HMRC full TAX Calculation breakdown from HMRC?

James_Bond_007

Hi,

I am working and have savings (that earn interest) all in UK.

HMRS are automatically sent gross information, form my banks and Building societies, as to how much profit/interest I have earnt on my savings and earnings.

With this information HMRS calculate how much TAX I need to pay and obtains this by adjusting my TAX allowance.

Is is possible to obtain a full breakdown from HMRC (so that I can see which building society has declared what interest I have gained) of how my TAX was calculated?

Thanks for reading.

Dazed_and_C0nfused

Yes.  Just ask them. 

NB.  It doesn't seem to be available online for you to look at

howryoo

Interesting.  Didn't realise you could request a full list of interest declared to HMRC by banking organisations against your record.

It's a shame it's not available to view online.

If I missed something out on my return, I'd assume they'll get in touch once the 12 months to amend has lapsed after the relative tax year?

Dazed_and_C0nfused

howryoo said:

Interesting.  Didn't realise you could request a full list of interest declared to HMRC by banking organisations against your record.

It's a shame it's not available to view online.

If I missed something out on my return, I'd assume they'll get in touch once the 12 months to amend has lapsed after the relative tax year?

I think they're more likely to query it within 12 months of the filing date.

https://www.gov.uk/hmrc-internal-manuals/self-assessment-manual/sam31020

howryoo

Dazed_and_C0nfused said:

howryoo said:

Interesting.  Didn't realise you could request a full list of interest declared to HMRC by banking organisations against your record.

It's a shame it's not available to view online.

If I missed something out on my return, I'd assume they'll get in touch once the 12 months to amend has lapsed after the relative tax year?

I think they're more likely to query it within 12 months of the filing date.

https://www.gov.uk/hmrc-internal-manuals/self-assessment-manual/sam31020

Strange - they haven't been in touch, hence I'd amended as soon as I discovered my omission. 

The reason I assumed after 12 months is maybe HMRC sees whether or not you take action unprompted, giving you the opportunity to amend without incurring penalties.

But I suppose if you didn't know you omitted something, you're none the wiser?

It would definitely be good if HMRC could include a list of interest declared by banks etc. for a tax year so you have something to could reconcile against?