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

Yorkshire_Pud

I’ve contacted HMRC and they will send a list of interest received within 10 working days for 2020/21 tax year.
Now one figure of £480 interest from BOS baffles me as apart from possibly a monthly saver £32 I can’t think of how that figure accrued! I used to have three vantage accounts paying £150 a year but they cut the 3% interest in 2017 and further cut to 1% in 2019 so no way could I have that amount of interest from them! Maybe they roll it up each year.

So can I tell HMRC I disagree or do I have to approach BOS and ask them to tell me how this interest was arrived at and if wrong does BOS have to tell HMRC or do I?

Thrugelmir

Yorkshire_Pud said:

So can I tell HMRC I disagree or do I have to approach BOS and ask them to tell me how this interest was arrived at and if wrong does BOS have to tell HMRC or do I?

Complile your own list from your statements. 

RG2015

Yorkshire_Pud said:

I’ve contacted HMRC and they will send a list of interest received within 10 working days for 2020/21 tax year.
Now one figure of £480 interest from BOS baffles me as apart from possibly a monthly saver £32 I can’t think of how that figure accrued! I used to have three vantage accounts paying £150 a year but they cut the 3% interest in 2017 and further cut to 1% in 2019 so no way could I have that amount of interest from them! Maybe they roll it up each year.

So can I tell HMRC I disagree or do I have to approach BOS and ask them to tell me how this interest was arrived at and if wrong does BOS have to tell HMRC or do I?

They carry forward old closed account interest and add new notifications from banks and building societies. HMRC had three years worth of RS interest for me in one year even though you can only open one in any one year.

HMRC IT programmers do not require common sense.

Yorkshire_Pud

RG2015 said:

Yorkshire_Pud said:

I’ve contacted HMRC and they will send a list of interest received within 10 working days for 2020/21 tax year.
Now one figure of £480 interest from BOS baffles me as apart from possibly a monthly saver £32 I can’t think of how that figure accrued! I used to have three vantage accounts paying £150 a year but they cut the 3% interest in 2017 and further cut to 1% in 2019 so no way could I have that amount of interest from them! Maybe they roll it up each year.

So can I tell HMRC I disagree or do I have to approach BOS and ask them to tell me how this interest was arrived at and if wrong does BOS have to tell HMRC or do I?

They carry forward old closed account interest and add new notifications from banks and building societies. HMRC had three years worth of RS interest for me in one year even though you can only open one in any one year.

HMRC IT programmers do not require common sense.

That means interest accrued multiplies itself every year instead of being ‘reset’ by using one years interest!? I know that hasn’t happened generally but maybe on one or two accounts like BOS it has.

RG2015

Yorkshire_Pud said:

RG2015 said:

Yorkshire_Pud said:

I’ve contacted HMRC and they will send a list of interest received within 10 working days for 2020/21 tax year.
Now one figure of £480 interest from BOS baffles me as apart from possibly a monthly saver £32 I can’t think of how that figure accrued! I used to have three vantage accounts paying £150 a year but they cut the 3% interest in 2017 and further cut to 1% in 2019 so no way could I have that amount of interest from them! Maybe they roll it up each year.

So can I tell HMRC I disagree or do I have to approach BOS and ask them to tell me how this interest was arrived at and if wrong does BOS have to tell HMRC or do I?

They carry forward old closed account interest and add new notifications from banks and building societies. HMRC had three years worth of RS interest for me in one year even though you can only open one in any one year.

HMRC IT programmers do not require common sense.

That means interest accrued multiplies itself every year instead of being ‘reset’ by using one years interest!? I know that hasn’t happened generally but maybe on one or two accounts like BOS it has.

I think they only use this for current and future years' estimates. Once the actual figures are received the old data is deleted.

Therefore, the best data to ask for is the most recent closed year, currently 2020/2021. This is what I agreed with the HMRC telephone agent, and what you have stated for yourself. 

Notepad_Phil

RG2015 said:

HMRC IT programmers do not require common sense.

As an ex-IT programmer myself in my youth, I'd say it's not just restricted to HMRC. 

Yorkshire_Pud

RG2015 said:

Yorkshire_Pud said:

RG2015 said:

Yorkshire_Pud said:

I’ve contacted HMRC and they will send a list of interest received within 10 working days for 2020/21 tax year.
Now one figure of £480 interest from BOS baffles me as apart from possibly a monthly saver £32 I can’t think of how that figure accrued! I used to have three vantage accounts paying £150 a year but they cut the 3% interest in 2017 and further cut to 1% in 2019 so no way could I have that amount of interest from them! Maybe they roll it up each year.

So can I tell HMRC I disagree or do I have to approach BOS and ask them to tell me how this interest was arrived at and if wrong does BOS have to tell HMRC or do I?

They carry forward old closed account interest and add new notifications from banks and building societies. HMRC had three years worth of RS interest for me in one year even though you can only open one in any one year.

HMRC IT programmers do not require common sense.

That means interest accrued multiplies itself every year instead of being ‘reset’ by using one years interest!? I know that hasn’t happened generally but maybe on one or two accounts like BOS it has.

I think they only use this for current and future years' estimates. Once the actual figures are received the old data is deleted.

Therefore, the best data to ask for is the most recent closed year, currently 2020/2021. This is what I agreed with the HMRC telephone agent, and what you have stated for yourself. 

Received the list today the total of their claimed ‘full’ list is nearly £700 short of the ‘total’ figure they give in the same letter! Perhaps there’s a page 2 they forgot, either way I have to go through their laborious phone AI procedure yet again just to get what was promised in the first place. It’s like having to do everything with scraps of right/wrong information with no overall clarity. Of course it will be superseded when the final interest figures come in but it’s useful to get some idea of the procedures they use and to query at least one interest payment I didn’t get.

RG2015

Yorkshire_Pud said:

RG2015 said:

Yorkshire_Pud said:

RG2015 said:

Yorkshire_Pud said:

I’ve contacted HMRC and they will send a list of interest received within 10 working days for 2020/21 tax year.
Now one figure of £480 interest from BOS baffles me as apart from possibly a monthly saver £32 I can’t think of how that figure accrued! I used to have three vantage accounts paying £150 a year but they cut the 3% interest in 2017 and further cut to 1% in 2019 so no way could I have that amount of interest from them! Maybe they roll it up each year.

So can I tell HMRC I disagree or do I have to approach BOS and ask them to tell me how this interest was arrived at and if wrong does BOS have to tell HMRC or do I?

They carry forward old closed account interest and add new notifications from banks and building societies. HMRC had three years worth of RS interest for me in one year even though you can only open one in any one year.

HMRC IT programmers do not require common sense.

That means interest accrued multiplies itself every year instead of being ‘reset’ by using one years interest!? I know that hasn’t happened generally but maybe on one or two accounts like BOS it has.

I think they only use this for current and future years' estimates. Once the actual figures are received the old data is deleted.

Therefore, the best data to ask for is the most recent closed year, currently 2020/2021. This is what I agreed with the HMRC telephone agent, and what you have stated for yourself. 

Received the list today the total of their claimed ‘full’ list is nearly £700 short of the ‘total’ figure they give in the same letter! Perhaps there’s a page 2 they forgot, either way I have to go through their laborious phone AI procedure yet again just to get what was promised in the first place. It’s like having to do everything with scraps of right/wrong information with no overall clarity. Of course it will be superseded when the final interest figures come in but it’s useful to get some idea of the procedures they use and to query at least one interest payment I didn’t get.

The list I got two years ago was printed on both sides of the sheet. Just a thought.

PS I am now on my 9th working day and still waiting for my list from HMRC.

Yorkshire_Pud

RG2015 said:

Yorkshire_Pud said:

RG2015 said:

Yorkshire_Pud said:

RG2015 said:

Yorkshire_Pud said:

I’ve contacted HMRC and they will send a list of interest received within 10 working days for 2020/21 tax year.
Now one figure of £480 interest from BOS baffles me as apart from possibly a monthly saver £32 I can’t think of how that figure accrued! I used to have three vantage accounts paying £150 a year but they cut the 3% interest in 2017 and further cut to 1% in 2019 so no way could I have that amount of interest from them! Maybe they roll it up each year.

So can I tell HMRC I disagree or do I have to approach BOS and ask them to tell me how this interest was arrived at and if wrong does BOS have to tell HMRC or do I?

They carry forward old closed account interest and add new notifications from banks and building societies. HMRC had three years worth of RS interest for me in one year even though you can only open one in any one year.

HMRC IT programmers do not require common sense.

That means interest accrued multiplies itself every year instead of being ‘reset’ by using one years interest!? I know that hasn’t happened generally but maybe on one or two accounts like BOS it has.

I think they only use this for current and future years' estimates. Once the actual figures are received the old data is deleted.

Therefore, the best data to ask for is the most recent closed year, currently 2020/2021. This is what I agreed with the HMRC telephone agent, and what you have stated for yourself. 

Received the list today the total of their claimed ‘full’ list is nearly £700 short of the ‘total’ figure they give in the same letter! Perhaps there’s a page 2 they forgot, either way I have to go through their laborious phone AI procedure yet again just to get what was promised in the first place. It’s like having to do everything with scraps of right/wrong information with no overall clarity. Of course it will be superseded when the final interest figures come in but it’s useful to get some idea of the procedures they use and to query at least one interest payment I didn’t get.

The list I got two years ago was printed on both sides of the sheet. Just a thought.

PS I am now on my 9th working day and still waiting for my list from HMRC.

Only listed on one side unfortunately I did check. Took them two working days! I know it’s a cropped list because way back in January I got some figures over the phone for other banks not on this list.

Yorkshire_Pud

Yorkshire_Pud said:

RG2015 said:

Yorkshire_Pud said:

RG2015 said:

Yorkshire_Pud said:

I’ve contacted HMRC and they will send a list of interest received within 10 working days for 2020/21 tax year.
Now one figure of £480 interest from BOS baffles me as apart from possibly a monthly saver £32 I can’t think of how that figure accrued! I used to have three vantage accounts paying £150 a year but they cut the 3% interest in 2017 and further cut to 1% in 2019 so no way could I have that amount of interest from them! Maybe they roll it up each year.

So can I tell HMRC I disagree or do I have to approach BOS and ask them to tell me how this interest was arrived at and if wrong does BOS have to tell HMRC or do I?

They carry forward old closed account interest and add new notifications from banks and building societies. HMRC had three years worth of RS interest for me in one year even though you can only open one in any one year.

HMRC IT programmers do not require common sense.

That means interest accrued multiplies itself every year instead of being ‘reset’ by using one years interest!? I know that hasn’t happened generally but maybe on one or two accounts like BOS it has.

I think they only use this for current and future years' estimates. Once the actual figures are received the old data is deleted.

Therefore, the best data to ask for is the most recent closed year, currently 2020/2021. This is what I agreed with the HMRC telephone agent, and what you have stated for yourself. 

Received the list today the total of their claimed ‘full’ list is nearly £700 short of the ‘total’ figure they give in the same letter! Perhaps there’s a page 2 they forgot, either way I have to go through their laborious phone AI procedure yet again just to get what was promised in the first place. It’s like having to do everything with scraps of right/wrong information with no overall clarity. Of course it will be superseded when the final interest figures come in but it’s useful to get some idea of the procedures they use and to query at least one interest payment I didn’t get.

I phoned again and yes the list I was sent was short, by 40 entries, many were pence. Upon adding the interest for these it accounts for the £700 ‘shortfall’. Full list to come. The ‘ BOS’ interest of about £450 I now believe was a Birmingham Midshires Bond as they come under BOS ownership so that must be the source.

So it looks like I received more interest than I at first thought in 2020/21 and it is largely correct plus it will be revised (downwards by a lot!) when the 2021/22 figures are in. I also realise having fifty interest paying accounts is too much and need to drastically cut down for my own sanity and simplifying my tax affairs going forwards (which I have been doing tbh). We couldn’t help laughing as the advisor read out each payment, tsb, tsb,tsb, Clydesdale, tsb etc etc.

I don’t mind being wrong but I like to understand the process 😊