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

davidwatts

DennisTenus wrote: »

Which online form did you use for that?

I'm sure it had a number but I can't remember it now, to be honest I find the site a bit like a maze and it sometimes takes me several attempts to get back to something I've previously spotted.

I signed into my tax account and was looking at the tax details for 17/18 and the amount owed according to the P800 I'd received. There was a link for telling them if the stated income was incorrect. I filled in that form, giving most of the explanation in the free tesxt boxes. Some of the mandatory fields weren't entirely relevant, e.g when did the income start and end. I just put the tax year start and end dates.

I'll post a more helpful response if possible when I've next signed into my account, as I've got a refund to claim for this year.

colsten

Vortigern wrote: »

I've just had another email from HMRC to tell me my tax code has changed again. Logged on to my personal tax account to find that they now say I owe tax on savings interest for 2017-18. There's no itemisation of interest earned but P800 is to follow by post. I don't expect that to be itemised either.

Tax owed <£100 to be collected by code change unless I choose to pay it now.

I called them and asked for a breakdown of the interest they said I had received. They were initially reluctant to do this and just offered to read it out to me over the phone (a list as long as your arm, no thanks!) but in the end the chap wanted to avoid a complaint and said he could do it. Letter with the details arrived promptly a few days later.

RG2015

fifeken wrote: »

Did you use the link mentioned (log in using your usual method first)? Works for me.

https://www.tax.service.gov.uk/check-income-tax/income/bank-building-society-savings

Thank you for this. It works for me as well although I have no idea why. This must be the amongst the most bizarre websites I have ever used.

RG2015

RG2015 wrote: »

Thank you for this. It works for me as well although I have no idea why. This must be the amongst the most bizarre websites I have ever used.

Just to be clear, this method allows me to see my detailed interest received for each account as per the first post in this thread. As someone said earlier it is a back door entry to a page that can longer be accessed via the front door, Amazing!

Dazed_and_confused

this method allows me to see my detailed interest received for each account

I don't think this will necessarily be true for everyone. Some people on this thread are providing with corrected data (Al Rayan, who sent HMRC details of tax exempt ISA's interest springs to mind) so presumably these people will see the latest position, not the original incorrect data?

Nevertheless it does seem an odd situation. Maybe it's a cat flap rather than a back door!

Frogletina

fifeken wrote: »

Did you use the link mentioned (log in using your usual method first)? Works for me.

https://www.tax.service.gov.uk/check-income-tax/income/bank-building-society-savings

Thanks for this link - finally I have been able to get back in to see my interest details.

Still not able to amend the errors, but the ones I did amend before brought my interest paid to below £1000.

My interest from accounts opened in the last tax year are not showing, and these will take my interest to over £1500, which will lead to an amended tax code at some point, but I'm not too concerned about that now.

I'll have the same problem next year as they will assume I'll get over £1500 tax again, but it will be lower. This year they assumed it would be over £2500.

I do wonder why all of this effort is made to forecast tax from savings from HMRC - surely it would make more sense to calculate it once after the amounts of interest paid has been sent to HMRC.

frogletina

Dazed_and_confused

surely it would make more sense to calculate it once after the amounts of interest paid has been sent to HMRC.

That is what they are doing. And updating current/future tax codes as they go along.

If they didn't do that some people would complain that they hadn't kept their tax code as upto date as it could have been.

What does seem odd is that all this has happened now, with data for 2017:18, I'm starting to think 2016:17 has been forgotten about as I don't recollect similar threads a year or so ago?

polymaff

Dazed_and_confused wrote: »

What does seem odd is that all this has happened now, with data for 2017:18, I'm starting to think 2016:17 has been forgotten about as I don't recollect similar threads a year or so ago?

I think that HMRC's "Payments on Account is the new default" attitude is getting more and more aggressive - to the extent that we now have virtual payments without virtual reliefs.


Only a few years ago, PoA was reserved for the relatively few who had significant non-coded income and forward punting by HMRC was easily rebuffed. How different today.

Frogletina

Dazed_and_confused wrote: »

That is what they are doing. And updating current/future tax codes as they go along.

If they didn't do that some people would complain that they hadn't kept their tax code as upto date as it could have been.

What does seem odd is that all this has happened now, with data for 2017:18, I'm starting to think 2016:17 has been forgotten about as I don't recollect similar threads a year or so ago?

They are updating my tax code when I send them them details of the interest paid, but I've overpaid this year, because they estimated what I would get using the interest that I received in 17/18.

However, conversly, I did not pay enough tax in 17/18 - and they have said they will collect the underpayment in 19/20.

In my view, it would be so much easier if the tax on interest was only calculated at the end of the tax year that the interest was paid, to be collected in the following tax year, instead of estimates that can be way out.

frogletina

Dazed_and_confused

To be fair that would probably be simpler. But Philip Hammond may have questions for HMRC about why they aren't collecting tax very quickly.

It would mean for example the tax due on interest paid on 6 April 2019 wouldn't be fully paid until final pay day of the 2021:22 tax year, nearly 3 years later.