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Interest details on HMRC Personal Tax Account. Updated to include how to access interest details. - Page 5

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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
588 replies 71.5K views
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  • masonicmasonic Forumite
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    reading this thread makes me glad that i currently only have to use self-assessment, and not PAYE! which seems a bit wrong - wasn't PAYE supposed to be simpler?!
    Quite. If the information supplied to HMRC is not accurate and therefore needs to be corrected, then it makes it more hassle not to be on SA.
  • Dazed_and_confusedDazed_and_confused Forumite
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    Yes new code is lower than employment and occ pension added together. Correct / previous code wasn't.

    You must have two tax codes, one for the job and one for the pension.

    What is each code and the taxable income you will get in this tax year from each?

    They aren't necessarily wrong but without the detail it's impossible to know.
  • edited 13 January 2019 at 11:15AM
    RG2015RG2015 Forumite
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    edited 13 January 2019 at 11:15AM
    The HMRC personal tax online Beta system does appear to be somewhat limited. I was never comfortable with the screen to input my interest received online so I wrote to HMRC informing them of the actual figures for 2016/17 and 2017/18.

    The 2017/18 figure was then used to estimate the 2018/19 figure which seems reasonable to me.

    Then a few months later all of my individual savings account details appeared as I detailed at the start of this thread. There was an option to update the details but I feared that this would complicate things. By all accounts here the HMRC site is unable to cope with this so when I have actual figures for 2018/19 I will write to HMRC with the total figure.
  • youngretiredyoungretired Forumite
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    Apparently the error message is due to them not having the sort code for that account that you are trying to update or remove so HMRC have said that these will have to be done on the phone or live chat.
  • badger09badger09 Forumite
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    RG2015 wrote: »
    The HMRC personal tax online Beta system does appear to be somewhat limited. I was never comfortable with the screen to input my interest received online so I wrote to HMRC informing them of the actual figures for 2016/17 and 2017/18.

    The 2017/18 figure was then used to estimate the 2018/19 figure which seems reasonable to me.

    Then a few months later all of my individual savings account details appeared as I detailed at the start of this thread. There was an option to update the details but I feared that this would complicate things. By all accounts here the HMRC site is unable to cope with this so when I have actual figures for 2018/19 I will write to HMRC with the total figure.

    That is exactly what I have been advocating for quite some time.

    Until the Personal Tax Account functions as intended, I will not attempt to use it. I suspect that will not be for many years, by which time, I will have frittered my savings away:rotfl:
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  • RG2015RG2015 Forumite
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    badger09 wrote: »
    That is exactly what I have been advocating for quite some time.

    Until the Personal Tax Account functions as intended, I will not attempt to use it. I suspect that will not be for many years, by which time, I will have frittered my savings away:rotfl:
    I don't recall reading this but perhaps I did and subconsciously registered a message deep in my little grey cells never to trust Beta websites run by HMRC to work as expected.

    Either way, I thank you for your invaluable advocacy.
  • colstencolsten Forumite
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    You must have two tax codes, one for the job and one for the pension.
    What's this about two tax codes we must have?
  • MalchesterMalchester Forumite
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    You must have two tax codes, one for the job and one for the pension.
    [/B

    My personal tax code is split between my occ pension and employment income. It did total my correct personal allowance. However when my interest was included on my tax account the tax code overall was reduced and the split was changed meaning that I would pay tax on both income streams. It has now been sorted but my tax code is lower than it should be. Apparently my two income streams were below my personal allowance which meant that Hmrc systems included interest to take it up to my personal allowance leaving the rest of the interest taxable. What I was told today is that by reducing my personal tax allowance to equal earned income all my interest falls into the £5000 starter rate of savings interest and I will not pay tax on any of it. It is a quirk of the system apparently when earned income is below personal allowance but interest takes the whole income above the personal allowance. Unfortunately I will have to start the process all over again in April when my occ pension income increases to cover a full year. Oh the mysteries of the hmrc computer software. But I have to say that the person I spoke to at hmrc on my second call was incredibly helpful and rang me back a week after my call to explain what he had done and we worked the figures out together in the phone and all now showing on my tax account
  • Dazed_and_confusedDazed_and_confused Forumite
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    What's this about two tax codes we must have?

    The query this related to was about someone with a job and an occupational pension.

    Hence two tax codes will be needed, one for each PAYE source of income.
  • edited 15 January 2019 at 12:06AM
    Dazed_and_confusedDazed_and_confused Forumite
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    edited 15 January 2019 at 12:06AM
    Malchester

    Thanks for the update. I'm still not totally convinced that the revised tax codes would have resulted in any tax being deducted however no matter now if it's been resolved to your satisfaction.

    You mentioned your original tax code was 1304. If it's 1304 because you receive Marriage Allowance any tax payable (after your Personal Allowance of £11,850) would be reduced by the Marriage Allowance tax credit deduction you will be entitled to.
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