David Mackenzie
Joined: 10/27/2024
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Tax on savings interest but can access records to calculate totals
My only income is from interest on savings bonds. I had a number of 1 year bonds, some paying monthly and some paying yearly interest. I am close to my tax free limit but can't calculate the exact amount as some of the older bonds that finished early in the tax year, I no longer have access to the records for so I can only estimate. I believe that the banks report this info to HMRC so my question is will I be notified of any tax due automatically or how do I request this? If I fill in a SA and it's incorrect will I be either fined if I've underdeclared or refunded if I've over declared? Thanks David