Contacting HMRC

[securespark]

They don't know what they are doing.

They chased me for 600 quid for tax from 12 years ago. How they can suddenly decide I owe tax from that long ago, I don't know. I argued with them, but they threatened court and I don't have the energy to fight them.

If only they could chase Amazon with the same tenacity ...

 

[Deleted member 317777]

If you're asking me, no.

I was asking @Ihavenojob

 

[johnny2007]

Over the phone.
I've been trying for weeks but I'm on hold for over an hour every time and give up.
Good luck to you.

 

[Murdochcat]

My misses recently got a new tax code for 25/26 and it lowered her tax free amount. The reason was to tax the interest on savings she received during 23/24 as she was over the tax free threshold for savings by £222

 

[Deleted member 317777]

My misses recently got a new tax code for 25/26 and it lowered her tax free amount. The reason was to tax the interest on savings as she was over the tax free threshold for savings by £222

How did they know that ?

 

[Murdochcat]

How did they know that ?

All financial institutions report interest paid to HMRC. It’s that simple

 

[Deleted member 317777]

All financial institutions report interest paid to HMRC. It’s that simple

I don’t have enough in the bank to get much interest.

 

[Murdochcat]

I don’t have enough in the bank to get much interest.

All interest is reported …..

 

[Deleted member 317777]

All interest is reported …..

I meant for it to make any difference. I’m in the higher tax bracket.

 

[Ihavenojob]

Do you sell online ?

Yes, but British coins which are capital gains exempt (according to the Royal Mint). I phoned HMRC to clarify this and they didn't have a clue.

 

[Ihavenojob]

All financial institutions report interest paid to HMRC. It’s that simple

It was so much more efficient when interest was taxed at source.

 

[Murdochcat]

It was so much more efficient when interest was taxed at source.

Not practical when you have a savings allowance and people have multiple accounts

 

[johnny2007]

All financial institutions report interest paid to HMRC. It’s that simple

They didn't do this in the old days up to 15 years ago.
Now they sing like canaries...

 

[fixitflav]

I was asking @Ihavenojob

OK but he'd already said he did, that's why I asked

 

[fixitflav]

All financial institutions report interest paid to HMRC. It’s that simple

That's fair enough, but why don't they copy it to their customers? Once a year is all that's needed. Mine sends a monthly statement for each account, which is of little use as the info is on the site anyway.