC want any monies they can come to her - then she can pay them !
She has no knowingly defrauded them and by the sounds of it is a genuine case of she did not know.
If she feels the urge spend it or visit a bullion dealer and buy some CGT free bullion and get it stored somewhere safe.


The bank will report the interest to HMRC, as they do now every year and they will collect the outstanding tax via her tax code, assuming she has some PAYE income

If she completes or should be completing a SA100 form details still needs to be added
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Newbie on 21/10/2024(UTC)
Newbie
Posted: 21 October 2024 13:06:08(UTC)
#6

Joined: 31/01/2012(UTC)
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Brockend;322962 wrote:
Newbie;322891 wrote:
At age 75 - just tell to keep as she is.
If HMRC want any monies they can come to her - then she can pay them !
She has no knowingly defrauded them and by the sounds of it is a genuine case of she did not know.
If she feels the urge spend it or visit a bullion dealer and buy some CGT free bullion and get it stored somewhere safe.


The bank will report the interest to HMRC, as they do now every year and they will collect the outstanding tax via her tax code, assuming she has some PAYE income

If she completes or should be completing a SA100 form details still needs to be added

I am not saying avoid paying the tax.
My point is - if HMRC want the monies they can work for it.

The amount of elderly people who I know pay an accountant to fill in a return paying them circa £250-500 pounds to determine and pay a tax bill of £100 is IMO daylight robbery.

It is the vulnerable and easy target (ie those who actually do a return) that the likes of HMRC go after and threaten.

Sure every now and then you hear about some case but they are few and far between and used to supposedly frighten non compliant people - instead they frighten the compliant and vulnerable ones.

I don;t get to hear about many taxi drivers, hair salon owners, phone repair shop owners or tradespeople and hmrc.
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Brockend on 21/10/2024(UTC), Tim D on 21/10/2024(UTC)
Brockend
Posted: 21 October 2024 13:31:28(UTC)
#13

Joined: 18/02/2016(UTC)
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Totally get and totally agree with your point Newbie

Wasn't sure if everyone was aware that banks and building societies did this, might save some of the people you mentioned having to complete a return. If and it's a big if the system work, (HMRC?!) it might save some pointless tax returns and needless SA100s
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Newbie on 21/10/2024(UTC)
Busy doing nothing
Posted: 21 October 2024 14:12:20(UTC)
#14

Joined: 01/03/2021(UTC)
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I think the cut off is £10k or over in either dividends or savings interest paid per tax year, then a self assessment form has to be filled in online. Obviously not including any ISA's as they are tax exempt as we all know.
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Martina on 21/10/2024(UTC)
D Bergman
Posted: 21 October 2024 14:35:06(UTC)
#15

Joined: 22/03/2018(UTC)
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If you do not normally fill out Self Assessment forms (because of low income or all tax dealt with PAYE), you can simply write to HMRC with details of the interest earned to:

HMRC,
PAYE & Self Assessment,
BX9 1AS

Make sure that your NI number is included in the details.

They should inform you of the tax due.

It is much simpler to do this than starting to fill out the full Self Assessment form.
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3 users thanked D Bergman for this post.
Jay P on 21/10/2024(UTC), Martina on 21/10/2024(UTC), Silas on 21/10/2024(UTC)
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