Personal savings allowance and tax code

RG2015

LobsterMemory said:

Thanks
So if I apply this to my own situation if I may
18/19 Nowhere near the threshold
19/20 Owe tax on £1300 interest. HMRC will discover this in August and change my tax Code shortly after
20/21 HMRC will use the £1300 savings estimate and it's up to me to change it. If I don't, would it be corrected automatically when they find the true figures in Aug 21?

Yes, this is consistent with my experience. You may also find the thread on the link below useful although it is quite extensive.

https://forums.moneysavingexpert.com/discussion/5947607/interest-details-on-hmrc-personal-tax-account-updated-to-include-how-to-access-interest-details/p1

surreysaver

Just out of interest, I have had my tax code altered due to going above the £1k limit. If next year I go back under it, will my tax code end up catching up and balancing out within the next two or so years without any intervention from me? 

RG2015

surreysaver said:

Just out of interest, I have had my tax code altered due to going above the £1k limit. If next year I go back under it, will my tax code end up catching up and balancing out within the next two or so years without any intervention from me? 

In theory it should although I would not rely on HMRC. They made mistakes on mine and I was proactive and got them corrected. The mistakes were stupid and obvious and it appeared as though no one had even looked at them.

HappyBirthday

I can't find anywhere to change the estimated bank interest on the Government Gateway. I think I will have to phone or write to have my code amended. Is this other's experience?

colsten

HappyBirthday said:

I can't find anywhere to change the estimated bank interest on the Government Gateway. I think I will have to phone or write to have my code amended. Is this other's experience?

It's another mess. You can't do it when logged in via the Government gateway but you can do it if you log into your Personal Tax Account using gov.uk Verify.

The good news is that signing up to gov.UK Verify should be quick if you have a UK passport and/or Driving licence, and a mobile phone. I have very unsuccessfully used Experian as the Verify service but Barclays has been working every time for a long time - so I can recommend you choose Barclays.

RG2015

HappyBirthday said:

I can't find anywhere to change the estimated bank interest on the Government Gateway. I think I will have to phone or write to have my code amended. Is this other's experience?

If you click the link on my previous post you can read how I access mine. It does not work for everyone though. 

RG2015

colsten said:

HappyBirthday said:

I can't find anywhere to change the estimated bank interest on the Government Gateway. I think I will have to phone or write to have my code amended. Is this other's experience?

It's another mess. You can't do it when logged in via the Government gateway but you can do it if you log into your Personal Tax Account using gov.uk Verify.

The good news is that signing up to gov.UK Verify should be quick if you have a UK passport and/or Driving licence, and a mobile phone. I have very unsuccessfully used Experian as the Verify service but Barclays has been working every time for a long time - so I can recommend you choose Barclays.

I can access my estimated interest on both Government Gateway and UK Verify. In fact my personal tax account online is identical using either method with one exception. I can only see my self assessment information when I log in via Government Gateway.

ColdIron

I have never been able to access it with Government Gateway but assumed it was because I did Self Assessment

colsten

RG2015 said:

colsten said:

HappyBirthday said:

I can't find anywhere to change the estimated bank interest on the Government Gateway. I think I will have to phone or write to have my code amended. Is this other's experience?

It's another mess. You can't do it when logged in via the Government gateway but you can do it if you log into your Personal Tax Account using gov.uk Verify.

The good news is that signing up to gov.UK Verify should be quick if you have a UK passport and/or Driving licence, and a mobile phone. I have very unsuccessfully used Experian as the Verify service but Barclays has been working every time for a long time - so I can recommend you choose Barclays.

I can access my estimated interest on both Government Gateway and UK Verify. In fact my personal tax account online is identical using either method with one exception. I can only see my self assessment information when I log in via Government Gateway.

The question isn't about accessing your estimated interest. Which, as you quite rightly say, works regardless of the login method.

The question was how to change the estimated interest. I can do this (and any other income), and have done so, when logging in via gov.uk Verify but not when logging in through the Government Gateway. HTH.

colsten

ColdIron said:

I have never been able to access it with Government Gateway but assumed it was because I did Self Assessment

I also do SA (which you can only do via GG, not Verify....), so may be that's the reason why we can only see/do certain things via Verify. Whatever, it's a mess.