I am a retired teacher/postman. For the last 4 years I have taken my tax return to the local tax office who have filled this in for me (I have provided all the correct details for them). I have just taken my latest form into them and they have advised me (after looking at last years form) that there is an issue. I receive 2 types of foreign dividend - a. Commonwealth Bank of Australia (Approx £900 per 6 months fully franked at co. rate of 30%)
- b. Santander (approx £20 per 6 months with 19% witholding tax)
Even though I have provided tham with the actual statements from both companies, they filled in the total amount I receive against Santander.
This must have happened the first year (2005ish) and they have just copied/repeated the mistake since...
What do I do now? What are the consequences of this error? I believe that the error was in my favour, so will I have to recompense the taxman. Any facts/advice would be greatly appreciated as I have no experience with this and am worried regarding the outcome/penalties