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

Dazed_and_C0nfused

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?

Does it say you have to ask the bank to report the details to HMRC or that you should send the details you believe to be correct to HMRC?

schiff

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?

Do you mean £10K? That is a lot of interest. I found that the best way of clearing any confusion with HMRC's figures is to make a SA return. As I mentioned above, my 18/19 coding was a mess that I couldn't work out, so I submitted the return with my figures and the return was accepted, their end of return summary included all my figures, so I was happy to accept the underpayment. The way they dealt with that and estimated interest in 19/20 was similarly confusing so after 5/4/20 I submitted my return, again with my figures, and it was accepted. I claimed and received a £30-ish repayment.
I think they probably compare my figure with whatever information they have and if it's anything like they 'Z it' - a system badger too will be familiar with ie that they accept it and clear it. In my day there were margins for this acceptance, but I remember that at times when we were miles behind clearing arrears of post and programme work three figure sums were written off. 
Your tax affairs are very straightforward. If your interest is under £1000 pa you don't need to be on the SA system unless you've got something related to it in your coding. The SA system is not frightening, unless you get involved in debating figures. I've had no discussions at all about interest figures and unless I've been somehow incredibly lucky I expect that to continue when I submit my return mid-April 2021. 

Dazed_and_C0nfused

The important figure for Self Asssssment is £10,000, not £1,000.

But as Polymaff mentioned there are lots of reasons why a Self Assessment return may be required.

Imelda

Dazed_and_C0nfused said:

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?

Does it say you have to ask the bank to report the details to HMRC or that you should send the details you believe to be correct to HMRC?

It says:
"Further to today's telephone conversation here are the untaxed interest accounts with the actual interest received as advised by your account providers. If for any reason you believe these to be incorrect, please contact the banks concerned and request they forward the correct information for the year 2019 to 2020 and forward the evidence to support this."

It then lists the bank accounts and interest which total around £1400.

For clarity my income under PAYE was £17,000 and untaxed interest approx £4,000 in 2019-2020.

Should I do a SA return?

Dazed_and_C0nfused

Have you checked the SA return criteria?  From what you have posted you have no obvious reason to complete one.

Do you have an issue with paying the tax HMRC say you owe?

Imelda

I owe more tax than HMRC have asked for - I have no issue paying it, just working out how I need to go about it.

Imelda

Dazed_and_C0nfused said:

Have you checked the SA return criteria?  From what you have posted you have no obvious reason to complete one.

Do you have an issue with paying the tax HMRC say you owe?

I also cannot fathom the SA criteria. On the one hand it asks if you have more than £10k in interest and on the other whether you have more than £2.5k other income.

Imelda

I actually thought I wasn't stupid but HMRC make me feel like a complete wally!

RG2015

Imelda said:

I actually thought I wasn't stupid but HMRC make me feel like a complete wally!

On the evidence presented here and on numerous other posts, it is only HMRC that fulfil the criteria for these two attributes.

Dazed_and_C0nfused

Imelda said:

I owe more tax than HMRC have asked for - I have no issue paying it, just working out how I need to go about it.

Why don't you just pay it then 

To be honest it sound like you do have an issue with paying the tax HMRC have asked for.