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

caveman38

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.

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.
 

I would suggest that most people will suffer this seeing as interest rates have dived in the last 2 years. Also this years coding is based on the actual figures for 19/20. You can keep ringing them to adjust the accounts for last years figures or informing them of any closures, or. You can take the advice that Dazed & Confused gave me and let it adjust itself over time on the understanding:

Early 2021 - 2021:22 tax code uses 2019:20 interest details as an estimate

Summer 2021 - 2020:21 is reviewed using the actual 2020:21 interest details.  You are notified of any tax overpaid or underpaid

Summer 2021 - 2021:22 tax code is revised to use 2020:21 interest details

RG2015

caveman38 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.

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.
 

I would suggest that most people will suffer this seeing as interest rates have dived in the last 2 years. Also this years coding is based on the actual figures for 19/20. You can keep ringing them to adjust the accounts for last years figures or informing them of any closures, or. You can take the advice that Dazed & Confused gave me and let it adjust itself over time on the understanding:

Early 2021 - 2021:22 tax code uses 2019:20 interest details as an estimate

Summer 2021 - 2020:21 is reviewed using the actual 2020:21 interest details.  You are notified of any tax overpaid or underpaid

Summer 2021 - 2021:22 tax code is revised to use 2020:21 interest details

Perhaps, but I have experience of HMRC inserting actuals alongside estimates, hence double counting. Quite frankly, I do not trust them to get it right without my intervention.

Thrugelmir

Easy enough to update now using the online Personal tax account. 

eskbanker

Thrugelmir said:

Easy enough to update now using the online Personal tax account. 

I thought that a recurring theme throughout this thread was that this isn't possible, at least not all the time for all the people....

2010

eskbanker said:

Thrugelmir said:

Easy enough to update now using the online Personal tax account. 

I thought that a recurring theme throughout this thread was that this isn't possible, at least not all the time for all the people....

You`re quite right.

There is no way to adjust savings interest online through PTA.
Which makes a farce of HMRC wanting people to use their PTA online for all their tax affairs.

Thrugelmir

eskbanker said:

Thrugelmir said:

Easy enough to update now using the online Personal tax account. 

I thought that a recurring theme throughout this thread was that this isn't possible, at least not all the time for all the people....

Funnily enough was in my account earlier today and the facility is there to notify and update changes in other sources of income. 

2010

caveman38 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.

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.
 

I would suggest that most people will suffer this seeing as interest rates have dived in the last 2 years. Also this years coding is based on the actual figures for 19/20. You can keep ringing them to adjust the accounts for last years figures or informing them of any closures, or. You can take the advice that Dazed & Confused gave me and let it adjust itself over time on the understanding:

Early 2021 - 2021:22 tax code uses 2019:20 interest details as an estimate

Summer 2021 - 2020:21 is reviewed using the actual 2020:21 interest details.  You are notified of any tax overpaid or underpaid

Summer 2021 - 2021:22 tax code is revised to use 2020:21 interest details

I`m inclined to agree with you, by letting HMRC just get on with it and let it sort itself out over time.

As I said earlier my current code is adjusted downwards for tax owed from 19/20, as you say above.

2010

Thrugelmir said:

eskbanker said:

Thrugelmir said:

Easy enough to update now using the online Personal tax account. 

I thought that a recurring theme throughout this thread was that this isn't possible, at least not all the time for all the people....

Funnily enough was in my account earlier today and the facility is there to notify and update changes in other sources of income. 

You are correct but it doesn`t include savings interest.

polymaff

To those complaining about dodgy PAYE coding:

O Arglwydd mawr! (let's see MSE censor that!)  Use SA and you can instruct HMRC not to muck around with your PAYE coding.

Thrugelmir

2010 said:

Thrugelmir said:

eskbanker said:

Thrugelmir said:

Easy enough to update now using the online Personal tax account. 

I thought that a recurring theme throughout this thread was that this isn't possible, at least not all the time for all the people....

Funnily enough was in my account earlier today and the facility is there to notify and update changes in other sources of income. 

You are correct but it doesn`t include savings interest.

Mine comes up as non coded income.