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

RG2015

badger09 wrote: »

But is it correct?

And if it isn't, how do know what has been included & what omitted?:cool:

This is my actual figure for 2017/2018 as I reported to HMRC by letter.

It is also close enough to my own estimate for 2018/2019 so as not to cause me any problems (slightly less than £1,000)

polymaff

RG2015 wrote: »

This is my actual figure for 2017/2018 as I reported to HMRC by letter.

It is also close enough to my own estimate for 2018/2019 so as not to cause me any problems (slightly less than £1,000)

Mine is negative. What quality of programming could lead to a system that could compute a negative tax liability on savings?

Rich2808

As has been highlighted earlier HMRC have incorrectly reported interest on some Al Rayan Bank ISA accounts as being taxable in 2017-18. I have received the attached email today confirming this error will be corrected.

"Reporting your ISA tax-free profit to HMRC
Dear

Assalamu Alaikum (Peace be with you)

Every year UK banks and building societies which offer Individual Savings Accounts (ISAs) report details of their customers’ ISA accounts, including the amount earned in tax free profit, to HM Revenue & Customs (HMRC). This is to ensure that savers do not pay tax on any income earned through ISAs.

We have become aware of an issue concerning the way Al Rayan Bank reported ISA customers' accounts to HMRC for the 2017-18 tax year. ISA balances were incorrectly reported as standard savings accounts, therefore HMRC could have included profit earned from ISAs in your tax calculations for the 2017-18 tax year.

A limited number of our customers would have therefore been requested to pay tax on the profit earned from their ISA savings with Al Rayan Bank. Unfortunately, your ISA is one that may be affected.

We have contacted HMRC and they have confirmed that they will correct all affected individuals’ tax codes and tax calculations so that no-one is adversely impacted.

What do I need to do?

You do not have to take any action yourself.

If affected, you will be contacted directly by HMRC, who will recalculate your tax code to ensure that you will not be impacted by this issue. If you do not receive any correspondence directly from HMRC on this matter, then you have not been affected.
Contact us
We are very sorry for the inconvenience and concern that this issue will have caused you. We hope you are reassured that the issue will be resolved by us and HMRC."

If you’d like to speak to someone about this issue, you can contact us on 0800 4086 407 (Monday to Friday 9am to 7pm, and Saturday 9am to 1pm)."

Dazed_and_confused

As has been highlighted earlier HMRC have incorrectly reported interest on some Al Rayan Bank ISA accounts as being taxable in 2017-18

It sounds more like HMRC have correctly taxed the interest reported by Al Rayan Bank but Al Rayan bank have reported the wrong accounts to HMRC in the first place.

ivormonee

When I log in to the HMRC account I go here:


Income
PAYE
Current Tax Year


Then it has just one item:


Non Coded Income
... with just one sum total figure.



There are no options to view what this is; no list of savings accounts and interest/ banks.


How are other people seeing a detailed breakdown?

Dazed_and_confused

Does your tax code include any entry for untaxed interest?

Malchester

Like others my personal tax ac has been updated. All interest has been removed. For 19/20 it now says n/a for interest in next financial year. For current year they have done changed my tax code again to a figure that is unrecognisable and bears no relation to anything, but gets them out of a hole so that I pay no tax. Their estimates for 19/20 for earnings and pension are almost spot on - a fortunate guess I suspect

Rich2808

Dazed_and_confused wrote: »

It sounds more like HMRC have correctly taxed the interest reported by Al Rayan Bank but Al Rayan bank have reported the wrong accounts to HMRC in the first place.

Al Rayan told me it was an HMRC error and not theirs - so I will give Al Rayan the benefit of the doubt!

badger09

Rich2808 wrote: »

Al Rayan told me it was an HMRC error and not theirs - so I will give Al Rayan the benefit of the doubt!

:cool:

Rich2808 wrote: »

As has been highlighted earlier HMRC have incorrectly reported interest on some Al Rayan Bank ISA accounts as being taxable in 2017-18. I have received the attached email today confirming this error will be corrected.

"Reporting your ISA tax-free profit to HMRC
Dear

Assalamu Alaikum (Peace be with you)

Every year UK banks and building societies which offer Individual Savings Accounts (ISAs) report details of their customers’ ISA accounts, including the amount earned in tax free profit, to HM Revenue & Customs (HMRC). This is to ensure that savers do not pay tax on any income earned through ISAs.

We have become aware of an issue concerning the way Al Rayan Bank reported ISA customers' accounts to HMRC for the 2017-18 tax year. ISA balances were incorrectly reported as standard savings accounts, therefore HMRC could have included profit earned from ISAs in your tax calculations for the 2017-18 tax year.

A limited number of our customers would have therefore been requested to pay tax on the profit earned from their ISA savings with Al Rayan Bank. Unfortunately, your ISA is one that may be affected.

We have contacted HMRC and they have confirmed that they will correct all affected individuals’ tax codes and tax calculations so that no-one is adversely impacted.

What do I need to do?

You do not have to take any action yourself.

If affected, you will be contacted directly by HMRC, who will recalculate your tax code to ensure that you will not be impacted by this issue. If you do not receive any correspondence directly from HMRC on this matter, then you have not been affected.
Contact us
We are very sorry for the inconvenience and concern that this issue will have caused you. We hope you are reassured that the issue will be resolved by us and HMRC."

If you’d like to speak to someone about this issue, you can contact us on 0800 4086 407 (Monday to Friday 9am to 7pm, and Saturday 9am to 1pm)."

Your quote from your own letter makes it quite clear that it was Al Rayan's error.

Rich2808

badger09 wrote: »

:cool:



Your quote from your own letter makes it quite clear that it was Al Rayan's error.

Agreed - but when I originally spoke to them on the phone I was distinctly told it was HMRC's error.

Assalamu Alaikum (Peace be with you)!