Thousands of UK peer-to-peer investors were sent letters by HMRC, warning of penalties for those that had inaccurately filled out their tax return over the Christmas period, according to P2P Finance News.
The warning from is thought to have been sent to more than 10,000 investors who appear to have under-declared tax on their P2P investments in 2014-15.
HMRC obtains customer data from banks and financial institutions every year in order to assess investors for inaccuracies.
It is thought that this pre-warning is an attempt to give investors the chance to “reconsider” any inaccuracies and correct them before any fines or charges are submitted.
A HMRC spokesperson said: “We have written to 10,000 customers who appear to have under-declared untaxed interest to encourage them to get their tax affairs up to date and get things right from now on. We are offering help and support to do that.”
It is the responsibility of P2P investors to declare and pay tax on interest earned.
This data has been sourced from http://www.p2pfinancenews.co.uk/2017/01/05/p2p-hmrc-tax-interest/