Declaring interest earned on savings on tax return
+ Reply to Thread
Page 1 of 4 1 2 3 ... LastLast
Posts 1 to 10 of 31
  1. #1

    Richer than sasguru

    DimPrawn is a fount of knowledge

    DimPrawn's Avatar
    Join Date
    Jul 2005
    Location
    Brexit Britain
    Posts
    32,726
    Thanks (Given)
    271
    Thanks (Received)
    739
    Likes (Given)
    4276
    Likes (Received)
    3590

    Default Declaring interest earned on savings on tax return

    Does anyone actually do this?

    I know a few people with sizeable wads of money in the bank who are higher rate tax payers and they never declare the interest earned and nothing ever seems to come of it. Does the tax man know or care?
    If you look really hard, really really hard, you will find Doom™ everywhere.

  2. #2

    Respect my authoritah!

    NotAllThere is a fount of knowledge

    NotAllThere's Avatar
    Join Date
    Aug 2007
    Location
    Far away from HMRC
    Posts
    17,479
    Thanks (Given)
    189
    Thanks (Received)
    790
    Likes (Given)
    1258
    Likes (Received)
    2695

    Default

    I do.

    Or rather, I did. Now I get the interest gross, because I'm non-dom.
    --drunk on abuse of power--

  3. #3

    Richer than sasguru

    DimPrawn is a fount of knowledge

    DimPrawn's Avatar
    Join Date
    Jul 2005
    Location
    Brexit Britain
    Posts
    32,726
    Thanks (Given)
    271
    Thanks (Received)
    739
    Likes (Given)
    4276
    Likes (Received)
    3590

    Default

    How did you get the non-dom status? Were you or your father born outside of the UK and are all the savings held offshore?
    If you look really hard, really really hard, you will find Doom™ everywhere.

  4. #4

    Super poster

    rootsnall has no reputation


    Join Date
    Jul 2005
    Posts
    2,956
    Thanks (Given)
    0
    Thanks (Received)
    1
    Likes (Given)
    0
    Likes (Received)
    1

    Default

    I declare it ( or the bits I haven't lost the paperwork to ). It would be dead easy to catch people as it's all against your NI No but our useless lot !?! In Oz I left a few dollars off, got an automated letter a few weeks later, pay up or else, I did.

  5. #5

    Super poster

    ratewhore has no reputation

    ratewhore's Avatar
    Join Date
    Sep 2005
    Location
    The dark disturbing corner of your mind
    Posts
    4,756
    Thanks (Given)
    0
    Thanks (Received)
    0
    Likes (Given)
    0
    Likes (Received)
    3

    Default

    I delcare about two pounds a year on my personal savings. No problems so far from Mr tax man...


  6. #6
    AtW
    AtW is offline

    My post count is Majestic

    AtW is a fount of knowledge

    AtW's Avatar
    Join Date
    Jul 2005
    Posts
    46,773
    Thanks (Given)
    1198
    Thanks (Received)
    644
    Likes (Given)
    6688
    Likes (Received)
    2316

    Default

    Quote Originally Posted by DimPrawn View Post
    Does anyone actually do this?
    Always. The UK banks take away tax anyway, so HMRC must have got some clues already about names of people who had tax taken off the interest they earned.

  7. #7

    Richer than sasguru

    DimPrawn is a fount of knowledge

    DimPrawn's Avatar
    Join Date
    Jul 2005
    Location
    Brexit Britain
    Posts
    32,726
    Thanks (Given)
    271
    Thanks (Received)
    739
    Likes (Given)
    4276
    Likes (Received)
    3590

    Default

    Has anyone ever been "investigated" on a personal level into the details of a tax return?
    If you look really hard, really really hard, you will find Doom™ everywhere.

  8. #8

    Contractor Among Contractors

    miffy is too good to be a permie

    miffy's Avatar
    Join Date
    Oct 2007
    Location
    Back from the cosmos
    Posts
    1,133
    Thanks (Given)
    0
    Thanks (Received)
    7
    Likes (Given)
    0
    Likes (Received)
    7

    Default

    Quote Originally Posted by DimPrawn View Post
    Does anyone actually do this?
    I started putting it down when I got my first self assessment form as a permie.

    I kinda wish I hadn't bothered now though. They know I have a decent amount of savings now
    Eat Right, Exercise, Die Anyway.

  9. #9

    Respect my authoritah!

    NotAllThere is a fount of knowledge

    NotAllThere's Avatar
    Join Date
    Aug 2007
    Location
    Far away from HMRC
    Posts
    17,479
    Thanks (Given)
    189
    Thanks (Received)
    790
    Likes (Given)
    1258
    Likes (Received)
    2695

    Default

    Quote Originally Posted by DimPrawn View Post
    How did you get the non-dom status?
    I emigrated. I'm non-domiciled, non-resident, non-ordinarily resident. And I don't visit the UK very often or for very long.
    --drunk on abuse of power--

  10. #10

    Richer than sasguru

    DimPrawn is a fount of knowledge

    DimPrawn's Avatar
    Join Date
    Jul 2005
    Location
    Brexit Britain
    Posts
    32,726
    Thanks (Given)
    271
    Thanks (Received)
    739
    Likes (Given)
    4276
    Likes (Received)
    3590

    Default

    Quote Originally Posted by NotAllThere View Post
    I emigrated. I'm non-domiciled, non-resident, non-ordinarily resident. And I don't visit the UK very often or for very long.
    Your domicile is generally where you were born (or where your father was born), regardless of where you live now and for how long.

    A lot of people confuse domicile with residency.
    If you look really hard, really really hard, you will find Doom™ everywhere.

+ Reply to Thread
Page 1 of 4 1 2 3 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts

Content Relevant URLs by vBSEO 3.6.0 ©2011, Crawlability, Inc.