Advice re HMRC Compliance notification

[namechange777]

Have name changed because of the subject matter ...

I've been notified by HMRC that they are undertaking a compliance check in relation to bank interest for the 2012/13 tax year and requesting documentation.

I have been gathering information and can see that I have accidentally missed out interest on several accounts so clearly have to pay additional tax. The accounts were old accounts that were closed at the point of completing the tax return and were just overlooked.

Do I need to engage a professional adviser at this stage? And having paid what is due, is that likely to be the end of it or could this hang over me for months? Am worried sick about it :(

This happened to me, I just wrote a letter admitting my mistake and that it was a genuine oversight. I had to pay the extra tax owed and that was that, no fine or anything.

I think if it is the first time and there is no evidence of any deliberate funny business then they give you the benefit of the doubt. I wouldn't worry

It was several accounts - do you think that makes a difference? As I say, the savings accounts had been closed down and tbh, I just forgot about them.

(Thanks for replying!)

Are you a higher rate tax payer? If not, the tax may have been deducted by the bank/building society. I have normally found HMRC quite helpful if you can actually get through to speak to a person! My Mum did this once, and when I had explained that an 88 year old had missed off around £100 of interest - due to pride in not asking for help - they were really helpful. Despite sending her a 'we're sending you to jail' letter (slight exaggeration!)

I am a higher rate tax payer

I don't think it will make a difference really if it's one or several accounts. The error I made was related to a few bonds that had matured and like you I just plain forgot I'd had them. I think HMRC know the difference between people trying it on and forgetful types.