Who is responsible if interest earned is not reported to HMRC?

Hi, I’m trying to understand what happens if a broker or financial platform doesn’t report interest earned (outside of ISAs) to HMRC, particularly when the amount is above the Personal Savings Allowance but still below £10,000 — so a Self Assessment return is not required. If the tax year ends (or is about to end) and HMRC hasn’t been informed by the platform, hence the tax code hasn't been automatically adjusted, who is responsible for making sure that income is correctly reported — me or the broker? And if it goes unnoticed and is discovered in future years, are there penalties for me to pay?

Hi, Anyone with a broker account with uninvested cash will be required to declare any interest gained as its gross and not provided by default. HMRC appear to give a default answer of using self assessment but you may be able to use your personal tax login and submit investment income ? Please confirm HMRC ?

Hi Emanuele Greco,
It is your responsibility to advise HMRC of any changes and this includes taxable income.
If you fail to do so you could be charged interest and penalties for failing to inform us.
Thank you. 

 

Hi, I understand from your reply that it is my responsibility to notify HMRC about this income, even though it's below the £10,000 Self Assessment threshold. However, I have already attempted to report this over the phone in February by contacting HMRC directly. I was told that since the tax year had ended, there was nothing that could be done and that it was up to the broker to report it. This has left me uncertain about how to proceed correctly. Could you please confirm: How can I notify HMRC now that the 2023–24 tax year has ended? Is there a way to report this online, through my Personal Tax Account, or via a secure message - the form is not available from my page? Would HMRC consider issuing a Simple Assessment or adjusting my tax record without requiring full Self Assessment registration, since I was under the reporting threshold? I would like to resolve this properly and voluntarily, without risking interest or penalties later, but I need clarification on the correct process considering what I was told over the phone.

Hi ,
 

If the total interest is below £10,000 you can report via your personal tax account or by sending a letter . Thank you .