Virgin Money Regular Saver Thread

Frogletina

RG2015 said:

@Frogletina, Thank you for this information. It is good to know in advance how HMRC might treat issues like this. I hope you are successful in getting this corrected.

I guess with hindsight it would have been better to let VM correct the error themselves. However I do recall reading that they had asked some people to pay back the money. If this was the case with you it is doubly annoying.

With this new information I should withdraw my opinion that this is theft. HSBC paid me a double switching bonus and when I informed them they told me to keep it. I felt it was wrong so it went to charity.

Yes, they wrote to me about it and I repaid the extra payment.

Much later when I checked my personal tax account via the internet I saw that the amount of interest reported by Virgin was the double amount. I'm over the personal limit so have overpaid my tax due to their mistake.

RG2015

Frogletina said:

RG2015 said:

@Frogletina, Thank you for this information. It is good to know in advance how HMRC might treat issues like this. I hope you are successful in getting this corrected.

I guess with hindsight it would have been better to let VM correct the error themselves. However I do recall reading that they had asked some people to pay back the money. If this was the case with you it is doubly annoying.

With this new information I should withdraw my opinion that this is theft. HSBC paid me a double switching bonus and when I informed them they told me to keep it. I felt it was wrong so it went to charity.

Yes, they wrote to me about it and I repaid the extra payment.

Much later when I checked my personal tax account via the internet I saw that the amount of interest reported by Virgin was the double amount. I'm over the personal limit so have overpaid my tax due to their mistake.

Perhaps a complaint to VM would get you compensation of the amount of extra tax you had to pay.

Dazed_and_C0nfused

Or maybe you could just ask Virgin to correct the information they sent to HMRC?

Although you may find the front line Virgin staff don't understand that the interest is reported to HMRC in the first place??

Frogletina

Dazed_and_C0nfused said:

Or maybe you could just ask Virgin to correct the information they sent to HMRC?

Although you may find the front line Virgin staff don't understand that the interest is reported to HMRC in the first place??

That has been my problem, they don't understand what I am saying. They pass it back to be sorted, then I hear nothing, and ring and it goes round in circles.

Dazed_and_C0nfused

Frogletina said:

Dazed_and_C0nfused said:

Or maybe you could just ask Virgin to correct the information they sent to HMRC?

Although you may find the front line Virgin staff don't understand that the interest is reported to HMRC in the first place??

That has been my problem, they don't understand what I am saying. They pass it back to be sorted, then I hear nothing, and ring and it goes round in circles.

If you're not getting anywhere with Virgin them it may be possible to persuade HMRC.

Which were you sent by HMRC a P800 or PA302 calculation?

And do you still have the letter from Virgin you mentioned in an earlier post?

Frogletina

Dazed_and_C0nfused said:

Frogletina said:

Dazed_and_C0nfused said:

Or maybe you could just ask Virgin to correct the information they sent to HMRC?

Although you may find the front line Virgin staff don't understand that the interest is reported to HMRC in the first place??

That has been my problem, they don't understand what I am saying. They pass it back to be sorted, then I hear nothing, and ring and it goes round in circles.

If you're not getting anywhere with Virgin them it may be possible to persuade HMRC.

Which were you sent by HMRC a P800 or PA302 calculation?

And do you still have the letter from Virgin you mentioned in an earlier post?

I do still have the Virgin letter. I have not had anything from HMRC, I was just checking the details of interest for each account on my Personal Tax account online. I rang HMRC and they said that they just worked from the interest figures they were sent and to contact Virgin. 
I will try once more

Dazed_and_C0nfused

I'm over the personal limit so have overpaid my tax due to their mistake

As banks report information arrears i.e. after the tax year has ended how have you paid extra tax for 2018:19 if HMRC haven't sent you anything?

Frogletina

I've just contacted Virgin again. They checked they did receive the payment back but could not find details of the complaints that I made. They are going to look into it again and get back to me. This time I have a name of the person in customer relations and she understood what I meant when I talked about the reported interest figure.

Dazed_and_C0nfused

Still not sure you have actually paid any extra tax as result of this.

Frogletina

Dazed_and_C0nfused said:

I'm over the personal limit so have overpaid my tax due to their mistake

As banks report information arrears i.e. after the tax year has ended how have you paid extra tax for 2018:19 if HMRC haven't sent you anything?

It's for 2017:18
The Virgin account was closed Feb '18. So interest was in year 2017:18 but not shown on personal tax account until much later.

I have found a P800 dated Feb 2019, showing underpayment of interest for the year 2017:18 (didn't know the ref before I looked). I earned over the personal savings allowance at 0%

I like the personal tax account online so I can check the individual figures, which is how I found Virgin had reported I had earned £90+ for that account.