Self Assessment Deadlines Loom- Band and Building Society Interest

Clients who receive bank and building society interest and who do not need to submit a Self Assessment tax return may receive a Simple Assessment letter from HMRC in respect of bank and building society interest received in the 2024/25 tax year. A client may have previously received a Simple Assessment letter in respect of other income, such as pension income.

Where a Simple Assessment letter has already been sent which did not take into account bank and building society interest, the second Simple Assessment letter will include this. Where a client receives a second Simple Assessment letter, is is important that they understand that this shows the total amount of tax due for the tax year and where a payment was made following the receipt of an earlier letter, this should be deducted from the amount of tax shown as due in order to arrive at the balance remaining payable. The second Simple Assessment letter does not take account of any payments already made.