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Posted Thu, 08 Jun 2023 18:33:04 GMT by Helios
Hello, I've been asked by HMRC to complete a self assessment with regards to private pension, dividends and savings interest. Completing the pension and dividends section is straight forward however doesn't HMRC already have my savings income from the banks?
Posted Tue, 13 Jun 2023 12:21:10 GMT by HMRC Admin 32

If it is over £1000 (500 if higher rate) you still need to show it on the return as further tax may be due.

Thank you.
Posted Tue, 13 Jun 2023 15:35:37 GMT by Russell Hibbin
HMRC Admin 32 you have to include ANY amount of savings income as the savings income is added to your other income to determine whether you need to pay tax at higher rates. This even applies if no tax is due on your savings income due to the savings allowance.
Posted Tue, 13 Jun 2023 15:54:54 GMT by Russell Hibbin
Helios, you are correct, HMRC will receive details of your savings interest for the tax year 2022-2023 by the end of this month. However this information does not update your Self Assessment record so you must provide it again on your tax return. You are entitled to see this information that HMRC have received about your savings income from your banks etc. by making a subject access request to HMRC. Details of how to do this can be found @
Posted Tue, 13 Jun 2023 16:41:45 GMT by sportyfae
@Helios I think you're missing the point of "Self" Assessment. You need to declare all of your taxable income. HMRC probably know about your (taxable) pension income as well but you still have to show that.

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