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

Imelda

Mine is different and just has a link to the SA page which brings up the "wrong account" message.
I might just send in a paper one next week - my husband is an accountant, you would think he would know/ could help.... 😂

Dazed_and_C0nfused

she couldn't even tell me how to report my interest other than to say I need to contact the banks to tell them to report to HMRC

That would be a total and utter waste of yours and the banks time.  The front line bank staff are unlikely to know what you are taking about and would have no mechanism whatsoever to do that as it is no doubt a centralised process where banks send information in bulk for their customers.  There is information on gov.uk for banks informing them of the format the interest details must be reported.

I can't even log on to my self assessment account (she couldn't help me with that either) to be able to do a tax return (which I don't think I need to do for interest under £10k, do I?)

I may have missed what prompted your contact  with HMRC in the first place but if you have no reason to complete a return them I'm not sure that is the best course of action, particularly if HMRC have already sent you a calculation (P800 or PA302) for the tax year in question.

Dazed_and_C0nfused

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 👏 

Given you have to have a minimum of £16,250  in taxable income (£17,500 for lots of people) before any tax is actually payable on interest and basic rate payers with wages or pension above that have £1,000 taxed at 0% then it is probably fair to say that a significant proportion of the population are never going to have any tax liability on interest, particularly with interest rates at their current levels.

And anyone completing Self Assessment returns correctly will be paying any tax that is due even if they aren't doing so by having their tax code adjusted to collect the tax during the tax year the income is received in.

Dazed_and_C0nfused

schiff said:

I think HMRC could be behind the proposal to move towards negative interest rates. Once that's in place their workload would almost disappear.

I suspect the people who implemented CJRS (in all its variants), the SEISS scheme and Eat Out to Help Out might not see it quite like that.

polymaff

RG2015 said:

badger09 said:

RG2015 said:

Imelda said:

In which case, wouldn't it be easier for HMRC to have an online reporting tool? Phoning up to go through the rigmarole of checking their records against your own is a little ridiculous.

The original plan when they stopped taxing interest received at source was for HMRC to be sent the data from the banks and building societies.

They didn’t really think this through and the whole process has failed miserably. To compound this failure, HMRC IT systems just cannot cope with the fallout.

It was not a new plan though.

Banks, building societies & even NS&I have been sending interest details to HMRC (IR) for many many years. In the olden days, when I first started work @ IR they were received in batches on individual slips of paper (8CB anyone?) which would be laboriously checked against interest declared and were a rich source of low level investigations. There are multiple issues with the process, HMRC IT system being one of them.

This is very interesting. I thought that most tax on interest received was previously collected at source. Although on reflection this would have to have been submitted to HMRC (IR) with the associated paperwork.

Not a new plan then, but a variation on an existing process.

Like a competent pedal-cyclist reckoning that (s)he can therefore fly an aeroplane.  HMRC - and others - have reckless confidence that they can use sophisticated IT to perform processes at lower cost.  This is the organisation that, after over 20 releases of its own SA software, still had a system with over 50 known failures remaining - and who knows how many internal Betas before and between those 20 releases.

Now you can crusade over this issue, or find a way around it.  In this case, the pragmatic choice is SA.

RG2015

polymaff said:

RG2015 said:

badger09 said:

RG2015 said:

Imelda said:

In which case, wouldn't it be easier for HMRC to have an online reporting tool? Phoning up to go through the rigmarole of checking their records against your own is a little ridiculous.

The original plan when they stopped taxing interest received at source was for HMRC to be sent the data from the banks and building societies.

They didn’t really think this through and the whole process has failed miserably. To compound this failure, HMRC IT systems just cannot cope with the fallout.

It was not a new plan though.

Banks, building societies & even NS&I have been sending interest details to HMRC (IR) for many many years. In the olden days, when I first started work @ IR they were received in batches on individual slips of paper (8CB anyone?) which would be laboriously checked against interest declared and were a rich source of low level investigations. There are multiple issues with the process, HMRC IT system being one of them.

This is very interesting. I thought that most tax on interest received was previously collected at source. Although on reflection this would have to have been submitted to HMRC (IR) with the associated paperwork.

Not a new plan then, but a variation on an existing process.

Like a competent pedal-cyclist reckoning that (s)he can therefore fly an aeroplane.  HMRC - and others - have reckless confidence that they can use sophisticated IT to perform processes at lower cost.  This is the organisation that, after over 20 releases of its own SA software, still had a system with over 50 known failures remaining - and who knows how many internal Betas before and between those 20 releases.

Now you can crusade over this issue, or find a way around it.  In this case, the pragmatic choice is SA.

Not sure where you get this crusade thing from. My post was just an acknowledgment of the information provided by @badger09.

As regards my preference for not using SA, that is a personal choice. Your views on SA though, do appear to be reminiscent of a trip to the Holy Land 

dales1

Polymaff is entirely correct. People don't seem to listen.

Self assessment returns, with the boxes checked "don't adjust tax code", mean a complete and absolute end to any / all dealing with HMRC about estimated interest or tax code adjustments for interest.

There is no need to waste your time on this, with HMRC !

schiff

I'm on SA and I've submitted my last two returns with my figure of interest and this has been accepted without enquiry - over £1000. Underpayment first year, then refund. I intended to ask for an estimate of my 20/21 interest NOT to be included in my current coding but didn't; then a month or two later tried to correct it. The result is that my code is a mess, I've not idea where the figures have come from. I'm sure they are overcharging me but I'm leaving it till 6/4/21. I expect my figures to show I'm overpaid which I shall of course claim. If you are in the SA system and submit your return early (April/May) I seem to have proved that you don't need to agree figures with HMRC before or after.
My tax affairs are not complex - two PAYE sources and interest.

Imelda

My tax affairs are simple - 1 PAYE job and untaxed interest over £1k.
I got my breakdown from HMRC today - at least something is efficient! - my breakdown includes a quarter of my interest. It clearly states in the letter that I need to contact the banks and ask them to report to HMRC.
I am going to write back enclosing copy letters to the banks together with copies of my interest certificates.
can anyone confirm that as I have only a PAYE job and under £10k of untaxed interest I do not need to do a SA return?

polymaff

Imelda said:

My tax affairs are simple - 1 PAYE job and untaxed interest over £1k.
I got my breakdown from HMRC today - at least something is efficient! - my breakdown includes a quarter of my interest. It clearly states in the letter that I need to contact the banks and ask them to report to HMRC.
I am going to write back enclosing copy letters to the banks together with copies of my interest certificates.
can anyone confirm that as I have only a PAYE job and under £10k of untaxed interest I do not need to do a SA return?

Not enough information. Go to:

https://www.gov.uk/check-if-you-need-tax-return