Forum Home» Savings & Investments

Interest details on HMRC Personal Tax Account. Updated to include how to access interest details. - Page 48

New Post Advanced Search

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

edited 2 October 2019 at 5:27PM in Savings & Investments
479 replies 65.2K views
1424344454648»

Replies

  • bowlesbargainbowlesbargain Forumite
    200 posts
    Part of the Furniture 100 Posts
    ✭✭
    colsten said:
    The tax man must be running out of money he just sent me a notice that i owe £108 from 2017/2018 for interest on saving accounts. As I cannot see the accounts they have used other than a general idea I have no way of knowing if this is right or wrong
    If you record all interest payments as you receive them in a spreadsheet, or in a personal finance manager, you will not only know the latest balance of your accounts but also have a running total of the interest you earned in any one tax year. You are in total control - if you want to be.
    Thanks I do that I will go back and check. The problem comes if the sums do not mach up. You have no way of knowing what account is wrong last year I managed to find all the accounts on HMRC site and three accounts had been closed I contact them and they took them off and reduced the amount of tax I pay for that year. 

  • colstencolsten Forumite
    14.2K posts
    10,000 Posts Sixth Anniversary Photogenic Name Dropper
    ✭✭✭✭✭
    That's what I would do - if your numbers add up to less than what they say, ask them to give you the details. Or just give them your totals.

    It is quite possible that their numbers are based on the year before, as they seem to assume that you get the same interest as you got in the previous year 😂
  • bowlesbargainbowlesbargain Forumite
    200 posts
    Part of the Furniture 100 Posts
    ✭✭
    Thank you colsten. I have found my spread sheet out from 2017/2018 and there figures are correct within £2. Just makes you wonder why it takes 3 years to send a correction
  • andy_poultonandy_poulton Forumite
    65 posts
    Part of the Furniture 10 Posts Combo Breaker
    I have just accessed my personal tax ccount on HMRC.
    The facility to declare interest on Savings account is not visible. I tried many times to declare it but it is only in the wrong catagory. I rang them and they confirmed it has been removed. The only way is letter or dictate over the phone [6 accounts two closed for me and same for wife]
    It is not possible to declare for year 19 to 20 or this year. It says still being assessed. Yet I have it already with my new tax code. Clicking around on the HMRC's site I found an answer that the banks and societies will let them know and I will be assessed by HMRC and TAX code updated. [EH since when??]
    [Same as day one years ago. My in laws do not even know about this or have EVER declared their interest.] What a muddle.
    The first time I did this they accepted my payment or the previous year. The  promptly assessd me the same in the current year. This was MILES out as I had bought our house by then.
    I wrote off today with accurate statement of accounts as they had many OLD accounts.
    They suggest form R40 where there is only space for 1 account and talks about interest earned paid net with tax taken off already as well.

    If you go over your allowance

    You pay tax on any interest over your allowance at your usual rate of Income Tax.

    If you’re employed or get a pension, HMRC will change your tax code so you pay the tax automatically. To decide your tax code, HMRC will estimate how much interest you’ll get in the current year by looking at how much you got the previous year.

    If you complete a Self Assessment tax return, report any interest earned on savings there.

    You need to register for Self Assessment if your income from savings and investments is over £10,000. Check if you need to send a tax return if you’re not sure.

    If you’re not employed, do not get a pension or do not complete Self Assessment, your bank or building society will tell HMRC how much interest you received at the end of the year. HMRC will tell you if you need to pay tax and how to pay it.

  • andy_poultonandy_poulton Forumite
    65 posts
    Part of the Furniture 10 Posts Combo Breaker
    The first year I did this I only had to enter the total of all the interest I received on my PTA, They gave me my allowance [1k] and taxed the rest THEN assessed me the same the following year. I updated them the details  on my PTA. and had a refund.
    I could not and still cannot see ANY details of anything I told them on my PTA re interest since day 1. They have never uploaded documents and neither can I.
    I used to be able to send a message and type details in.
    This is now not possible on my PTA. [Advised they are always updating and altering it as it is in BETA.]
    THEN they wanted it all broken down and sent me after asking all the forms. A different set of forms for my wife. All theses they later admitted were wrong.  It asked for total amounts in the account on the day I returned forms [some were zero as accounts closed] I could either TIPPEX out all the wrong info or wait for more forms [sigh sigh]

  • schiffschiff Forumite
    19.6K posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    I don't think I've ever encountered any set up as unreliable as this one, where I for one cannot accept everything that is on their pages. Under 2019-20 my page states that the calculation has not been made yet - in spite of my having submitted the return early in February and having received the overpayment weeks ago. In another place my occupational pension is stated as £2000 more than it is in another part of the same form. That's only part of it, the rest (my revised 2020/21 coding) is too complex to even start to try to explain it.
  • edited 3 June at 1:15PM
    badger09badger09 Forumite
    8.6K posts
    Ninth Anniversary 1,000 Posts Name Dropper
    ✭✭✭✭
    edited 3 June at 1:15PM
    colsten said:
    That's what I would do - if your numbers add up to less than what they say, ask them to give you the details. Or just give them your totals.

    It is quite possible that their numbers are based on the year before, as they seem to assume that you get the same interest as you got in the previous year 😂
    To be fair to HMRC, they have to base current year estimate of interest receivable on something, and without keeping track of every interest rate change, on every account held by every individual, then previous year figure isn't a bad place to start ;) . Banks & Building Socs don't notify HMRC about account closures so the assumption is that interest will continue to be credited. 

    Its a carp system, always has been & IMHO, will not be improved any time soon.

    schiff said:
    I don't think I've ever encountered any set up as unreliable as this one, where I for one cannot accept everything that is on their pages. Under 2019-20 my page states that the calculation has not been made yet - in spite of my having submitted the return early in February and having received the overpayment weeks ago. In another place my occupational pension is stated as £2000 more than it is in another part of the same form. That's only part of it, the rest (my revised 2020/21 coding) is too complex to even start to try to explain it.
    Oh dear. Seems to be getting worse.


  • schiffschiff Forumite
    19.6K posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    It seems crazy to me that having spent the bulk of my career working in the Revenue, I can't make head nor tail of a coding notice. A P2, a P2, my kingdom for a P2!
  • edited 3 June at 2:09PM
    polymaffpolymaff Forumite
    3.4K posts
    Eighth Anniversary 1,000 Posts Name Dropper
    ✭✭✭✭
    edited 3 June at 2:09PM
    polymaff said, way back in this thread:

    The HMRC Head of I.T. dies and goes to heaven. Gabriel opens the gate and the late Head of I.T. falls straight into a fiery pit. Gabriel yells after him "Sorry, this is the beta version of Heaven"

    HMRC: A state of Perpetual Beta... :)
Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support