A Taxing Dilemma!

HMRC seem to want to spend all their time chasing a couple of quid from individuals, rather than collecting the millions owing from the big companies.

Moulesy.....we don't advise on tax matters at CAB.

But my own personal view would be.....they've made a mistake! Unless you expect (or they expect you) to receive a lot of interest for the forthcoming year (more than your savings tax allowance).

But even then, I cannot think of a reason for them making an adjustment for the last 2 years.

How come you didn't query it 2 years ago?

Good question Ian. It was only when I got this year child-friendly () statement that I saw it. So before I wrote I checked back. I had always - obviously rather foolishly - assumed I could rely on what they were doing!

A very bold assumption, M.......

Hope you get it sorted.....it usually only takes them a year or so to reply to letters.

In my experience you "always" have to check HMRC figures. They are wrong more often than they are right. As to untaxed interest, at average returns atm you will need about £60K on deposit if you are a basic rate taxpayer before it becomes an issue.

I would ring HMRC, you may have a long wait as half the country will be doing this at the moment but armed with your evidence you'll probably get it sorted more quickly than sending letters.

I would ring HMRC, you may have a long wait as half the country will be doing this at the moment but armed with your evidence you'll probably get it sorted more quickly than sending letters.

Rang this evening, only a 10 minute wait.   Was on for 45 minutes with them again though and still ony partially resolved. 

In my experience you "always" have to check HMRC figures. They are wrong more often than they are right. As to untaxed interest, at average returns atm you will need about £60K on deposit if you are a basic rate taxpayer before it becomes an issue.

I think we may have found your problem, Moulesy......

In my experience you "always" have to check HMRC figures. They are wrong more often than they are right. As to untaxed interest, at average returns atm you will need about £60K on deposit if you are a basic rate taxpayer before it becomes an issue.

I think we may have found your problem, Moulesy......

More research needed there CY, We are getting at least 3% on all savings, with 4% and 5% on some.

And mainly tax free even now as OH is a non-taxpayer.

Some of these high interest accounts have a maximum yearly interest allowance.

In my experience you "always" have to check HMRC figures. They are wrong more often than they are right. As to untaxed interest, at average returns atm you will need about £60K on deposit if you are a basic rate taxpayer before it becomes an issue.

I think we may have found your problem, Moulesy......

Clearly I'm going to have to "spend, spend, spend"! So huge twin axle van and gas guzzling 4x4 to start with, the rest will have to be used for the butler's salary!!