Personal Savings Allowance - Missing Accounts

grey_gym_sock

banks will be reporting on interest to HMRC, but whether HMRC can link that up to your personal tax account is another matter.

they may just be trying to match up names and addresses. which is subject to various kinds of mis-match errors.

ideally, they should be trying to match based on NI number (at least for most people). however, banks won't always know your NI number. (and i don't know whether they include it in their reports to HMRC, even when they do - hopefully they do, but ...)

RG2015

Dazed_and_confused wrote: »

I doubt very much that banks aren't aware of their responsibilities - the document in the link xylophone provided above is very detailed - but I can well believe front line bank staff don't know anything about the in and outs of this reporting.

Fair point although the OP has interest received that is not on their tax file. Either HMRC or the banks have got this wrong.

Just out of interest, do you know if everyone will have their interest received shown on their online tax file or is it only those that have to pay tax on it?

parker1982

A couple of other things I've noticed when looking at my personal tax account page:

HSBC PLC is listed as the name for my First Direct current account. I know FD, M+S, RCI amongst others use HSBC as a clearing house / are part of HSBC so not concerned but just found this a bit confusing and unnecessary. This is even more confusing when Yorkshire Building Society who use Natwest as a clearing house have their name listed against the relevant account and not Natwest so the same rules are not been applied across the board.

Lloyds have correctly reported the credit interest on my club lloyds bank account, but haven't told HMRC about the Monthly Saver I had during 2016/17.

Hopefully these issues will be resolved for the 2017/18 calculation.

Plus

First Direct don't just use HSBC as a clearing house, they are HSBC:

This Site is operated by first direct and we are a division of HSBC Bank plc, which is owned by HSBC Holdings plc.
HSBC Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is listed with the reference number 114216.

but M&S Bank (for instance) have their own banking licence:

Marks & Spencer Financial Services plc is entered in the Financial Services Register under reference number 151427. M&S Bank is part of the HSBC Group.

I would have expected each banking licence holder to report separately.

glider3560

parker1982 wrote: »

HSBC PLC is listed as the name for my First Direct current account. I know FD, M+S, RCI amongst others use HSBC as a clearing house / are part of HSBC so not concerned but just found this a bit confusing and unnecessary. This is even more confusing when Yorkshire Building Society who use Natwest as a clearing house have their name listed against the relevant account and not Natwest so the same rules are not been applied across the board.

First Direct is a trading name of HSBC Bank plc (soon moving to HSBC Bank UK plc), so your account is actually with HSBC. Whereas RCI Bank and Yorkshire Building Society are all separate legal entities, so even though the money goes through another bank, your account is not held with that bank.

grey_gym_sock

i hadn't actually tried logging into my personal tax account before. though i have been doing self-assessment online, using the "government gateway" type of login. it turns out that i can get straight in to the personal tax account, by using the GG login and then "verifying my identity" (by entering my passport details).

so, i don't see anything about interest received. should i?

note that i have no PAYE income (just self-employment and investment income). so no coding notices. so no real need for HMRC to estimate current year's interest. does that make a difference?

drob4

There's around £700 of interest missing from my Personal Tax Account. It's missing details from my Lloyds, Tesco, TSB, Yorkshire and Atom accounts. None of them are joint accounts.

youngretired

Can you advice where on the personal tax account you can see who has given HMRC your interest, we have both looked at his account online and can only see the amount, no indication from where.

My husband has just received his Annual Tax summary for 16/17 and they have only said that he has earned £62 which matches his account, but this is totally wrong as he holds accounts (current & savings) with HSBC, M&S, 1st Direct, KRBS, BOS, Lloyds, Nationwide, Tesco, Post Office and TSB. So knows he actually owes tax.

realaledrinker

Bit of a shambles all round, clearly. A few years ago HMRC challenged my under declaration of interest paid gross. Turned out this was interest on an ISA paid by our friends at the Halifax who had submitted the details incorrectly as taxable income.

parker1982

youngretired wrote: »

Can you advice where on the personal tax account you can see who has given HMRC your interest, we have both looked at his account online and can only see the amount, no indication from where.

My husband has just received his Annual Tax summary for 16/17 and they have only said that he has earned £62 which matches his account, but this is totally wrong as he holds accounts (current & savings) with HSBC, M&S, 1st Direct, KRBS, BOS, Lloyds, Nationwide, Tesco, Post Office and TSB. So knows he actually owes tax.

The website could be a lot simpler to use than it is as you have to go through quite a few links to access the account details.
Once you've logged into the gov.uk website, copy and paste or type the following link into your browser:
https://www.tax.service.gov.uk/check-income-tax/income/bank-building-society-savings/accounts


If you want to go through each step of the process you'll need to the following.

Login to your personal tax account page, the address will be https://www.tax.service.gov.uk/personal-account

Underneath the section called "Income" click on the link in the middle box titled "You paid too little tax last year".
This will take you to the following page: https://www.tax.service.gov.uk/tax-you-paid/paid-too-little

There is a link on this page with the text "Check your details", click on this.
This will take you to the following page: https://www.tax.service.gov.uk/check-income-tax/income-summary

Under the heading of "Untaxed Interest", click on the link with the text "View Details".
This will take you to the following page: https://www.tax.service.gov.uk/check-income-tax/income/bank-building-society-savings

At the bottom of the page you will see a green button titled "Check your account details and estimated interest".
Click on this button and you will be taken to the following page: https://www.tax.service.gov.uk/check-income-tax/income/bank-building-society-savings/accounts