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Posted Sat, 17 Feb 2024 00:31:18 GMT by
After passing 100k threshold, I filled in self-assessment form in July 2023, but totally forgot to add anything about interest savings from a couple of banks as wasn't aware I need to do this given banks/financial institutions already notify HMRC about these earnings so in this situation will I be ok for not declaring it in my self-assessment form or may I receive any penalty for this? If yes what should I do to avoid any penalty on these interest savings? Thanks
Posted Tue, 20 Feb 2024 15:16:05 GMT by HMRC Admin 32

Guidance on how to amend your 2023 tax return to include previously omitted savings interest is provided at:  

Self Assessment tax returns

Thank you.
Posted Tue, 20 Feb 2024 15:23:26 GMT by
Hi, Does that mean I need to check all my bank statements retrospectively, sum up evry little interest erate from various savings accounts , and do this housekeeping every year? When I check one of the answers for someone asking a similar question (not necessarily having above 100k salary), was that banks already notify HMRC so nothing needs to be done on interest savings, this doesn't apply for people who earn above 100k and needs to submit self-assessment form?
Posted Wed, 21 Feb 2024 15:21:28 GMT by HMRC Admin 5
Hi Saul

If you complete a Self Assessment tax return you will need to include the untaxed bank interest details.
The banks and building socieites do send the details to HMRC and if not in Self Assessment we will review your record after the tax year end, but, if in Self Assessment you do need to declare the savings details. 

Thank you

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