HMRC Records of savings interest and self-assessment

Rheumatoid

Is it still possible to view what savings interest details HMRC hold? I can't find it anywhere.

Also, I now need to register for self-assessment. Do I need to enter all of my savings interest details or is it populated from their records and I just need to check?

Thanks

subjecttocontract

I've completed a self assessment every year for the last 20 years or so. My savings interest some years has been quite complex in that I've had interest from 15 or 20 providers but I just keep my own records and add it up and put a figure on the box on the SA form. HMRC have never asked me for anything other than that single figure. 

Zuzi

This may be a dumb question, but how do you know how much interest you earned, especially with multiple providers and moving savings around during the year?

[Deleted User]

Hi,

most providers give an annual interest statement at end of tax year, either paper or online.

wmb194

Zuzi said:

This may be a dumb question, but how do you know how much interest you earned, especially with multiple providers and moving savings around during the year?

Easy, you look at your statement and make a note of it. I use MS Money to keep track and produce reports for me.

eskbanker

Zuzi said:

This may be a dumb question, but how do you know how much interest you earned, especially with multiple providers and moving savings around during the year?

Just to be clear, you're taxed on the interest you're paid in a tax year, rather than necessarily what was earned, so if, for example, you have an account paying interest on maturity on 6 April, all of that interest falls into the new tax year even though it was mostly earned in the previous one.

Band7

subjecttocontract said:

I've completed a self assessment every year for the last 20 years or so. My savings interest some years has been quite complex in that I've had interest from 15 or 20 providers but I just keep my own records and add it up and put a figure on the box on the SA form. HMRC have never asked me for anything other than that single figure. 

Same for me.

coyrls

Rheumatoid said:

Is it still possible to view what savings interest details HMRC hold? I can't find it anywhere.

Also, I now need to register for self-assessment. Do I need to enter all of my savings interest details or is it populated from their records and I just need to check?

Thanks

In my experience, it is not pre-populated.  You don't need to enter all of your savings interest details, just the total interest received across all accounts.

Old_Slaphead

subjecttocontract said:

My savings interest some years has been quite complex in that I've had interest from 15 or 20 providers but I just keep my own records and add it up and put a figure on the box on the SA form. HMRC have never asked me for anything other than that single figure. 

In that case you're very lucky. I've been asked for a detailed breakdown a few time over past several years....and the HMRC have still managed to get the figures wrong !

Chloe_G

I'm going to need to fill one in now, next year.  Do you just register yourself or do they tell you to do it?  Also, do you then get the option of paying the tax in a lump sum rather than them changing my tax code and it being deducted from my salary?  Thanks.

FatherTireseus

Rheumatoid said:

Is it still possible to view what savings interest details HMRC hold? I can't find it anywhere.

Also, I now need to register for self-assessment. Do I need to enter all of my savings interest details or is it populated from their records and I just need to check?

Thanks

I've never seen it in my tax details.  Recently I tried to update my estimate of interest received for the year in my online tax account.   Given the recent increases in interest rates, my expected interest total for the year was going to be higher and I would prefer to pay tax due via my tax code each month rather than a lump sum after the end of the tax year.  Not very money saving I know as I could be earning more interest on the tax due by holding onto the money for longer but that's just me.

Anyway, a couple of weeks later I got a good old fashioned letter in the post saying they couldn't process my request as they needed details of all my savings accounts,  sort codes and account numbers to do that.  I could either write in with details (didn't fancy putting all my bank details into a letter) or call.   

I ended up calling, but luckily the person I spoke to said she would add my new expected interest total into my details against a 'dummy account '.  I did point out a lot of my savings are in fixed rate bonds which will mature after a year for the most part, so it's not like HMRC can assume the same details for subsequent years.  And I have quite a few different accounts so going through them all one by one would take ages.

Plus, I do hold a few savings products through Hargreaves Lansdown Active Savings and they don't give you an account number in any case.

All this is a long winded way of saying no, I've never seen details of savings interest in my tax account and if anything HMRC want me to tell them. It's a bit unusual though as I've managed to update estimates of interest received before now and they've just processed my new estimate without asking for details.