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

schiff

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

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

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

(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.

DennisTenus

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

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

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/discussion/comment/75550848#Comment_75550848

Alice_Holt

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!

polymaff

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/discussion/comment/75550848#Comment_75550848

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


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

RG2015

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?