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Where Taxpayers and Advisers Meet

What to expect from HMRC enquiry re bank interest?

suebfg
Posts: 1
Joined: Mon Mar 02, 2015 8:20 pm

What to expect from HMRC enquiry re bank interest?

Postby suebfg » Mon Mar 02, 2015 8:27 pm

Hi, I am feeling very stressed as HMRC are looking into my tax affairs re bank interest and this has coincided with a health issue / scare (which is also unresolved at this time) and adding generally to the stress.

I made an error on a tax return and HMRC are now enquiring into a different tax year where a similar error was made, albeit with much less tax owed. My tax affairs are otherwise straightforward PAYE etc.

How long should I expect this enquiry to take and when are HMRC likely to draw this to a close? I don't want to spend months of my life stressing out about this.

Many thanks

wamstax
Posts: 1863
Joined: Wed Aug 06, 2008 3:39 pm
Location: Operate Nationally but based in Aberdeen
Contact:

Re: What to expect from HMRC enquiry re bank interest?

Postby wamstax » Tue Mar 03, 2015 10:46 pm

The answer here is to go to the banks and get certificates of interest for all your accounts for the last 6 years and sit down with the documents and fully review your tax returns as submitted. If your figures are incorrect then you could provide HMRC with an updated schedule detailing the total interest chargeable for each year.

I assume that you were liable at higher rates (or interest had been paid without deduction of tax ) as it would only be in such an event that it would be worth HMRC's effort of enquiring into matters.

Of course HMRC are likely to request to see the various banking statements for each year (being their usual nosey selves) in case there are any amounts credited to your bank accounts that represent untaxed and chargeable income or gains.

If there are no potential problems lurking in the statements then clearly if you give HMRC the certificates of bank interest received as evidence of the amounts taxable each year they would have to lay out their concerns as regards the reasons for requesting the underlying bank statements to enable you to consider their informal request "in a spirit of cooperation".
regards and hope this helps
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