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

RG2015

polymaff wrote: »

ITTOIA05/S370 provides that tax is charged on the full amount of interest arising in the tax year

Interest ‘arises’ when it is received or made available to the recipient. Interest has been made available if it is credited to an account on which the account holder is free to draw.

https://www.gov.uk/hmrc-internal-manuals/savings-and-investment-manual/saim2440

EDIT: RG2015, do you think I should email a link to this to NS&I?...:rotfl:

Have I missed something here re the NS&I reference?

Perhaps you could provide an explanation or some links to give this some context.

PS: Thanks for the HMRC link which I have saved for future reference.

polymaff

RG2015 wrote: »

Have I missed something here re the NS&I reference?

Perhaps you could provide an explanation or some links to give this some context.
.

Only a fortnight you doubted then thanked this:

https://forums.moneysavingexpert.com/showpost.php?p=75685466&postcount=8


A prime case of an institution not understanding the issue schiff was asking about.

polymaff

... and the reason why MTD, of which the PTA is part, will inevitably fail.

The quality a process delivers will always be no better than the quality of the data it depends upon - and here is NS&I reporting, to HMRC, 2019/20 interest as 2018/19 interest.

RG2015

polymaff wrote: »

Only a fortnight you doubted then thanked this:

https://forums.moneysavingexpert.com/showpost.php?p=75685466&postcount=8

A prime case of an institution not understanding the issue schiff was asking about.

Yes, I get this but why are you bringing me into this debate?

You have an issue with NS&I but I don't.

drlabman

Loving the latest version of the iOS HMRC app. It's estimated my 2019-2020 income as £38,000-ish with almost £5,000 tax. I didn't work in 2018-2019, so I don't know where they've got this estimate from.

polymaff

drlabman wrote: »

Loving the latest version of the iOS HMRC app. It's estimated my 2019-2020 income as £38,000-ish with almost £5,000 tax. I didn't work in 2018-2019, so I don't know where they've got this estimate from.

I can top that. A £48k occupational pension that is a complete fiction. As is likely with imaginary income, there is no associated PAYE activity and so a shed-load - or two - of tax is due. I've managed to catch HMRC in a relatively sober state and got them to delete the pension. Now all they have to do is to delete the imaginary tax liability..

youngretired

I've not worked since 2011 and have never had anything under my personal tax account.

When I looked at my account last week to see the progress of my R40, I had a PAYE section and when I clicked on it, it was using my last employer as my estimated income for 19-20 and estimated that I would earn £18000 and owe tax. The funny thing is that when you click on the employer details, it actually states the last date employed by them was January 2011.

I contacted HMRC via live chat and was told to complete "something not correct" and I am still waiting to hear from them 6 working days later.

AlwaysLearnin

drlabman wrote: »

Loving the latest version of the iOS HMRC app. It's estimated my 2019-2020 income as £38,000-ish with almost £5,000 tax. I didn't work in 2018-2019, so I don't know where they've got this estimate from.

Again our circumstances/experiences are similar. On the plus side, as I now have a PAYE section on my online PTA, I can at least now see the recorded interest (and breakdown) using the previously quoted link .

I think I'll leave this income estimate issue a few weeks to see how it pans out before contacting them, as there seem to have been a few little changes over the last couple of weeks/months so I guess they're still tweaking it in the background....

Fella

RG2015 wrote: »

It has changed and is now difficult to access. You need to log in to your personal tax account online and then follow the link below. Towards the foot of this page is a link to the details.

It is mad but it does work.

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

Sorry, there is a problem with the service
Try again later

Has this stopped working now or is it just flakey?

Ta

jamei305

Fella wrote: »

Sorry, there is a problem with the service
Try again later

Has this stopped working now or is it just flakey?

Ta

It's always done that for me, never worked...