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Interest details on HMRC Personal Tax Account. Updated to include how to access interest details. - Page 8

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

edited 2 October 2019 at 5:27PM in Savings & Investments
483 replies 66.2K views
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  • margaretx9margaretx9 Forumite
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    greenglide wrote: »
    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"!

    The account's title is '120 day ISA notice account' - so the bank should know its an ISA. By a process of elimination it shouldn't be too hard to work out the sharia compliant bank it is as it used to be a best buy!
  • masonicmasonic Forumite
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    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?
    If you are claiming any bad debt relief then you must either write to HMRC providing totals for each platform or complete a tax return. There is no requirement to claim bad debt relief if there is no liability without it.
  • FatbritabroadFatbritabroad Forumite
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    No bad debt relief
  • 20102010 Forumite
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    I did the HMRC webchat today and they removed a couple of accounts for me

    I`ve been searching to find the web chat, have you got a link please.
  • SpiggleSpiggle Forumite
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    Hello all,

    Am I losing it? I receive (and have since 2013) an LGPS pension. Having been recently widowed I also now receive a pension from my late spouses LGPS pension and have been in receipt of that since December 2018. No matter how I calculate it, in TY2018-19 I will not be receiving, in pension payments, above the Personal Allowance let alone the Personal Savings Allowance.

    So why has HMRC sent me, on paper, a tax code notice showing my PA reducing by the equivalent of the TY2017-18 untaxed interest when it is almost 50% of the £1000 PSA allowed? I have been onto the HMRC portal and checked the accounts/interest and managed to amend the since closed accounts. I've tried ringing them but they've changed to a recorded machine that takes you so far then apologises and cuts the call.

    Am I being dense (again)? I understood the PSA to be in addition to the PA. Is my understanding incorrect?

    Thanks in advance for any replies, opinions or explanations,
    Spigs
    Mortgage Free October 2013 :T
  • talexusertalexuser Forumite
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    They always use the previous years figures as the starting point for the next tax year. If you can't get through on the phone, write to them (and keep a copy). If your taxable income from pensions is below the personal allowance you have a further £5000 band of 0% tax on savings income.
  • Dazed_and_confusedDazed_and_confused Forumite
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    I will not be receiving, in pension payments, above the Personal Allowance let alone the Personal Savings Allowance.

    You have to have income of at least £16,850 before you can benefit from the Personal Savings Allowance (really a 0% tax rate).
    Am I being dense (again)? I understood the PSA to be in addition to the PA. Is my understanding incorrect?

    Yes but the savings starter rate of tax comes in between them. That allows upto £5,000 of interest to be taxed at 0%. The savings nil rate (known as the Personal Savings Allowance) only applies after the Personal Allowance and savings starter rate band have been used up.
    So why has HMRC sent me, on paper, a tax code notice showing my PA reducing by the equivalent of the TY2017-18 untaxed interest when it is almost 50% of the £1000 PSA allowed?

    Using 2017:18 figures as an estimate for 2018:19 is quite normal. And it also quite normal to show the interest income in your tax code if you are not going to pay tax on the pension or employment income the tax code relates to.

    I think you're concern is probably unfounded. Does the tax code applied to either the original or new LGPS pension mean you will be paying tax on either pension?
  • MalchesterMalchester Forumite
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    Oh the intricacies of HMRC. My earned / DB pension income this tax year is less than my personal allowance. I also have interest greater than £1000. Should not pay tax. Hmrc changed my tax code to gather tax from interest over £1k even though should not pay it. First person I spoke to denied there was such a thing as the £5000 starter allowance. Next person sorted it out but only by fiddling with tax code. He said the system could not cope with those whose income is less than personal allowance but interest is greater than £1k. He said ring back after 4 Feb when they should have it sorted. Have left it and will ring back next week
  • notbritishgasnotbritishgas Forumite
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    2010 wrote: »
    I`ve been searching to find the web chat, have you got a link please.
    Try this link.
    https://www.gov.uk/government/organisations/hm-revenue-customs/contact/income-tax-enquiries-for-individuals-pensioners-and-employees
    Look at the webchat, if it says no advisers available do not worry, keep on the page, when an adviser becomes available a clickable box will appear,so click on that.
    If you wish you can keep refreshing the page.
    Quite often you have quite a wait for the box to appear, well worth it as I have found them to be very helpful..
  • Dazed_and_confusedDazed_and_confused Forumite
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    Oh the intricacies of HMRC. My earned / DB pension income this tax year is less than my personal allowance. I also have interest greater than £1000. Should not pay tax. Hmrc changed my tax code to gather tax from interest over £1k even though should not pay it. First person I spoke to denied there was such a thing as the £5000 starter allowance. Next person sorted it out but only by fiddling with tax code. He said the system could not cope with those whose income is less than personal allowance but interest is greater than £1k. He said ring back after 4 Feb when they should have it sorted. Have left it and will ring back next week

    Are you able to tell us if the tax codes you believed to be wrong would have actually resulted in tax being deducted from your earnings or pensions.

    I am not convinced your tax codes were actually wrong in the first place or that the second HMRC person understood how their own tax code system works. Or that there is anything to sort out.
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