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

youngretired

where_are_we said:

Following an my online query about HMRC`s total 19-20 untaxed interest, they posted a summary which is missing BOS, Virgin, First Direct, Leeds and Raison accounts. There data collection is woeful. Telephoning all the missing account details would be onerous.

How long did it take for your BBSI list to arrive? HMRC said they would get it sent out last Wednesday but nothing yet.

Consumer40

Dazed_and_C0nfused said:

Consumer40 said:

Imelda said:
Marcus have not shown up on my list at all, has anyone else had that issue?

I am waiting for HMRC to post me a comprehensive list but over the phone the HMRC agent could not find my Marcus interest either. Also missing for me was Leeds Bulding Society interest and ns&i bond interest from December 2019.

That may simply be because Marcus doesn't have its own banking licence, it is licenced by Goldman Sachs International.

https://www.which.co.uk/static/tools/new-reviews/who-owns-who-banking/who-owns-who.html

I did mention Goldman Sachs to the HMRC agent and she could not spot that either but by then she was getting a bit fed up looking (apparently the entries are not in alphabetical or any obvious order on their system). So I will look for myself when I receive the complete list in the post.

RG2015

Dazed_and_C0nfused said:

Consumer40 said:

Imelda said:
Marcus have not shown up on my list at all, has anyone else had that issue?

I am waiting for HMRC to post me a comprehensive list but over the phone the HMRC agent could not find my Marcus interest either. Also missing for me was Leeds Bulding Society interest and ns&i bond interest from December 2019.

That may simply be because Marcus doesn't have its own banking licence, it is licenced by Goldman Sachs International.

https://www.which.co.uk/static/tools/new-reviews/who-owns-who-banking/who-owns-who.html

Yes, at the end of March 2020, when I could see the details online, my Marcus interest was listed against Goldman Sachs International Bank.

newatc

Like others I have spent time over the last 3 years (at least) sending them the data on interest they asked and then spent far more time challenging their figures which includes triplicates, duplicates and old accounts. So this year I didn't send them my figures (although they asked me last year to continue to do so). On reading the updates on this thread, I logged on to the Personal Account and they have calculated the tax due (from the interest) and it agrees exactly with my own figures. How wonderful! With the drop in interest rates, there should be no need to worry about it next year.

andy_poulton

Exactly what I had been doing and now done. 
Sigh sigh

Imelda

I feel that this is going to bite some people in the future. I am pretty on top of my accounts and keep my interest details on my spreadsheet but I am finding this really stressful to deal with. Surely it would be easier for HMRC if we could submit online?
I have been trying to work out where HMRC gets their figure from and I still can't fathom it even from the numbers given to me. I too shall wait until I receive my breakdown before writing to HMRC (so that I have a written record and also because the person I spoke to was so useless I would not trust them to get it right). 

If we knew which banks are not reporting it would be easier - Goldman/ Marcus haven't nor have First Direct/ HSBC and of course NS&I (for my bonds).
I imagine there are lots of people who are going to end up not paying tax on their interest - my mother in law for one, she will assume HMRC have the right figure because they are the government.

badger09

I've posted several times about this system over the years, and steadfastly refuse to it until it works as intended, which I doubt will be in my lifetime. There seem to be at least 2 big issues: mismatched/missing data from financial institutions, and automatic carry forward of estimated interest on closed accounts.

Fortunately , the reduction in rates means I no longer have any restriction in my code to cover interest above £1k. I keep meticulous records of interest credited which, should it become necessary, I will provide to HMRC.  

Good luck to those who persevere. 

andy_poulton

Imelda said:

I feel that this is going to bite some people in the future. I am pretty on top of my accounts and keep my interest details on my spreadsheet but I am finding this really stressful to deal with. Surely it would be easier for HMRC if we could submit online?
I have been trying to work out where HMRC gets their figure from and I still can't fathom it even from the numbers given to me. I too shall wait until I receive my breakdown before writing to HMRC (so that I have a written record and also because the person I spoke to was so useless I would not trust them to get it right). 

If we knew which banks are not reporting it would be easier - Goldman/ Marcus haven't nor have First Direct/ HSBC and of course NS&I (for my bonds).
I imagine there are lots of people who are going to end up not paying tax on their interest - my mother in law for one, she will assume HMRC have the right figure because they are the government.

Agreed. 
Apart from 'guys' on this Forum,  I do not know of ANYONE else relations or friends who are paying the tax on there interest. The answers are:- no knowledge, or does not apply, or HMRC would have asked them. WOW 👏 

RG2015

andy_poulton said:

Imelda said:

I feel that this is going to bite some people in the future. I am pretty on top of my accounts and keep my interest details on my spreadsheet but I am finding this really stressful to deal with. Surely it would be easier for HMRC if we could submit online?
I have been trying to work out where HMRC gets their figure from and I still can't fathom it even from the numbers given to me. I too shall wait until I receive my breakdown before writing to HMRC (so that I have a written record and also because the person I spoke to was so useless I would not trust them to get it right). 

If we knew which banks are not reporting it would be easier - Goldman/ Marcus haven't nor have First Direct/ HSBC and of course NS&I (for my bonds).
I imagine there are lots of people who are going to end up not paying tax on their interest - my mother in law for one, she will assume HMRC have the right figure because they are the government.

Agreed. 
Apart from 'guys' on this Forum,  I do not know of ANYONE else relations or friends who are paying the tax on there interest. The answers are:- no knowledge, or does not apply, or HMRC would have asked them. WOW 👏 

If someone had total savings of £50,000 at an average rate of 2% (very generous) then their annual interest would be £1,000. For most people on the standard rate of tax this would be taxable at 0%.

Therefore, the majority of people in the UK would pay no tax on their savings

eskbanker

RG2015 said:

andy_poulton said:

Apart from 'guys' on this Forum,  I do not know of ANYONE else relations or friends who are paying the tax on there interest. The answers are:- no knowledge, or does not apply, or HMRC would have asked them. WOW 👏 

If someone had total savings of £50,000 at an average rate of 2% (very generous) then their annual interest would be £1,000. For most people on the standard rate of tax this would be taxable at 0%.

Therefore, the majority of people in the UK would pay no tax on their savings

£50K is obviously some way off the norm - there are all sorts of stats published about savings, but https://www.finder.com/uk/saving-statistics asserts that the average is £6,757, some of which will be sheltered in ISAs anyway:

• 1 in 10 Brits (9%) have no savings at all.
• A third of Brits have less than £600 in savings.
• The average Brit has £6,757 saved for a rainy day.