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

RG2015

On my latest PTA, the estimated interest for 21/22 is way above any year from 19/20 to 21/22.

I have just spoken to HMRC and they are going to send me their detailed breakdowns for 20/21 and 21/22. The say I should have their letter within 10 days.

Strangely, their current estimates are also way above their own figure for their reference year of 19/20.

2010

RG2015 said:

On my latest PTA, the estimated interest for 21/22 is way above any year from 19/20 to 21/22.

I have just spoken to HMRC and they are going to send me their detailed breakdowns for 20/21 and 21/22. The say I should have their letter within 10 days.

Strangely, their current estimates are also way above their own figure for their reference year of 19/20.

Just looked at mine for 21/22 and it`s well over the top, at least double what it should be but it`s only estimated.

They won`t even get the amount for the year that`s just ended 20/21 until this Aug/Sept.

I`m just going to let them get on with it because even if you tell them nothing happens.

At the end of the tax year they review whether you have paid too much or too little and that`s the time to give them your own figures.

I know down to the last penny how much interest I got for the year that`s just ended 20/21 and it`s under the £1k limit, so we`ll see what happens come Oct.
 

RG2015

2010 said:

RG2015 said:

On my latest PTA, the estimated interest for 21/22 is way above any year from 19/20 to 21/22.

I have just spoken to HMRC and they are going to send me their detailed breakdowns for 20/21 and 21/22. The say I should have their letter within 10 days.

Strangely, their current estimates are also way above their own figure for their reference year of 19/20.

I know down to the last penny how much interest I got for the year that`s just ended 20/21 and it`s under the £1k limit, so we`ll see what happens come Oct.
 

From my experience, unless you have exactly the same accounts for 20/21 as you had for 19/20, they will add the new account figures but also leave any unused or lesser used accounts at the 19/20 level.

Imelda

My estimate is vast and they also say I have unpaid tax because NS&I have reported a bond twice (my biggest one, naturally).

They have decimated my tax code for the year - this could really cause someone some hardship, couldn't it?  I have used my savings to buy a house, I have budgeted for the tax I actually owe but not the made up tax that I don't. I have not budgeted for 15% less in my pay. They will not resolve it with me - it has to come from NS&I.

I have raised a complaint with NS&I but all I keep getting is letters saying they are experiencing delays because of home working - honestly? After a year of home working they are still using that excuse?

I am glad I have spent the money on a house now - just one more year of this farce.

polymaff

A decimated tax code typically means £5 a week more in basic rate tax.  Is it worse than that?

Don't waste time with NS&I.  If you want to kick them into action it may well be better to make your case to their bosses, HM Treasury.  That is the way I've got some action in the past - although it still takes weeks.  In the mean time you need to work on HMRC.

Imelda

polymaff said:

A decimated tax code typically means £5 a week more in basic rate tax.  Is it worse than that?

Don't waste time with NS&I.  If you want to kick them into action it may well be better to make your case to their bosses, HM Treasury.  That is the way I've got some action in the past - although it still takes weeks.  In the mean time you need to work on HMRC.

I don't earn a huge amount - £17k per year. My take home after deductions is usually just over £1,200 it will be less than £1,100 in this tax year. About £120 a month difference, I think, I expected around £50 a month additional tax.

I have paid the tax due for 19/20 (£700) but HMRC say I owe a further £500 + due to the NS&I error and have calculated untaxed interest of over £6,000 for 20/21 (I mean, honestly?!? Have they not seen the interest rates? I had £4,500 total interest in 19/20 and less in 20/21 because we put money into premium bonds instead of savings accounts due to the poor rates) again, I assume because of the doubled up bond (£100k @2.25%) and because I have moved the money around to get better one year fixes and had numerous regular savers they are double counting some/
most of the savings. I think my tax code is something like 405L.

Like I say, I have budgeted for the tax for 20/21 but the fact they can just plunder my income based on guess work is really annoying. Especially when their guess work makes it look like I owe more than double the true amount and I still can't get them to agree the correct figure for the previous tax year after six months of to-ing and fro-ing. 

I know I had a lot of savings to accrue such large amounts of interest but it was for a new house which we have now bought, I may have been relying on my income this tax year (and next!). It feels a bit annoying that I am still going to be fighting to sort out the tax on it years down the line as HMRC will continue to make these "estimates" and rely on incorrect information.

Dazed_and_C0nfused

If your circumstances have changed significantly then there is no need to leave things as they are, you can provide HMRC with your own estimate of interest* for 2021:22 so they can issue a more upto date tax code.

Remember unless you have applied for Marriage Allowance you will potentially have some of the savings starter rate band available as well as the savings nil rate band.

*they will probably want it on individual account level, not a single total.

2010

RG2015 said:

2010 said:

RG2015 said:

On my latest PTA, the estimated interest for 21/22 is way above any year from 19/20 to 21/22.

I have just spoken to HMRC and they are going to send me their detailed breakdowns for 20/21 and 21/22. The say I should have their letter within 10 days.

Strangely, their current estimates are also way above their own figure for their reference year of 19/20.

I know down to the last penny how much interest I got for the year that`s just ended 20/21 and it`s under the £1k limit, so we`ll see what happens come Oct.
 

From my experience, unless you have exactly the same accounts for 20/21 as you had for 19/20, they will add the new account figures but also leave any unused or lesser used accounts at the 19/20 level.

If I contact HMRC I can only give them the exact figure for year 20/21.

Their estimate is way out for year 21/22.
For that year I can only give my own estimate, which will probably be lower than 20/21.
Is there any point?

My code has been dropped for the current year for tax owed from 19/20.

Because of various things including very low interest rates I`m unlikely from now on to pay any tax on savings interest again taking into account the £1k allowance.

RG2015

2010 said:

RG2015 said:

2010 said:

RG2015 said:

On my latest PTA, the estimated interest for 21/22 is way above any year from 19/20 to 21/22.

I have just spoken to HMRC and they are going to send me their detailed breakdowns for 20/21 and 21/22. The say I should have their letter within 10 days.

Strangely, their current estimates are also way above their own figure for their reference year of 19/20.

I know down to the last penny how much interest I got for the year that`s just ended 20/21 and it`s under the £1k limit, so we`ll see what happens come Oct.
 

From my experience, unless you have exactly the same accounts for 20/21 as you had for 19/20, they will add the new account figures but also leave any unused or lesser used accounts at the 19/20 level.

If I contact HMRC I can only give them the exact figure for year 20/21.

Their estimate is way out for year 21/22.
For that year I can only give my own estimate, which will probably be lower than 20/21.
Is there any point?

My code has been dropped for the current year for tax owed from 19/20.

Because of various things including very low interest rates I`m unlikely from now on to pay any tax on savings interest again taking into account the £1k allowance.

I phoned them a couple of months back when they issued my code for 21/22.  I asked them to tell me what they had (for 19/20) and either agreed or disagreed. They quite happily took my figures including zeros for my closed accounts or duplicates they had.

My code was changed within a day back to my basic personal allowance.

2010

RG2015 said:

2010 said:

RG2015 said:

2010 said:

RG2015 said:

On my latest PTA, the estimated interest for 21/22 is way above any year from 19/20 to 21/22.

I have just spoken to HMRC and they are going to send me their detailed breakdowns for 20/21 and 21/22. The say I should have their letter within 10 days.

Strangely, their current estimates are also way above their own figure for their reference year of 19/20.

I know down to the last penny how much interest I got for the year that`s just ended 20/21 and it`s under the £1k limit, so we`ll see what happens come Oct.
 

From my experience, unless you have exactly the same accounts for 20/21 as you had for 19/20, they will add the new account figures but also leave any unused or lesser used accounts at the 19/20 level.

If I contact HMRC I can only give them the exact figure for year 20/21.

Their estimate is way out for year 21/22.
For that year I can only give my own estimate, which will probably be lower than 20/21.
Is there any point?

My code has been dropped for the current year for tax owed from 19/20.

Because of various things including very low interest rates I`m unlikely from now on to pay any tax on savings interest again taking into account the £1k allowance.

I phoned them a couple of months back when they issued my code for 21/22.  I asked them to tell me what they had (for 19/20) and either agreed or disagreed. They quite happily took my figures including zeros for my closed accounts or duplicates they had.

My code was changed within a day back to my basic personal allowance.

Did you give them a breakdown of your figures or just a total for the year?