Personal Tax Account -PTA

bigfreddiel

Everyone has a personal tax account.

https://www.gov.uk/personal-tax-account

If you have verified yourself on .gov.uk you can see how your tax code has been arrived at and adjust it if incorrect.

My tax codes changed, incorrectly, and by logging on to my personal tax account or PTA, I corrected the mistake HMRC had made and my tax code is now correct. Great app, and saved me time and money calling HMRC on their expensive 0300 number.

You can also check your state pension forecast, and your NI history along with benefits and tax credits.

For once the GOV has got something right - good work!

Cheers fj

Freecall

I agree that this appears to have been well implemented and hopefully, over time, other functions will be added.

I think that the need to have a code sent to your phone every time you log on is a bit OTT though.

None of the bank accounts I have require that. If you let your log-on time out you still have to get a phone code to get back in.

SallySunshine

My original tax code was way out, I rang up and it was adjusted.
However they did remove the £1000 PSA.
Since my interest will be over this, should I ask for it to be added again?

Dazed_and_confused

If you have your interest included in your tax code it saves you from maybe having to pay a lump sum but the downside (to some) is that you will be paying the tax earlier than you need to.

If you don't have your tax code adjusted you will need to tell HMRC about the actual interest after the end end of the tax year and they will calculate how much you owe and if possible will collect the tax due via your tax code in a later year, alternatively you will get a demand to pay as a lump sum.

if the amount of interest is big enough you may need to complete a self Assessment tax return

SallySunshine

I am getting more confused than ever!
Just been on my PT page and it has added £1000 Savings allowance to my total income.
I am a basic rate tax payer.

Then on my allowances, it has added the marriage allowance off £1100 which I have successfully applied for, plus my personal allowance of 11,000.
Then under personal savings allowance it has £229 added.
Making a total tax free allowance of £12,329.

How did they arrive at a figure of £229? Is this an estimate from last years savings interest?

Dazed_and_confused

SallySunshine wrote: »

I am getting more confused than ever!
Just been on my PT page and it has added £1000 Savings allowance to my total income.
I am a basic rate tax payer.

Then on my allowances, it has added the marriage allowance off £1100 which I have successfully applied for, plus my personal allowance of 11,000.
Then under personal savings allowance it has £229 added.
Making a total tax free allowance of £12,329.

How did they arrive at a figure of £229? Is this an estimate from last years savings interest?

Are you sure about the marriage allowance - if YOU successfully applied then this should be deducted from your allowances as only the person transferring the marriage allowance to their husband/wife can apply. The person receiving the marriage allowance cannot apply for it or claim it (not even on a self assessment return - there are a few MSE threads about this)

I think PSA is based on last figures the HMRC have whether that be from last year or several years ago.

PSA £229 would seem to suggest HMRC have estimated this years interest as £229. Best thing to do is to give them an estimate of what untaxed interest you expect to receive in this tax year. If you are a basic rate taxpayer (including any interest) and your interest in less than £1000 it won't normally have any affect on your tax coding.

SallySunshine

Sorry, meant to say my husband applied for the marriage allowance to be given to me.
I think the figures may be about right as I know I will be over the £1000 savings interest threshold, especially since a fixed bond is due to mature soon.
Still I will keep a note of all interest throughout the year and see if it does match up with their calculations.

Just checked with my tax code on my private pension, they haven't adjusted that yet to include the marriage allowance so will keep an eye on that too.

Still it beats the original code I had to ring up about, that was 25L:eek: