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

RG2015

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 Of course it will be superseded when the final interest figures come in but it’s useful to get some idea of the procedures they use and to query at least one interest payment I didn’t get.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.

I got sick of waiting for the HMRC letter so I phoned them to get the details for 2020/2021. I was pleasantly surprised to find that these were all correct. 

However, until they receive figures from the banks, HMRC assume that the interest for previously reported accounts will continue at the same level. Hence the current year and following year could be based on out of date estimates.

Going forward, as soon as a bank reports for 2021/2022 for new accounts, this could be added to my 2021/2022 and 2022/2023 estimates.

At least I now have their starting point for 2021/2022 and 2022/2023.

caveman38

I still await a conclusion to 20/21 tax year. My online account states that all info from banks & BS are not complete. My 22/23 code is the same as 21/22. Should I contact them or be patient

Yorkshire_Pud

RG2015 said:

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.

I got sick of waiting for the HMRC letter so I phoned them to get the details for 2020/2021. I was pleasantly surprised to find that these were all correct. 

However, until they receive figures from the banks, HMRC assume that the interest for previously reported accounts will continue at the same level. Hence the current year and following year could be based on out of date estimates.

Going forward, as soon as a bank reports for 2021/2022 for new accounts, this could be added to my 2021/2022 and 2022/2023 estimates.

At least I now have their starting point for 2021/2022 and 2022/2023.

My second promised ‘complete’ list from HMRC has not been received either. Obviously couldn’t be bothered to do it. However I got the figures over the phone and will be superseded in next few months so won’t ask them again, but will when the relevant amounts are available for 21/22 tax year.

Yorkshire_Pud

caveman38 said:

I still await a conclusion to 20/21 tax year. My online account states that all info from banks & BS are not complete. My 22/23 code is the same as 21/22. Should I contact them or be patient

Make an online complaint then they might actually do something. It was simpler when we all paid tax on savings interest and could ask for rebates if overpaid. George Osborne.

Yorkshire_Pud

I check my online HMRC account occasionally. It’s still says “your 2021/2022 tax year has not been calculated yet”. Do not contact us. OK.

OK I will wait until who knows when with HMRC overcharging me tax. This year and last tax year.

Descrabled

My tax 2020/21 was not completed until Feb 2022. Ms Descrabled received a small refund for 2020/21 in March this year.  We are expecting similar results for 2021/22 in spring next year. We both pay some tax on our savings interest.

Yorkshire_Pud

That’s a long time, I suppose I shouldn’t be surprised. I had been told by HMRC that adjustment would be made around June, July this year once the interest received on savings had been received in April.

Dazed_and_C0nfused

Yorkshire_Pud said:

That’s a long time, I suppose I shouldn’t be surprised. I had been told by HMRC that adjustment would be made around June, July this year once the interest received on savings had been received in April.

No idea how they could possibly know interest details would be received in April when financial institutions have until 30 June to report them!

https://www.gov.uk/guidance/bank-and-building-society-interest-returns#making-a-bbsi-return

Yorkshire_Pud

Dazed_and_C0nfused said:

Yorkshire_Pud said:

That’s a long time, I suppose I shouldn’t be surprised. I had been told by HMRC that adjustment would be made around June, July this year once the interest received on savings had been received in April.

No idea how they could possibly know interest details would be received in April when financial institutions have until 30 June to report them!

https://www.gov.uk/guidance/bank-and-building-society-interest-returns#making-a-bbsi-return

ok I must have got that wrong. My comment still stands, it’s a long time if I have to wait until next year for a final calculation/awaiting my refund.

skitskut

The earliest mine has ever been finally calculated is October and the latest March so maybe a bit of a wait yet.