Bank and Building Society Interest returns: Bulletin January 2022
Published 26 January 2022
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By following HMRC’s guidance, your return is more likely to be accepted. These are the top 5 reasons HMRC may reject your Bank, Building Society Interest data return.
1. The categorisation of the person paid is incorrect
For example, you may have categorised a non-individual as an individual.
Read the new Categorisation section of the Bank and Building Society Interest returns guidance to help you avoid this error.
2. The participant details are missing for reported accounts
You must provide participant details for each account in your return.
For example, if you use electronic flat text file formatting, at least one type 3 record must be submitted for every corresponding type 2 record.
Follow the step-by-step instructions in How to complete a Bank and Building Society Interest return to help you avoid this error.
3. An incorrect padding method is used when using electronic flat text file formatting
Fields must be padded correctly. Read the Electronic flat text files section in the How to complete a Bank and Building Society Interest return guidance to find out how to do this.
4. Field lengths do not match the structure specified in your electronic flat text file type 1 record
For example, when entering participant names, you exceed the character limit you gave in your type 1 record for this field.
Read the Electronic flat text files section in the How to complete a Bank and Building Society Interest return guidance to help you avoid this error.
5. Exact duplicates of data are included in your return
You should only report the interest paid to a customer once on your return.
If exact duplicates are included in your return, HMRC will take this to mean multiple identical amounts of interest, were paid to the same customer.