We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Data held by HMRC when adjusting personal allowance to incorporate savings interest.

Options
thor
thor Posts: 5,504 Forumite
Part of the Furniture 1,000 Posts
I'm a standard rate tax payer using marriage allowance. My tax code is 1243M. I know this has been generated using an estimate of how much savings interest I had earned but am not sure how to work out what that estimate is. Also presumably, HMRC will have a list of banks/building societies and how much interest they have paid. Is there a way to see this? I thought they might have put this info up in my government gateway account but no such luck.

Comments

  • AlwaysLearnin
    AlwaysLearnin Posts: 904 Forumite
    Part of the Furniture 500 Posts Name Dropper Mortgage-free Glee!
    This thread might help:

    https://forums.moneysavingexpert.com/discussion/5947607/interest-details-on-hmrc-personal-tax-account-updated-to-include-how-to-access-interest-details

    Although the link to interest details (17/18 breakdown, I think) doesn't appear to be available on the site any more, some people have found that using this link when logged on to hmrc gets to the previously available page:

    https://www.tax.service.gov.uk/check-income-tax/income/bank-building-society-savings
  • thor
    thor Posts: 5,504 Forumite
    Part of the Furniture 1,000 Posts
    Thank you always learning. Your reply is probably the most helpful I have ever received in mse(and I have been a member for eons :)
  • Any figures you see at the moment for 2017:18, 2018:19 and 2019:20 are likely to be based on the data received for 2017:18.

    Banks have until 30 June after the end of the tax year before they need to supply HMRC with details for the previous tax year.
  • marlot
    marlot Posts: 4,966 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Any figures you see at the moment for 2017:18, 2018:19 and 2019:20 are likely to be based on the data received for 2017:18.

    Banks have until 30 June after the end of the tax year before they need to supply HMRC with details for the previous tax year.
    Yes, I had a large interest payment in 2017-18, which won't be repeated. But as a consequence my tax bills for last year and this year assume I'll get the same again. Hoping it all reverses out soon!
  • uknick
    uknick Posts: 1,767 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Why not contact HMRC and ask them to remove the assumed interest element. That's what they did for me a couple of years ago. OK, the downside is you might have to do self assessment, but at least that way you get some control when you pay any tax owed on the savings income.

    With regard to showing the breakdown of the interest, maybe I'm a special case, but I can't get access to that on my personal account. All I can see is a lump sum they've rolled forward year on year. But, as it doesn't affect my tax code it's not really of any importance.

    And yes, I have followed all the advice here to try to access the detailed breakdown, but to no avail.
  • Hoping it all reverses out soon!

    If soon is months not weeks then yes.

    But if you are paying too much tax in the current year you can always provide HMRC with a more upto date estimate of the interest you expect to receive in the current tax year.

    And that should result in a revised tax code.

    A review of 2018:19 will still happen later this year when HMRC have received the actual details for 2018:19 from the banks.
  • jimmo
    jimmo Posts: 2,287 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    thor wrote: »
    I'm a standard rate tax payer using marriage allowance. My tax code is 1243M. I know this has been generated using an estimate of how much savings interest I had earned but am not sure how to work out what that estimate is. Also presumably, HMRC will have a list of banks/building societies and how much interest they have paid. Is there a way to see this? I thought they might have put this info up in my government gateway account but no such luck.

    On the basis of what you say your tax code could be something like this:
    Personal Allowance £12500
    Marriage Allowance £1250
    Total allowances £13750
    Less Deductions £1320
    Net tax free amount £12430.
    Divide that by 10 to arrive at code 1243.
    When you say "Government Gateway" I assume you are referring to your Personal Tax Account. If so, you can check the make up of your tax code via:
    Check current year
    What makes up your tax free amount.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.8K Work, Benefits & Business
  • 598.6K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.