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

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  • schiff
    schiff Posts: 20,101 Forumite
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    I think it helps if you are not in the making annual returns system with income and allowances comfortably covered by PAYE codes. If the coding deductions are anything like reasonable, I see no reason to get involved. After April 5th when the P800 arrives you can compare the figures and at that stage decide whether or not to dispute them. It takes away most of the ongoing hassle of trying to keep up with them, particularly as it's such a farce.
  • Vortigern
    Vortigern Posts: 3,247 Forumite
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    littlemoney wrote: »
    Is the best approach to wait till the start of the new tax year and see what data is displayed and how accurate it is as codes and amounts seem to vary and there is no detailled brakdown to see how they have arrived at the final result. There seem to be totals on the HMRC site which can't be reconciled with interest received.
    That's my intention too. As things stand I will have underpaid tax on the current year's income, but a code change on my April payslip will see me overpaying until it's corrected.

    It seems that HMRC are using partly corrected figures for savings interest earned in 2017-18 to produce my current tax code, but they are then using the uncorrected interest from 2017-18 to estimate my income for 2019-20.

    What is the timescale for the banks to report 2018-19 interest to HMRC? And when should we expect HMRC to act on that info?
  • Dazed_and_confused
    Dazed_and_confused Posts: 6,458 Forumite
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    30 June 2019. How long it takes HMRC to process all the data and apply it to your tax records is an unknown but going by this thread it seems to have been a few months but presumably they will be hoping to smooth things out year on year so hopefully a bit earlier this time around.

    You can read all about the banks reporting requirements on gov.uk,

    https://www.gov.uk/government/publications/type-17-and-18-bank-building-society-interest-and-other-interest-returns-of-interest-and-eusd/bank-and-building-society-bbsi-european-union-savings-directive-eusd-and-other-oi-returns-of-interest
  • Alice_Holt
    Alice_Holt Posts: 5,971 Forumite
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    edited 17 March 2019 at 5:35PM
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    (An update to my earlier post @123 in early Feb)

    Having had a 2018/9 coding notice that overstated my untaxed interest, I wrote to HMRC on Feb 10th setting out my estimated interest by institution and account.

    A couple of days ago I had a letter confirming my information had been used to update HMRC 2018/19 records, and listing untaxed interest for 2017/8 (c.18 accounts). I was pleasantly surprised to find that the 2017/18 HMRC list agreed with my records.
    Alice Holt Forest situated some 4 miles south of Farnham forms the most northerly gateway to the South Downs National Park.
  • DennisTenus
    DennisTenus Posts: 483 Forumite
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    For some reason I can't see my list of accounts and interest now, is that because HMRC have calculated it now? Any way to see it?
  • schiff
    schiff Posts: 20,101 Forumite
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    Alice_Holt wrote: »

    A couple of days ago I had a letter confirming my information had been used to update HMRC 2018/19 records, and listing untaxed interest for 2017/8 (c.18 accounts). I was pleasantly surprised to find that the 2017/18 HMRC list agreed with my records.

    You got HMRC to send you their list of accounts and the interest!!!

    That could/would solve everything.
  • RG2015
    RG2015 Posts: 5,921 Forumite
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    DennisTenus wrote: »
    For some reason I can't see my list of accounts and interest now, is that because HMRC have calculated it now? Any way to see it?
    Not at the moment but you can still see the total as per my post (#209) on the link below.

    https://forums.moneysavingexpert.com/showthread.php?p=75550848
  • Alice_Holt
    Alice_Holt Posts: 5,971 Forumite
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    schiff wrote: »
    You got HMRC to send you their list of accounts and the interest!!!

    That could/would solve everything.

    They did, and I hadn't even asked for that info.
    Just supplied them with my estimate for 2018/19!
    Alice Holt Forest situated some 4 miles south of Farnham forms the most northerly gateway to the South Downs National Park.
  • polymaff
    polymaff Posts: 3,905 Forumite
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    RG2015 wrote: »
    Not at the moment but you can still see the total as per my post (#209) on the link below.

    https://forums.moneysavingexpert.com/showthread.php?p=75550848


    https://forums.moneysavingexpert.com/showpost.php?p=75550848&postcount=209


    If only it worked for all of us. Good work, though, RG2015
  • RG2015
    RG2015 Posts: 5,921 Forumite
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    polymaff wrote: »
    https://forums.moneysavingexpert.com/showpost.php?p=75550848&postcount=209


    If only it worked for all of us. Good work, though, RG2015
    Thanks.

    Is this something to do with the old and new (blue or green) skins?
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