Roy_F

Hi, I need to fill in the interest earned section on my SA. I've been advised I can call to check what has been declared by each bank, so funds that are not accessible (fixed-term bonds) but may have been declared can be correctly entered in the year the bond matures. Which helpline can I use to go through account information so I can ensure I am declaring the correct amount ? I was going to call the self-assessment helpline, but when I search for it, the website says it is closed until 4th September. Thanks.

Hi HMRC Admin 8, - sorry please ignore my previous post, here it is edited with what I thought I typed !!! When you say ... "You can only have 1 of each kind and you can put money into one of each kind of ISA each tax year. In the case of cash ISAs, do you mean one newly funded one per year? Since my original post, I've been researching more and I got the impression, per year, you can open one cash ISA and fund it with "new" money but you could also transfer existing ISAs into further new cash ISAs as no "new" money was being deposited. This is very confusing. Thanks.

Hi HMRC Admin 8, When you say ... "You can only have 1 of each kind and you can put money into one of each kind of ISA each tax year. In the case of cash ISAs, do you mean per year? Since my original post, I've been researching more and I got the impression, per year, you can open one cash ISA and fund it with "new" money but you could also transfer existing ISAs into further new cash ISAs as no "new" money was being deposited. This is very confusing. Thanks.

Hi, I'm looking to tidy up my finances and for convenience would like to have all my ISAs transferred into one big fixed-rate ISA. From reading the guidelines, I think I've got the process right, but wanted to check here. I have two ISAs from previous tax years, so shouldn't be too complicated, one matures in January 2024 the other in December 2024. Tax year 2023-24 I want to open a new ISA now and fund it with my savings. Transfer the ISA maturing in Jan 2024 into it, in Jan 2024. Tax year 2024-25 Open a new ISA in May 2024 and fund it with my savings. Transfer the ISA maturing in Dec 2024 into it in Dec 2024. Then (here's the bit I don't really understand,) Can I open a new ISA in Jan 2025 funding it by doing an ISA transfer of both my "new" ISAs? (I appreciate I cannot open two cash ISAs in the same tax year the normal way) Thanks.

Hi HMRC Admin 5, Thanks, it sounds a lot easier than I was expecting. Have a good weekend. Cheers Roy

Apologies about the formatting on my last post, it really didn't look like that when I hit Post this reply

Hi, HMRC Admin 20, From the link "If an individual is unable to withdraw or have access to the interest when it is credited to their account, or has a specific product such as a bond, the interest will not arise and therefore they will not be taxable until they have access to the interest." The accounts I'm asking about are bonds and the interest is reinvested and I have no access to the money in the accounts until they mature. However more than one of the account providers says they declare the interest anyway and say they do not have the option to declare if I do or do not have access to it. Hence why I'm asking if I can see which bank has declared what amount. If bank A declares £100 interest that I will not be able to access for another 4 years do I contact yourselves to correct that amount? I don't want to submit a SA saying I've received £400 interest if the total amount the banks have declared is £4000. Likewise in 4 years' time, I don't want to submit a SA saying I've received £4000 when the banks have declared £400 Either way, it looks dodgy. Thanks.

Morning, resurrecting this thread with a question. I have three banks & building societies, all with fixed-term products and I asked what interest would be declared to HMRC so that when I do my SA I can make sure I am declaring the correct amount. I have had three different answers (and I'm not referring to the amount) Can I view the amounts in my SA or online tax account which each one has submitted? If one/all have submitted an interest amount I have no access to for another 4 years do I need to correct it in my SA and if so, what is the process? Thanks.

Hi HMRC Admin 5 I was hoping to pay nothing until the 23/24 SA was submitted and then pay the total amount on the due date. In simple terms, the way I understand it. I have to pay half of my *potential* tax bill, six months before the actual tax bill amount is calculated. If the actual tax bill is zero, you just give me the money back. Where I could have earned 5% interest on the amount in a savings account over those 6 months. If the actual tax bill is as estimated and I pay it in one sum on the due date, at least then I have the interest earned over a full year. I'm happy to pay all the tax I owe for 22/23 on the due date, why can I not pay all the tax I owe for 23/24 on it's due date? *when I say "happy", begrudgingly may be a better description :)

Found the extra box with info explaining about calculating how to request a partial reduction and I don't really understand it. So I think my best bet in terms of not losing out too much interest from my bank, is just to pay each amount on the date it's due and suck up the loss of 6 months' bank interest on it.