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

Dazed_and_C0nfused

happybagger said:

I think it will be kept at 12.5k as per the Times article.
It's not really a 'reversal' as such, it's more something that wouldn't be implemented.

And let's be honest, £14 quid extra tax bill next year will be insignificant in the grand scheme of starting to pay back the government for all the businesses they've kept shut in the last year.

It already has been implemented, people have posted on getting tax codes ready for 2021:22 with Personal Allowance of £12,570.

RG2015

Dazed_and_C0nfused said:n)

happybagger said:

I think it will be kept at 12.5k as per the Times article.
It's not really a 'reversal' as such, it's more something that wouldn't be implemented.

And let's be honest, £14 quid extra tax bill next year will be insignificant in the grand scheme of starting to pay back the government for all the businesses they've kept shut in the last year.

It already has been implemented, people have posted on getting tax codes ready for 2021:22 with Personal Allowance of £12,570.

Agreed, but this is HMRC applying the expected level to 2021/22 tax code notifications. There is no official recognition of the £70 increase on the HMRC website.

molerat

RG2015 said:

Dazed_and_C0nfused said:n)

happybagger said:

I think it will be kept at 12.5k as per the Times article.
It's not really a 'reversal' as such, it's more something that wouldn't be implemented.

And let's be honest, £14 quid extra tax bill next year will be insignificant in the grand scheme of starting to pay back the government for all the businesses they've kept shut in the last year.

It already has been implemented, people have posted on getting tax codes ready for 2021:22 with Personal Allowance of £12,570.

Agreed, but this is HMRC applying the expected level to 2021/22 tax code notifications. There is no official recognition of the £70 increase on the HMRC website.

They have issued the official guidance to employers, the P9X, for 2021 https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/957796/P9X_2021.pdf

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

happybagger

Dazed_and_C0nfused said:

happybagger said:

I think it will be kept at 12.5k as per the Times article.
It's not really a 'reversal' as such, it's more something that wouldn't be implemented.

And let's be honest, £14 quid extra tax bill next year will be insignificant in the grand scheme of starting to pay back the government for all the businesses they've kept shut in the last year.

It already has been implemented, people have posted on getting tax codes ready for 2021:22 with Personal Allowance of £12,570.

I understand where you're coming from, likewise @molerat above, but "implementation", to me, will be on 6 April. People getting codes sent to them, and 'guidance' issued to employers, isn't implementation.
I still think it will be easy for HMRC to keep it at the current level. Question is, will any announcement be made in the budget anyway, or would it be made on 23 March (which is now being referred to as Tax Day)

Dazed_and_C0nfused

I'm not convinced HMRC could make whatever changes are necessary to their systems and issue new codes to everyone impacted and also get notifications out to employers for those who didn't previously need an individual notice, all in time for the first pay day of 2021:22.

I guess we will know one way or the other on Wednesday.

molerat

Dazed_and_C0nfused said:

I'm not convinced HMRC could make whatever changes are necessary to their systems and issue new codes to everyone impacted and also get notifications out to employers for those who didn't previously need an individual notice, all in time for the first pay day of 2021:22.

I guess we will know one way or the other on Wednesday.

Scottish tax payers had to wait until 11th May for the 2020 codes to be implemented.

Dazed_and_C0nfused

molerat said:

Dazed_and_C0nfused said:

I'm not convinced HMRC could make whatever changes are necessary to their systems and issue new codes to everyone impacted and also get notifications out to employers for those who didn't previously need an individual notice, all in time for the first pay day of 2021:22.

I guess we will know one way or the other on Wednesday.

Scottish tax payers had to wait until 11th May for the 2020 codes to be implemented.

And I think that was ratified in early March so I cannot see any change to the £12,570 already being used in coding notices being made before the new tax year starts.

polymaff

Crikey - let's wait and see.

littlemoney

I just logged into my account and am wondering if all saving accounts have been reported. Their figures and and mine are very  different. I did contact them last year, by web chat, and was promised details of all interest received but the letter never arrived. Should all interest on saving accounts be notified including any which are rolled up at the end of a year and reinvested into another one year bond.

RG2015

littlemoney said:

I just logged into my account and am wondering if all saving accounts have been reported. Their figures and and mine are very  different. I did contact them last year, by web chat, and was promised details of all interest received but the letter never arrived. Should all interest on saving accounts be notified including any which are rolled up at the end of a year and reinvested into another one year bond.

All interest should be notified but sometimes mistakes are made. If you phone HMRC they will send you a list of al the interest reported.

See post no. 8 on the thread linked below which may help you. This poster was able to get the information they required.

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