Tax on Bank and Building Society Interest

For individuals who are not required to file Self-Assessment returns, HMRC are changing the way they collect tax on interest earned from savings.

HMRC have been working closely with banks and building societies and, in November 2017,  HMRC began writing directly to individuals where the interest on their savings exceeded the new personal savings allowance during the tax year 5 April 2017.  HMRC are advising that they have changed individuals tax codes  to collect any tax due.

If you are one of these individuals and need some help to check HMRC’s adjustment, please give us a call on 01908 227055.