Interest details on HMRC Personal Tax Account. Updated to include how to access interest details.

Malchester

Dazed - my tax code was 1304M and appears on my pay slips for employment until I had to take lgps pension at age 60. Then it was split (at my request) between earnings and occupational pension one was 870M (earnings) the other 434T (pension) meaning no tax payable (that is this year as I started my pension part way through the year). Now codes are 826M and 425T giving me an overall allowance of £12510 before tax payable meaning tax payable on both earnings and pension Interest was £1856

YorkshireBoy

Dazed_and_confused wrote: »

If you are not providing (HMRC not accepting) details for 2016:17 I'm a bit lost why you expect to ever get a bill for that year?

HMRC not accepting. I expect them to catch up at some point.

Do you really have to "pay" the £50 or are you voluntarily doing that to try and keep your tax code for 2019:20 as simple as possible?

The latter.

eskbanker

Malchester wrote: »

my personal allowance was1304

Malchester wrote: »

my tax code was 1304M

These two statements are very different, by a factor of ten!

masonic

This thread makes me grateful I was pushed into filing a tax return a couple of years ago. Perhaps I won't rush to tell HMRC I don't really need to do so any more.

Dazed_and_confused

Dazed - my tax code was 1304M and appears on my pay slips for employment until I had to take lgps pension at age 60. Then it was split (at my request) between earnings and occupational pension one was 870M (earnings) the other 434T (pension) meaning no tax payable (that is this year as I started my pension part way through the year). Now codes are 826M and 425T giving me an overall allowance of £12510 before tax payable meaning tax payable on both earnings and pension Interest was £1856

Now we're getting somewhere.

What was your estimate of your employment earnings and occupational pension for the year to 05:04:2019 (individual figures for each)?

And what was HMRC's estimate for each of these two income streams when the codes were changed to 826M and 424T?

Malchester

Dazed - original estimate of income streams - taxable earnings £8500 (large %age into separate pension), pension £4300 (full year would have been £6000) and HMRC estimates were the same, they did not change when they changed my codes. They said they had changed my codes to take account for tax not paid on interest of £856 which I did not have to pay anyway, although the second person at HMRC I spoke to agreed with me and made an adjustment to reduce tax as much as he could. He did say it was their system that could not cope with this particular situation where income was just below personal allowance level but interest was greater than the £1k

Dazed_and_confused

£1k PSA is irrelevant as, based on your recent posts, you are unable to utilise this. It isn't something low income taxpayers can benefit from.

But I agree that some tax (approx £56 over a full year) would have been deducted unnecessarily based on the £8,500 and £4,300 estimated income figures.

I have a feeling there is something else involved here which meant you weren't getting the benefit of the savings starter rate, maybe similar to YorkshireBoy's recent thread about the this tax rate and it was this that brought the savings nil rate (aka PSA) into play when your tax codes were changed.

With earnings/pension of £12,800 you would be liable to pay tax on £950 in 2018:19 so £190 tax on that.

The £1,856 interest would be taxed at the starter savings rate of 0% so £0 tax on that.

And your Marriage Allowance tax credit would reduce the amount actually payable down to nil.

Spiggle

Ok, first of all please accept my apologies Dazed and confused if I appeared short about this, I appreciate that you are trying to help me and the others who are suffering under this ridiculous system the government has put in place, so thank you for your persistence in the face of seeming hostility.

May I just put forward an estimate of where I should be from 6 April 19 and see if the penny has finally dropped into the correct slot of my brain (or not). So PA for 2019-20 is £12500. So my Tax Code calculation on the Coding Notice should look something like this:
Personal Allowance 12500
Less Untaxed Interest 1000
Total Tax Free Amount 11500

Pension 1 9682
Pension 2 2876
Total Income 12558

So now Dazed ... please can you show me how the coding notice will change - format or placing of amounts - so that I pay tax on my £58 over PA but not on the untaxed interest please.

Thanks in advance,
Spigs

Dazed_and_confused

Just to be clear, you have 3 source of income?

Pension 1 (£9682 in 2019:20)
Pension 2 (£2876 in 2019:20)
Interest (with no tax deducted at source)

Is your estimate of the gross interest to be received in 2019:20 exactly £1,000?

Or something else?

Are you expecting to be Scottish resident for tax purposes in 2019:20?

Have you applied for or are in receipt of Marriage Allowance in 2019:20?

Spiggle

Yes Dazed, three sources of income LGPS Pension, Widows LGPS Pension both on PAYE systems and untaxed interest from savings.
I haven't calculated the untaxed interest exactly it is an estimate but will be well above the amount used in my recent tax code notice (for 2018-19) of £563.
No to Scottish residency.
No sadly not, we previously had exchanged MA but obviously not for some time and all would have changed when my husband died a few months ago.
Thanks again in advance,
Spigs