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

2010

Yorkshire_Pud said:

2010 said:

Yorkshire_Pud said:

BrownTrout said:

Where on the online account do you even see the interest amounts?, ive logged in and cant see it?

Nor can I and I’ve looked really hard. I don’t think it’s available to all?

You won`t see a breakdown of savings interest only the total.
RG2015 posts above tells you how to do it.
For the next tax year 21/22 HMRC doesn`t get the info until Aug/Sept.

I did follow all the process described in #1 and for me there is no figure for savings interest only my pension. 

I’m fairly sure people have reported seeing the sources of each individual interest payment that contributes to the total.

I don’t think the information is available to all in their gov.uk accounts as it’s not there in mine!

At one time, maybe a couple of years ago, you could see each account and what the interest was.
There was also an option to let you update this info but unfortunately when you clicked on the link for each account, it said something about a techincal problem,
So it turned out to be useless.

RG2015

Yorkshire_Pud said:

2010 said:

Yorkshire_Pud said:

BrownTrout said:

Where on the online account do you even see the interest amounts?, ive logged in and cant see it?

Nor can I and I’ve looked really hard. I don’t think it’s available to all?

You won`t see a breakdown of savings interest only the total.
RG2015 posts above tells you how to do it.
For the next tax year 21/22 HMRC doesn`t get the info until Aug/Sept.

I did follow all the process described in #1 and for me there is no figure for savings interest only my pension. 

I’m fairly sure people have reported seeing the sources of each individual interest payment that contributes to the total.

I don’t think the information is available to all in their gov.uk accounts as it’s not there in mine!

Many people here were able to see individual figures for each bank. This is no longer available and only the total figure is available for any one tax year.

However, this is not the same for everyone. Some do not have any interest figures on their PTA online. Currently, I can see figures for 2018/19, 2019/20 and an estimate for 2020/22.

Furthermore, I received an email on 4 Feb advising of a change in my tax code. I logged into my PTA and the calculation for my 2021/22 tax code included £82 for untaxed interest on savings and investments. As I am a standard rate taxpayer, my first £1,000 is taxed at 0% so I inferred that HMRC was using a figure of £1,082 for my estimated interest income.

The most recent actual figures reported by the bank to HMRC will be for the year 2019/20. £1,082 is several hundreds greater than the estimate HMRC are already reporting for 2019/20.

I phoned HMRC and they saw that there were several duplicated figures which they deleted. Now instead of £82 for untaxed interest income it is now showing as zero.

Yorkshire_Pud

Thanks 2010 and RG2015. I’m beginning to think that HMRC and ERNIE share the same computer!
When I reported my pension amount for 2020/21 which is below my personal allowance of £12500 they made the pension amount my new personal allowance and infilled the difference with savings interest. They have been adamant that this is correct although I would argue that my personal allowance should be shown as £12500 because that’s what it is and I will not be paying tax on the savings interest. So if say the pension paid an extra £5 this tax year than expected I would then pay tax on it having exceeded my wrongly reduced personal allowance.

eskbanker

Yorkshire_Pud said:

Thanks 2010 and RG2015. I’m beginning to think that HMRC and ERNIE share the same computer!
When I reported my pension amount for 2020/21 which is below my personal allowance of £12500 they made the pension amount my new personal allowance and infilled the difference with savings interest. They have been adamant that this is correct although I would argue that my personal allowance should be shown as £12500 because that’s what it is and I will not be paying tax on the savings interest. So if say the pension paid an extra £5 this tax year than expected I would then pay tax on it having exceeded my wrongly reduced personal allowance.

Are you confusing your tax code with your actual personal allowance?  The former is what's used by those who pay you to deduct (what's estimated upfront to be a realistic estimate of) an appropriate amount of PAYE income tax, but the latter is what is used in the final analysis of your overall income tax liability....

polymaff

eskbanker said:

Are you confusing your tax code with your actual personal allowance?

Form P2 is becoming more and more a work of fiction.  Way too convoluted for most to understand.  Perhaps they should stop sending them out. They only frighten the horses.

My current 21/22 P2 shows a PA of £12570.  I wonder if that will be fiction by the end of this month?...

Yorkshire_Pud

eskbanker said:

Yorkshire_Pud said:

Thanks 2010 and RG2015. I’m beginning to think that HMRC and ERNIE share the same computer!
When I reported my pension amount for 2020/21 which is below my personal allowance of £12500 they made the pension amount my new personal allowance and infilled the difference with savings interest. They have been adamant that this is correct although I would argue that my personal allowance should be shown as £12500 because that’s what it is and I will not be paying tax on the savings interest. So if say the pension paid an extra £5 this tax year than expected I would then pay tax on it having exceeded my wrongly reduced personal allowance.

Are you confusing your tax code with your actual personal allowance?  The former is what's used by those who pay you to deduct (what's estimated upfront to be a realistic estimate of) an appropriate amount of PAYE income tax, but the latter is what is used in the final analysis of your overall income tax liability....

Don’t know! Can’t see why HMRC are saying my tax free allowance is less than my 12,500 personal allowance as that would suggest if I earn  anything above my tax code/pension amount it would be taxed when it won’t. Leading to their estimate for next year of a tax free amount that is now actually LESS than my pension amount due to them subtracting the increased interest on savings from the new tax allowance of £12,570. 

Yorkshire_Pud

polymaff said:

eskbanker said:

Are you confusing your tax code with your actual personal allowance?

Form P2 is becoming more and more a work of fiction.  Way too convoluted for most to understand.  Perhaps they should stop sending them out. They only frighten the horses.

My current 21/22 P2 shows a PA of £12570.  I wonder if that will be fiction by the end of this month?...

True! I do understand their figures. Although my pension will go up HMRC have reduced my tax free amount well below my personal tax allowance £12570 and even below my pension amount for 21/22 even though I know I won’t have to pay any tax. 

Dazed_and_C0nfused

Yorkshire_Pud said:

polymaff said:

eskbanker said:

Are you confusing your tax code with your actual personal allowance?

Form P2 is becoming more and more a work of fiction.  Way too convoluted for most to understand.  Perhaps they should stop sending them out. They only frighten the horses.

My current 21/22 P2 shows a PA of £12570.  I wonder if that will be fiction by the end of this month?...

True! I do understand their figures. Although my pension will go up HMRC have reduced my tax free amount well below my personal tax allowance £12570 and even below my pension amount for 21/22 even though I know I won’t have to pay any tax. 

That is how tax codes are calculated, if HMRC believe you have unused Personal Allowance, for example if your total earnings/pension income is say £9,000 then your savings interest would use some of your Personal Allowance.

The Personal Allowance gets used before the savings starter rate of tax comes into play.  And the savings starter rate has to be used before the savings nil rate (aka Personal Savings Allowance) is used.

If you think HMRC have underestimated your 2021:22 earnings or pension then you should be able to update this on your Personal Tax Account.  Given we are only part way through the 2020:21 tax year you are likely to have a better idea of your expected earnings/pension in 2021:22 than HMRC do, especially with the flexibility modern pensions allow.

Yorkshire_Pud

Thanks for the help all. Makes more sense now. I just did my own estimate for pension 2021/22 and submitted it in my Personal Tax Account. Said it updates within 48 hours.

Hopefully I won’t now overpay tax staight out of the traps in April now. My pension provider doesn’t tell me until late April what my new pension amount is. 

polymaff

Yorkshire_Pud said:

Although my pension will go up HMRC have reduced my tax free amount...

That is what you'd expect if your pension rises by more than the rise in your Personal Allowance.

And that is why recent posts are highlighting the frustrating history of proposals for index-linking allowances...