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

Yorkshire_Pud

polymaff said:

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...

It’s well below my personal allowance though even with a rise. Problem is HMRC tell Pension provider the new wrong amount derived from last years info instead of asking provider my pension amount for 20/21. Provider taxes pension even though no tax is due and I have to tell HMRC the new amount when provider tells me the new amount late April. Then I get a tax rebate. Hopefully I’ve forestalled this runaround by doing my own estimate of the new amount and submitting it today.

polymaff

Yorkshire_Pud said:

polymaff said:

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...

It’s well below my personal allowance though even with a rise. Problem is HMRC tell Pension provider the new wrong amount derived from last years info instead of asking provider my pension amount for 20/21. Provider taxes pension even though no tax is due and I have to tell HMRC the new amount when provider tells me the new amount late April. Then I get a tax rebate. Hopefully I’ve forestalled this runaround by doing my own estimate of the new amount and submitting it today.

You've missed my point - which is about how what you observe can be caused by the difference in pension and PA rises.

Imelda

Another month another letter from HMRC telling me I have unpaid tax, £516 this time.
After an hour on the phone on hold to HMRC we discovered that NS&I has reported one (large) account twice. The adviser can't take it off without evidence from NS&I... another phone call to NS&I and now I wait for them to send me something in writing stating all the accounts I held with them in 2019/2020 and the interest paid.
The system is so flawed. I am glad I have spent most of my non ISA savings on a house, I can't be doing with this every year.
Btw - all the other banks caught up and reported interest paid. All except Goldman Sachs/ Marcus. I won't bother trying to correct it in October/ November next year, I will just wait until March. It would be so useful to be able to see the institutions that have reported and the amounts online. 

2010

Really annoying when HMRC encourage you to do everything online through your PTA, yet you can`t.

Roland70

I followed the link given to access details of savings interest held by HMRC on 05/03/2021 but the response was "Page not found". On my personal tax account PAYE under "Income from other sources" there isn't any mention or link to untaxed interest income in either current or previous tax years.

Roland70

HMRC have mismanaged my savings interest taxation for a few years now, every year I get a P800 stating I have underpaid tax on savings interest for the previous tax year. Every year I enter into interminable phone calls and letters before it's eventually resolved. For example, in 2019-20 I earned £929 interest on all my savings, but their figure was £2,420!
My calls to them last week resulted in some of this being removed but it's still far above the £1000 tax free threshold. The reason for the High figure is that they inexplicably ADDED their annual estimate to the actual bank received figures! Plus, they had duplicated entries for several accounts with different providers AND included a large sum from a Bank account which isn't mine! They insisted in this case that "I take it up with the bank". Well I did, and my bank stated that this is happening to many of their  customers due to errors by HMRC data processing group in entering submitted amounts/accounts. The bank is now re-sending the interest summary to HMRC and providing me with a copy. Hopefully this will result in all amounts incorrectly included being removed and a correct tax code issued. I'm sceptical however that this will occur and wonder how many other people are similarly affected? One HMRC advisor told me that this particular bank had submitted seven different interest amounts in my name  for 2019-20 including duplicates and an account I don't have. I only have two accounts with this bank! Awaiting developments......

RG2015

Roland70 said:

I followed the link given to access details of savings interest held by HMRC on 05/03/2021 but the response was "Page not found". On my personal tax account PAYE under "Income from other sources" there isn't any mention or link to untaxed interest income in either current or previous tax years.

The link to details of savings interest held by HMRC has not worked for about two years. If you phone HMRC they will send you full details of all of the figures they have for the year 2019/2020. This is the most recent year for which they have actual data.

They will use these figures to estimate amounts for 2021/2022 PAYE tax code purposes.

speedyrite

RG2015 said:

They will use these figures to estimate amounts for 2021/2022 PAYE tax code purposes.

Interesting. My 20/21 tax code was amended in October 2020 to reflect the correct amount of my untaxed savings interest from 19/20. My provisional 21/22 tax code appears to have used a different (higher) amount for untaxed savings interest (which isn’t too far under the likely true figure). I’m wondering how they have arrived at this figure? I haven’t done SA for several years and I haven’t reported anything to HMRC for 20/21 via PTA. Is there now an RTI system for banks to report savings interest to HMRC?!?

polymaff

This is getting beyond masochistic.

You don't have to use PTAs or BTAs.

Until we all drown under the forthcoming "MTD for Income Tax", if you have income to report to HMRC - try using Self Assessment.

speedyrite

polymaff said:

This is getting beyond masochistic.

You don't have to use PTAs or BTAs.

Until we all drown under the forthcoming "MTD for Income Tax", if you have income to report to HMRC - try using Self Assessment.

I’m not complaining, I merely offer the information as a recent observation of PTA behaviour. I know that I can use SA (in fact I noted in my earlier post that I have done so previously) & I also know that banks etc report savings interest directly to HMRC (and in my own experience to 19/20 this has always been spot on). In my working life within IT at various banks, I have previously done work on the production of year end BBSI reporting. Also worked on introduction of Payroll RTI within a couple of pension providers. Always thought BBSI was ripe for RTI...