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Ask Mo Tax Expert Your Own Question
Mo Tax Expert
Mo Tax Expert, Accountant
Category: Tax
Satisfied Customers: 724
Experience:  Accounting and Tax Expert
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I am having trouble finding anything to dowith bank interest

Customer Question

Hi,
JA: Hello. How can I help?
Customer: Hi, I am having trouble finding anything to dowith bank interest for HMRC. Do HMRC obtain details from my banks about this sent to them ... so if I do not fill this in do they have details already and charge me accordingly. Thanks for help. Richard.
JA: Have you talked to a tax professional about this?
Customer: Sorry ... forgot to say "Hi Sam" hope you are well. R
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: No just worried about this.
Submitted: 14 days ago.
Category: Tax
Expert:  Mo Tax Expert replied 14 days ago.

Hi and welcome to JustAnswer. I’m Mo, a Qualified Accountant and Tax Expert. I’m currently reviewing your question and will respond to you shortly.

Thank you for your patience.

Expert:  Mo Tax Expert replied 14 days ago.

Have you received any bank internet?

Customer: replied 14 days ago.
Very little as rates are so low ... never worried about it.
Expert:  Mo Tax Expert replied 14 days ago.

Are you employed or self employed?

Expert:  Mo Tax Expert replied 14 days ago.

Do you usually file tax return?

Customer: replied 14 days ago.
Retired ... recently moved and lost furniture including my desk and lots of files. Yes always fine every year and for my wife ...
Customer: replied 14 days ago.
Just want to know if I dont enter figs for interest have they got them from banks and do they use?
Expert:  Mo Tax Expert replied 14 days ago.

Usually, you are required to include on your tax return.

Otherwise, hmrc can notify you to pay and possibly fine you.

If you did not include. I’ll suggest that you file an updated tax return with the interest.

Customer: replied 14 days ago.
OK thanks ... unfortunately of my many banks we have I have not any statements or interest statements as they were lost when moved.
Expert:  Mo Tax Expert replied 14 days ago.

Sorry to hear that.

Your bank or building society will tell HMRC how much interest you received at the end of the year. HMRC will tell you if you need to pay tax and how to pay it.

Customer: replied 14 days ago.
Thanks for your help... Regards,
Expert:  Mo Tax Expert replied 14 days ago.

You are very welcome.

Wishing you all the best.