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

SallySunshine

My husband received an e-mail saying his tax code had changed for this April, logged onto their site and it is saying his annual allowance is now 12570, so a rise of £70.
this is the first I’ve heard of this rise?

cricidmuslibale

That implies that the Personal Allowance is being raised very modestly from £12500 to £12570 (a 0.56% increase) from April 6 onwards (the start of the new tax year.) We can now expect the Chancellor of the Exchequer to announce this in his Budget statement on March 3.

speedyrite

https://www.gov.uk/guidance/rates-and-thresholds-for-employers-2021-to-2022

RG2015

SallySunshine said:

My husband received an e-mail saying his tax code had changed for this April, logged onto their site and it is saying his annual allowance is now 12570, so a rise of £70.
this is the first I’ve heard of this rise?

See the info on the link below showing the personal tax allowance at £12,570 for 2021/2022. 

https://www.gov.uk/guidance/rates-and-thresholds-for-employers-2021-to-2022#tax-thresholds-rates-and-codes

Update. This was part of the spending review which said (apparently) that it would increase in line with the September 2020 CPI figure of 0.50% as per the article from November 2020 on the link below

https://www.yourmoney.com/saving-banking/personal-allowance-set-to-rise-0-5-next-year/

sparkiemalarkie

If the savings interest amount on my online Tax account is wrong will it sort itself out some time or will that money be lost if i don't get it corrected?
£959 has been taken off my personal allowance for untaxed interest on savings. I am a low earner getting approx £11,541 pa
If I was to withdraw £959 from my HL draw down account, I guess I would be taxed on this initially but,would I get the tax refunded later?
tia
sx

Dazed_and_C0nfused

sparkiemalarkie said:

If the savings interest amount on my online Tax account is wrong will it sort itself out some time or will that money be lost if i don't get it corrected?
£959 has been taken off my personal allowance for untaxed interest on savings. I am a low earner getting approx £11,541 pa
If I was to withdraw £959 from my HL draw down account, I guess I would be taxed on this initially but,would I get the tax refunded later?
tia
sx

That is correct based on the information HMRC currently hold.

As you have £959 spare Personal Allowance the interest uses it up.

If your pension income was going to be sat £20,000 you would have no spare Personal Allowance and you would be able to use the savings nil rate of tax (aka Personal Savings Allowance).  A deduction would then only be required if the interest exceeded £1,000.

If it was the first payment from the HL drawdown account the emergency tax code would be used and this would mean no tax would be deducted if it was a taxable payment of £1042 or less.

SoozyJ22

For the second year running I've received a notification that I've underpaid tax based on an incorrect untaxed interest amount. Last year I was able to send an online message to request a breakdown and then provide any corrections - I can still see it in my account. I want to send another message but can't find a way to do it - has this option been taken away? I've been trying the web chat but it's driving me crazy saying someone's available but then refusing to connect me and calling is very much a last resort. 

RG2015

SoozyJ22 said:

For the second year running I've received a notification that I've underpaid tax based on an incorrect untaxed interest amount. Last year I was able to send an online message to request a breakdown and then provide any corrections - I can still see it in my account. I want to send another message but can't find a way to do it - has this option been taken away? I've been trying the web chat but it's driving me crazy saying someone's available but then refusing to connect me and calling is very much a last resort. 

See post no. 8 on the thread linked below which may help you.

https://forums.moneysavingexpert.com/discussion/comment/78090917#Comment_78090917

SoozyJ22

RG2015 said:

SoozyJ22 said:

For the second year running I've received a notification that I've underpaid tax based on an incorrect untaxed interest amount. Last year I was able to send an online message to request a breakdown and then provide any corrections - I can still see it in my account. I want to send another message but can't find a way to do it - has this option been taken away? I've been trying the web chat but it's driving me crazy saying someone's available but then refusing to connect me and calling is very much a last resort. 

See post no. 8 on the thread linked below which may help you.

https://forums.moneysavingexpert.com/discussion/comment/78090917#Comment_78090917

Thank you. I called them today and after a half hour wait got through to someone very helpful who could see there are definitely duplicate entries but is going to send me a breakdown in the post so that I can check it and then get back to them with what needs to be updated. 

RG2015

SoozyJ22 said:

RG2015 said:

SoozyJ22 said:

For the second year running I've received a notification that I've underpaid tax based on an incorrect untaxed interest amount. Last year I was able to send an online message to request a breakdown and then provide any corrections - I can still see it in my account. I want to send another message but can't find a way to do it - has this option been taken away? I've been trying the web chat but it's driving me crazy saying someone's available but then refusing to connect me and calling is very much a last resort. 

See post no. 8 on the thread linked below which may help you.

https://forums.moneysavingexpert.com/discussion/comment/78090917#Comment_78090917

Thank you. I called them today and after a half hour wait got through to someone very helpful who could see there are definitely duplicate entries but is going to send me a breakdown in the post so that I can check it and then get back to them with what needs to be updated. 

Hope you get it sorted. When I phoned them a couple of weeks ago, we corrected all the duplicates on the phone and they updated my PTA interest figure for 21/22 immediately.