HMRC Records of savings interest and self-assessment

intalex

Just to update, I did in the end invest time to compile all my 22/23 interest figures for my various accounts (30+) from various banks (20+) and was also lucky enough to get HMRC's itemised version of the figures from a patient and helpful agent I got through to.

My version had <£10k total interest and HMRC had a lower total. The agent suggested I complete a tax return anyway, which I did, and shortly thereafter I received a message "Stopping Self Assessment" in my HMRC online account.

From comparing the two lists, several figures from my version were missing in HMRC's list, and HMRC's list for me appeared to have some figures from tax year 21/22 down as 22/23.

Needless to say, my 23/24 interest list is already underway with all closed accounts' interest already added in. As an active dynamic saver, it is without a doubt a necessary schedule for me to update throughout the tax year.

Shylock_249

intalex said:

From comparing the two lists, several figures from my version were missing in HMRC's list, and HMRC's list for me appeared to have some figures from tax year 21/22 down as 22/23.

Needless to say, my 23/24 interest list is already underway with all closed accounts' interest already added in. As an active dynamic saver, it is without a doubt a necessary schedule for me to update throughout the tax year.

Good Post! Kudos to you!

Please:

How did you come to a conclusion with HMRC?  You knew you were right and they thought they were right.  Did they ask for evidence, ie, copies of statements showing dates interest was paid?  It must have been difficult.

As a matter of interest how do you keep a record of transactions from your 30 odd accounts?  We've got 23 but only 8 non ISA accounts in joint names (total cash 1.1 million of which 270k each is taxable) - (270k @ 6.0% will put us in the Self Assessment zone next year). George Osbourne thought he was doing me a favour but personally I'd rather have had all interest taxed, after all if I'm NOT mistaken, I'm only making an extra £200 a year in real terms, it would cost me 5 times more than that to hire an accountant.

I've started a spreadsheet in Excell with headings:  Date, Bank/BS, Acct No, Sort Code, Type (lone or joint), Remarks (like: Acct No changed to 123456 on maturity) and Amount.

Do you think I've missed anything?

I find it annoying that many Banks/BSs issue a new account number at the maturity.  I need to have eyes like an out-house-rat.  A few times I've phoned a BS and they ask for an account number and I've given the details of one which has been replaced.

intalex

Shylock_249 said:

How did you come to a conclusion with HMRC?  You knew you were right and they thought they were right.  Did they ask for evidence, ie, copies of statements showing dates interest was paid?  It must have been difficult.

As a matter of interest how do you keep a record of transactions from your 30 odd accounts?  We've got 23 but only 8 non ISA accounts in joint names (total cash 1.1 million of which 270k each is taxable) - (270k @ 6.0% will put us in the Self Assessment zone next year). George Osbourne thought he was doing me a favour but personally I'd rather have had all interest taxed, after all if I'm NOT mistaken, I'm only making an extra £200 a year in real terms, it would cost me 5 times more than that to hire an accountant.

I've started a spreadsheet in Excell with headings:  Date, Bank/BS, Acct No, Sort Code, Type (lone or joint), Remarks (like: Acct No changed to 123456 on maturity) and Amount.

Do you think I've missed anything?

I find it annoying that many Banks/BSs issue a new account number at the maturity.  I need to have eyes like an out-house-rat.  A few times I've phoned a BS and they ask for an account number and I've given the details of one which has been replaced.

There was no discussion with HMRC, I just noted down their list item by item plus the total they provided (as a control check) and only used it to make sure it didn't have something that I had missed. But on the self-assessment I used the total from my list which I was confident of.

I don't have a long ongoing list now, the earlier 30+/20+ was due to a lot of opening/closing/transferring with the rate volatility, now it's much more static with a few fixes and when I do close an account I just add its interest to it (the rest I'll wait for tax certificates). On my list each account/issue goes on a separate row to have clear distinction and avoid any confusion. Can't think of any fields you might be missing.