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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3814
Experience:  FCCA FCMA CGMA ACIS
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although I do not need to fill in a self assessment I received

Customer Question

although I do not need to fill in a self assessment I received a small tax rebate last year and the bank interest and tax paid on their form was incorrect. I received approx. £5000 prior to 20 % tax in year 2012/13 but I have now realised I missed off a tax certificate and I actually advised them by letter of approximately £4000 which was taxed at 20%. I earn approximately £17000 with pensions. Will I be fine when I advise them of this error.
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I'm Keith and happy to help you with your question.
Yes, this sort of thing happens, people make innocent mistakes. Just advise your tax office by letter of your error and ask for the matter to be corrected. Almost certainly HMRC will adjust your 15/16 or 16/17 tax code to compensate. Up to 3K of underpaid tax can be collected in this manner. Alternatively, they May bill you for the difference and you can pay them through your bank or even at the Post Office.
I would not worry in the slightest. They are unlikely to impose a fine particularly now HMRC have stated that they do not intend to impose them in future even though they do have the power so to do. It will all come out in the wash as it were.
I do hope I have set your mind at rest on this matter
Customer: replied 2 years ago.

Hi

I don't owe any tax as all my interest was paid at 20% by the bank. I was very worried about the amount of the error and the fact it the tax year in question was 2012/13. Will this make any difference or will they just change their records accordingly.

Expert:  bigduckontax replied 2 years ago.
No, they will just update their records.
bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 2 years ago.

Thank you for your excellent support.

Customer: replied 2 years ago.

Hi Keith. I also received a small tax rebate a week ago for 2013/14. HMRC also gave a breakdown of pension payments and again interest earned. I have checked my records and the interest they have stated and tax paid is not correct. How do they get these figures? I will check my records again. If it is not correct do I also write about this and advise them of my figures.

Expert:  bigduckontax replied 2 years ago.
HMRC are often not correct as you may have seen from the media recently.
If they have not got it right for 13/14 then just write and tell them the correct figures.
Customer: replied 2 years ago.

Many thanks. I was very worried about this. I think that as my pensions are split over several payments there will probably be a very small tax rebate each year so if they continue to get the interest wrong will it be a case of advising them of the correct amount by letter each time and will they be happy to accept that.

Expert:  bigduckontax replied 2 years ago.
You may find that two tax offices of the pensions providers have the tax codes incorrect. You should always check these and ask for amendments if necessary.

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