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

Dazed_and_confused

What had happened to the accounts?

Had they been closed in 2017:18 or are they still open in 2018:19 just not earning any interest?

DennisTenus

One of them was my Santander that I changed to 123 Lite (so not earning any interest) a while back.... can't remember when though

The other was a TSB joint account recently closed, it did earn a little bit of interest I suppose. Maybe i shouldn't have asked that one to be closed.... what would HMRC do about that?

Rich2808

I had an account listed that was actually a cash isa - so shouldn't have been listed at all as it is tax free.

So I simply altered the interest figure for that account online to zero. I presume that was OK to do - i have the account but earned zero taxable interest on it. Why my cash isa provider was reporting this as taxable interest though is more of a concern!

eskbanker

Rich2808 wrote: »

I had an account listed that was actually a cash isa - so shouldn't have been listed at all as it is tax free.

So I simply altered the interest figure for that account online to zero. I presume that was OK to do - i have the account but earned zero taxable interest on it. Why my cash isa provider was reporting this as taxable interest though is more of a concern!

I hope it wasn't offering an unrealistic 8% interest!

Rich2808

eskbanker wrote: »

I hope it wasn't offering an unrealistic 8% interest!

No its an isa account with a sharia bank paying a market leading cash isa rate.

.

DennisTenus

How on earth has that ended up on there?

Rich2808

DennisTenus wrote: »

How on earth has that ended up on there?

No idea - the bank presumably just messed up. I sent them a secure message about it 10 days ago but haven't heard back.

I have only ever had a cash isa with them - no other savings. The Sharia bank concerned is regularly in the cash isa best buy tables so I may not be the only one on here affected if its a general mistake.

DennisTenus

Bit concerning though. HMRC should have noticed if it states its an ISA

Fatbritabroad

masonic wrote: »

P2P is the only remaining reason I'm on self assessment. One ostensible reason they may not be included is bad debt relief, which must be claimed, and which can materially affect the amount of taxable P2P interest.

Sorry to hijack this but I've judt logged on and as you say no mention of p2p lending or taxable investment account . Most of mines in isas to be fair and the ones that aren't I'm under the allowance limits for interest and dividends but should I still correct them? And how does one go about this?

greenglide

HMRC should have noticed if it states its an ISA

Surely it is more likely the bank's failure for telling HMRC that this is a taxable interest bearing account when it isn't?


HMRC won't look at the account name to see if it contains the string "ISA"!