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

Imelda

Dazed_and_C0nfused said:

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.

They have asked for £89 and I have paid it, which then lead me to wonder about the other (approx) £700 I owe.... I have been asking HMRC about this since May and I have got nowhere. anyone would think they don't want my money...

RG2015

Imelda said:

Dazed_and_C0nfused said:

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.

They have asked for £89 and I have paid it, which then lead me to wonder about the other (approx) £700 I owe.... I have been asking HMRC about this since May and I have got nowhere. anyone would think they don't want my money...

If you are concerned that you are underpaying tax, you may wish to write to them with a full list of all of your interest received by bank during the year ended 5th April 2020.

Then wait for them to respond. They can hardly accuse you of attempting to evade tax if you have declared all of your interest received.

It should not be down to you to tell your banks to send data to HMRC or to submit a self assessment when their own rules do not require this for interest amounts less than £10,000.

Many years ago I had an issue with underpaid tax and the Inland Revenue could not comprehend someone telling them that they were not paying enough tax. 

eskbanker

Imelda said:
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.

Out of curiosity, which banks have apparently reported the correct figures to HMRC and which haven't?

polymaff

Imelda said:

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

You're not dumb.  You should see some of the professional accounting forums - where similar level of confusion are shown about SA criteria.

But why not just do SA?  In one section you put your earnings data, from your P60.  In another you put your gross taxable savings interest.  As dales1 elaborated yesterday, if you want to restrict HMRC's fooling about with your PAYE code, there's a couple of tick-boxes to attend to  Oh, and what they are to do with any tax they owe you.

Nobody should trust HMRC to get it right.  In the end, you are responsible for paying the correct tax on your income and so you are responsible for knowing what your taxable income streams are.  SA is the simplest, quickest way for YOU to draw a line in the sand.

Shortly, I'll set aside 30 minutes to lazy my way through SA for 2019-20.  Now, how much time and stress have YOU incurred so far and where's it got you?

Consumer40

I am in a similar position to Imelda. HMRC have calculated I am due a refund because they are using an untaxed interest total for 2019/20 which is too low.

RG2015 said:

If you are concerned that you are underpaying tax, you may wish to write to them with a full list of all of your interest received by bank during the year ended 5th April 2020.

I was told not to do this because if HMRC manually apply the missing untaxed interest data supplied by me and then the missing data from the banks is received & processed late, I will be double taxed.

Instead I was given the same advice as Imelda: ask the offending banks to supply the missing data to HMRC.

polymaff

When the idea of gross payment of taxable interest and 100% reporting by the institutions was first being discussed I asked HMT how disagreements between the three parties (HMRC, the institutions and the taxpayer) were to be addressed.  HMT stated that it would be up to HMRC and the institutions to resolve issues arising,  Huh - good luck with that!

That said, like Schiff, HMRC have never questioned my, single-figure total, SA declarations - and yet NS&I have sent data they now admit to be false to HMRC in the past - both for Mrs. P and myself.

(And refused to re-submit using correct data - and refused to change their ways in future)

andy_poulton

WOW
I have just spent one and a half hours on the phone trying to sort out my own and my wifes Tax on Interest on savings.
What did I learn???
Bizarre a telling off for keep logging in and checking these Personal Tax accounts.
WHY? 
She said :-
Did I know that:-
AS every time I do it will alter and recalculate all the figures. Thus my query as to why it keeps altering..
I kept logging in as I kept getting demands/refunds and code changes WITHOUT me logging in.

polymaff

I rest my case. ...

newatc

This thread should be sent to HMRC. I used to regard HMRC as one the more efficient public sector organisations but they have joined the race to the bottom.

bundoran

newatc said:

This thread should be sent to HMRC. I used to regard HMRC as one the more efficient public sector organisations but they have joined the race to the bottom.

It went down the pan as soon as Mrs Badger left.  🙄