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

Frogletina

Dazed_and_confused wrote: »

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.

Suits me!

Seriously though, I'm not sure why it takes until the end of 21/22.

frogletina

polymaff

Frogletina wrote: »

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.

But that would conflict with HMRC's policy of trying to get money out of you asap - whether you owe it or not.

Frogletina

polymaff wrote: »

But that would conflict with HMRC's policy of trying to get money out of you asap - whether you owe it or not.

That is true!

Dazed_and_confused

Seriously though, I'm not sure why it takes until the end of 21/22.

But that is what you have suggested.

For example, the 2019:20 tax year ends on 05:04:2020. Banks have until 30 June 2020 to provide HMRC with details of the interest paid. HMRC then send everyone who needs one a calculation during the 2020:21 tax year.

And includes the tax owed in the the next years tax code i.e. 2021:22. The way tax codes work means you will pay one twelfth of the tax from 6 April 2021 to 5 April 2022 so it isn't until your final salary or pension payment is made in March 2022 that all of the tax is paid.

Or are you proposing HMRC change your current tax code i.e. 2020:21 in this example, to include the debt as soon as they calculate it? That would mean you would pay a year's tax bill in just a few months of extra tax deductions instead of being spread out over a full tax year.

polymaff

Frogletina wrote: »

That is true!

Seriously - just after Osborne announced the end of taxation at source I was chatting with a senior in HMRC and I asked him why the complete change of policy - "came as a bombshell to us, too", and what HMRC was going to do about the cash-flow crisis that this change would inevitably cause - "We have plans that we'll announce to cover that" - and that has turned out to be this "shadow PoA" strategy running in parallel with the old PoA.


More "stealth" strategy.

Frogletina

Dazed_and_confused wrote: »

Or are you proposing HMRC change your current tax code i.e. 2020:21 in this example, to include the debt as soon as they calculate it? That would mean you would pay a year's tax bill in just a few months of extra tax deductions instead of being spread out over a full tax year.

I'd prefer to calculate my own - message them on 6th April and get them to tax me on that during the next 12 months. I'd have the money ready to pay it due to not having paid tax on the first £1000 of interest, maybe I could just pay it in full and get it over and done with...

frogletina

Dazed_and_confused

Once a tax year has started HMRC do not change a tax code to include a debt from a previous tax year.

So they might tell you what you owe in April 2020 but they still wouldn't usually start to collect the tax until April 2021.

But you can pay it off and not bother with any change to your tax code (as far as the debt is concerned) if you want.

schiff

Well, I've watched The Andrew Marr Show and there's no proper football to watch, so I thought I'd have another bash at accessing my interest details for 2017-18. I know that I have been overcharged £20 tax and in some ways I feel almost willing to accept that to avoid the hassle that we are all talking about. But that's not very MSE, is it!

I chanced upon the list of interest that they have used for 2018-19 but I thought I'd leave that till later. And now I can't find it again!

Whatever I try, using the different http's proposed on here, and roaming round all the links, I simply cannot access it. And yet the word 'detailed' is all over the place on the websites and in the notes included with coding notices and the P800. But the details are inaccessible, for me at least.

Anyway at some stage I found a facility to send a message, so I sent the message asking for a detailed list of the 2017-18 interest that they have used. My e-mail address was part of the message and on the basis that someone, was it colsten?, got a list, I may be lucky.

Dazed_and_confused

I chanced upon the list of interest that they have used for 2018-19 but I thought I'd leave that till later. And now I can't find it again!

If you do find it again it is worth comparing the total for 2018:19 against the P800(?) you received for 2017:18. They will often be the same values used but as people provide updates for 2018:19 that will be less common.

But if you haven't changed anything for 2018:19 yet then you may find they match up and you can see where the difference between your figure for 2017:18 and HMRC's is.

schiff

Dazed_and_confused wrote: »

If you do find it again it is worth comparing the total for 2018:19 against the P800(?) you received for 2017:18. They will often be the same values used but as people provide updates for 2018:19 that will be less common.

But if you haven't changed anything for 2018:19 yet then you may find they match up and you can see where the difference between your figure for 2017:18 and HMRC's is.

That doesn't work for me:

2017-18 Their P800 figure is £93 more than the actual for 2017-18.

2018-19 Their P2 figure is £499 more than the actual for 2017-18.

2018-19 Their P2 figure is £244 less than my 2018-19 actual will be.

I know that the only way for me is their list of the interest making up their figure for comparison with mine.

PS: I've had an acknowledgement of my message so I will get an e-mailed response. They will probably point me back to the website, but let's hope not!