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Interest details on HMRC Personal Tax Account. Updated to include how to access interest details.
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A good idea let down by poor execution. Some numbers are correct some are incorrect and some are missing. One which was correct when I last checked now no longer appears.0
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HMRC savings interest is a absolute waste of time.
My husband contacted them via letter in January to give them his estimates for 18/19 and they processed the figure so it matched his records. He only provided the last 4 digits of the accounts for security purpose.
July he sent them the actual figures and estimates for this tax year due to loads of closures. Again he provided the same information he gave in January and closure dates. This time he got a letter asking for new account numbers, so we assumed they had actioned the ones that were showing on the system. But NO they hadn't actioned any of the letter or closures as apparently they won't do anything if you don't provide all account details.
We sent in a complaint in August as why did they not state this back in January? We also provided the list of accounts (all bank details) that had/have been closed. We are still waiting for the response 2 weeks later.
My dad did the same for his interest, though we waited until May to submit his figures. Again HMRC amended his figures for the estimates for this tax year, so they matched his records. Again he only provided the last 4 digits of the accounts.
He has now had a tax code change saying that they have estimated his interest for this year and it is way over (nearly 3 1/2 times more), as apparently whoever adjusted his figures back in May hadn't updated the accounts correctly with closures. So he will need to resend his figures in again.
How on earth can HMRC expect people to send in all their bank account details in the post when they are already providing in the letter their address and National Insurance Number. It is just asking for trouble with all the fraud that is happening. The reason for a letter is because with all the accounts they had HMRC wouldn't take via live chat or over the phone.0 -
youngretired wrote: »HMRC savings interest is a absolute waste of time.
My husband contacted them via letter in January to give them his estimates for 18/19 and they processed the figure so it matched his records. He only provided the last 4 digits of the accounts for security purpose.
July he sent them the actual figures and estimates for this tax year due to loads of closures. Again he provided the same information he gave in January and closure dates. This time he got a letter asking for new account numbers, so we assumed they had actioned the ones that were showing on the system. But NO they hadn't actioned any of the letter or closures as apparently they won't do anything if you don't provide all account details.
We sent in a complaint in August as why did they not state this back in January? We also provided the list of accounts (all bank details) that had/have been closed. We are still waiting for the response 2 weeks later.
My dad did the same for his interest, though we waited until May to submit his figures. Again HMRC amended his figures for the estimates for this tax year, so they matched his records. Again he only provided the last 4 digits of the accounts.
He has now had a tax code change saying that they have estimated his interest for this year and it is way over (nearly 3 1/2 times more), as apparently whoever adjusted his figures back in May hadn't updated the accounts correctly with closures. So he will need to resend his figures in again.
How on earth can HMRC expect people to send in all their bank account details in the post when they are already providing in the letter their address and National Insurance Number. It is just asking for trouble with all the fraud that is happening. The reason for a letter is because with all the accounts they had HMRC wouldn't take via live chat or over the phone.
I seem (so far) to live a charmed life. I just put a single figure - the total of the previous tax year's taxable savings income - into my online self-assessment each December; and that's it.0 -
Yes if you can submit a self assessment then it is so much easier. We did ask if we could do a self assessment back in January to save the tax codes being messed about with, but got told no.
I myself don't work so I don't have to worry about my interest, but I do my husbands and dads for them so very frustrating.0 -
youngretired wrote: »Yes if you can submit a self assessment then it is so much easier. We did ask if we could do a self assessment back in January to save the tax codes being messed about with, but got told no.
I myself don't work so I don't have to worry about my interest, but I do my husbands and dads for them so very frustrating.
About 450,000 unsolicited or voluntary tax returns are filed annually with HMRC. Go for it.0 -
I submitted a voluntary SA, giving pension contribution details and savings interest...
HMRC then proceeded to double up some of the interest payments.
When I phoned them to complain they said I should not be submitting interest details as they get them direct from the banks.
(I'm pretty sure this is incorrect but no point arguing with HMRC..).
-- they did miss some interest payments, so getting them from banks is not "reliable"..
It's not a very efficient/effective system.....0 -
And if you DO send in a self-assessment tax return, one of the entries is thisAbout 450,000 unsolicited or voluntary tax returns are filed annually with HMRC. Go for it.
"If you owe tax on savings, casual earnings and/or the High Income Child Benefit Charge for the 2019–20 tax year, we’ll try to collect it through your wages or pension by adjusting your 2019–20 tax code.
If you do not want us to do this, put ‘X’ in the box."
That way they shouldn't muck about with your tax code.
Dales0 -
And if you DO send in a self-assessment tax return, one of the entries is this
"If you owe tax on savings, casual earnings and/or the High Income Child Benefit Charge for the 2019–20 tax year, we’ll try to collect it through your wages or pension by adjusting your 2019–20 tax code.
If you do not want us to do this, put ‘X’ in the box."
That way they shouldn't muck about with your tax code.
Indeed. Always check this box.
HMRC have perverted the use of the tax code. Keep control - at least for now - of your income tax affairs.0 -
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
Might I suggest this link is added in the OP?
Going direct to that URL seems to be the only way to access this web page.0
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