Can I get a list of savings interest received from HMRC?

Yorkshire_Pud

On the Your Tax Code Notice I received from HMRC there is a figure under Less Taxed Interest which is an estimate using previous years savings interest and after they take in to account any Starter savings rate or Personal Savings Allowance.

I’d like to know the same itemised list that HMRC used. Has anyone managed to get this list from HMRC and if so how did you ask and how did HMRC convey or send it? Tried to phone today and after twenty minutes of my call allowance I abandoned the call.

As the interest amount is calculated using previous years amount, will HMRC automatically update/review it after the end of the relevant tax year when they get the actual interest figures for the year in in question or do I have to initiate/challenge it? With low interest rates of now, the higher rates of previous years will mean paying too much tax at least initially. Is it better not to fret and just wait until say July to clarify interest received for the 21/22 tax year as if HMRC do review the figure I’d be wasting my time trying to argue about the interest amount received, now?

Any help appreciated as I find it quite confusing.

RG2015

I have phoned HMRC and got a list sent to me. They can send actual figures, currently 20/21 or estimates for 21/22, which will also be used for 22/23.

They should update their estimates when they receive actual figures.

Dazed_and_C0nfused

Yorkshire_Pud said:

On the Your Tax Code Notice I received from HMRC there is a figure under Less Taxed Interest which is an estimate using previous years savings interest and after they take in to account any Starter savings rate or Personal Savings Allowance.

I’d like to know the same itemised list that HMRC used. Has anyone managed to get this list from HMRC and if so how did you ask and how did HMRC convey or send it? Tried to phone today and after twenty minutes of my call allowance I abandoned the call.

As the interest amount is calculated using previous years amount, will HMRC automatically update/review it after the end of the relevant tax year when they get the actual interest figures for the year in in question or do I have to initiate/challenge it? With low interest rates of now, the higher rates of previous years will mean paying too much tax at least initially. Is it better not to fret and just wait until say July to clarify interest received for the 21/22 tax year as if HMRC do review the figure I’d be wasting my time trying to argue about the interest amount received, now?

Any help appreciated as I find it quite confusing.

Yes, if you ask HMRC they will have to provide you with the details. 

And yes, they will review the position.

2021:22 will be reviewed in the summer after the banks supply the actual details for 2021:22 and if you have overpaid tax (or underpaid) HMRC will send you a calculation.  Small amounts owed are usually ignored.

Your tax code for 2022:23 should also be updated at the same time.

But irrespective of that 2022:23 will be reviewed in summer 2023.

https://www.gov.uk/tax-overpayments-and-underpayments

Personally I would just go with the flow and not interfere but if you believe you will be overpaying and don't want to wait for the normal timeline to be followed then you are perfectly entitled to have you tax code updated.  But you should expect HMRC to insist on an estimate for each individual bank account, not just a global figure.

Yorkshire_Pud

RG2015 said:

I have phoned HMRC and got a list sent to me. They can send actual figures, currently 20/21 or estimates for 21/22, which will also be used for 22/23.

They should update their estimates when they receive actual figures.

Thanks I will try again to get through. A few months back the person I spoke to was reticent to give much detail and told me a few token amounts but it was like getting blood out of a stone and showed no initiative to help me. Also didn’t give the total I realised afterwards. Just told me everything was correct.

Thrugelmir

Don't you record and check that the interest you are due gets paid/credited? 

Yorkshire_Pud

Dazed_and_C0nfused said:

Yorkshire_Pud said:

On the Your Tax Code Notice I received from HMRC there is a figure under Less Taxed Interest which is an estimate using previous years savings interest and after they take in to account any Starter savings rate or Personal Savings Allowance.

I’d like to know the same itemised list that HMRC used. Has anyone managed to get this list from HMRC and if so how did you ask and how did HMRC convey or send it? Tried to phone today and after twenty minutes of my call allowance I abandoned the call.

As the interest amount is calculated using previous years amount, will HMRC automatically update/review it after the end of the relevant tax year when they get the actual interest figures for the year in in question or do I have to initiate/challenge it? With low interest rates of now, the higher rates of previous years will mean paying too much tax at least initially. Is it better not to fret and just wait until say July to clarify interest received for the 21/22 tax year as if HMRC do review the figure I’d be wasting my time trying to argue about the interest amount received, now?

Any help appreciated as I find it quite confusing.

Yes, if you ask HMRC they will have to provide you with the details. 

And yes, they will review the position.

2021:22 will be reviewed in the summer after the banks supply the actual details for 2021:22 and if you have overpaid tax (or underpaid) HMRC will send you a calculation.  Small amounts owed are usually ignored.

Your tax code for 2022:23 should also be updated at the same time.

But irrespective of that 2022:23 will be reviewed in summer 2023.

https://www.gov.uk/tax-overpayments-and-underpayments

Personally I would just go with the flow and not interfere but if you believe you will be overpaying and don't want to wait for the normal timeline to be followed then you are perfectly entitled to have you tax code updated.  But you should expect HMRC to insist on an estimate for each individual bank account, not just a global figure.

Handy to know they review the amounts. I will ask for a list just because I suspect there might be an over estimate of interest paid. One time they added two years worth  together!
Im actually on a K tax code from April as my liability exceeds my income using the figures that will turn out to be too high (I hope!).

Wheres_My_Cashback

Yorkshire_Pud said:

RG2015 said:

I have phoned HMRC and got a list sent to me. They can send actual figures, currently 20/21 or estimates for 21/22, which will also be used for 22/23.

They should update their estimates when they receive actual figures.

Thanks I will try again to get through. A few months back the person I spoke to was reticent to give much detail and told me a few token amounts but it was like getting blood out of a stone and showed no initiative to help me. Also didn’t give the total I realised afterwards. Just told me everything was correct.

That's just because they're HMRC Civil Servants who always think they're right. I've received a few BBSI spreadsheets from them over the past few years when requesting even though some of them state it's not possible. You just have to give them a little re-education and then you get what you want, but currently I have a formal complaint being investigated due to them estimating interest for this tax year on accounts for which they have been told prviously have been closed for up to 2 years ago.

Yorkshire_Pud

Thrugelmir said:

Don't you record and check that the interest you are due gets paid/credited? 

At the time it’s paid yes but no list. Something I will start doing going forward. 

where_are_we

Thrugelmir said:

Don't you record and check that the interest you are due gets paid/credited? 

Yes - I keep a record of interest payments as they are paid. If you don`t, it is time consuming to compile interest amounts after the tax year in which they were paid. This is because some Banks and Building Societies make it easy to access these amounts, but some are not good and are tardy in updating the interest payments for the last tax year. Since 2016 the personal savings allowance has been £1000 for basic rate tax payers and in the first few years I obtained a detailed list of interest payments from HMRC and there were inaccuracies which I corrected. I have numerous regular savers that come and go and eventually, as my total actual interest each tax year was less than £1000, I have become lazy and just go with the annual interest HMRC declares even though it might not be completely accurate.

Thrugelmir

where_are_we said:

Thrugelmir said:

Don't you record and check that the interest you are due gets paid/credited? 

 This is because some Banks and Building Societies make it easy to access these amounts, but some are not good and are tardy in updating the interest payments for the last tax year.

Agree with you totally. Hence my question to the OP. HMRC aren't going to provide an administration service not what our tax paid is for. 

schiff

For the last two tax years I've submitted my return in mid-April and had a refund for each of the two years. The restriction for interest over £1000 was excessive. There were no questions asked, my global figure for interest (which is accurate) was accepted without a query.
Surprisingly (in view of the history) they formally notified me back in early 2021/22 that I need not submit further returns! But of course I'm not giving up my current year refund which will be around the £40-£60 mark, so will be submitting a return mid-April.
The restriction in next year's code is the same as it was for 2020/21 - which produced a refund. There's no logic in their actions.
I've never submitted a list nor asked for one. My affairs are straightforward - two Schedule E sources and the interest.