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Have you declared everything to the taxman

Paystream News

David McManus

Tuesday 3rd Jan, 2017

HMRC's Untaxed Interest Compliance Team has been busy issuing letters to people it suspects have received untaxed interest which they have subsequently failed to declare.

The letters, sent from the Campaigns & Projects Office in Newcastle upon Tyne explain that they "receive information from banks, financial institutions, 3rd party intermediaries and social lenders providing details of untaxed interest paid to investors. Untaxed interest means tax hasn't been deducted".

They go on to explain that you should check that your 2014/15 Tax Return (income for the year ended 5 April 2015) is correct before describing the actions which they will take to charge penalties on any errors, omitted or incorrect entries.

Copies of the letters are not being sent to accountants or tax advisers. So, if you are a PayStream client and would like advice or help on how to respond please contact the Tax Team by emailing tax@paystream.co.uk or calling 0161 929 6000 (option 3).