Raisin - Tax Certificate

ChilliBob

Guys, 
Any of you who use Raisin savings platform, can you find your consolidated tax certificate? - I've been clicking around on there for ages, to no avail. I remember similar faff last year but I can't remember the outcome!

Any help much appreciated.. it's stuff like this which makes me want to ditch Raisin! - The UI is naff!

subjecttocontract

There has been discussion on this point before. I seem to remember that Raisin don't issue certs/ inform HMRC of payments as they are an intermediary. The individual banks don't provide them either as they have limited information on savers. The answer appears to be keep your own detailed records of investments and interest payments.

ChilliBob

Hmm, I don't recall that last year but I shall have to look into my records. 

If that is the case then that's it for Raisin for me. HL active savings do provide one, and it's clear and easy to find. I think with the idea that these platforms are supposed to be less hassle, the situation you outline is clearly *more* hassle than even individual accounts! 

I'll see what I had last year. I just know they're glacially slow to respond to queries too! 

subjecttocontract

I don't find it's any hassle. I keep records, so I know my tax liability and those records are used to complete my tax return, job done. I never wait for or bother with tax certs. 

ChilliBob

Just found 'Meteor Statement 2022/23' in my messages, as I was about to send them one.

This contains what you need should anyone else be looking into it. Quite why it's called that is beyond me!

For me the whole appeal and point of these platforms is that you can chop and change as you wish and as often as you wish - knowing they deal with all the applications and record keeping essentially - then you don't have to. 

Essentially if I expect an individual bank to give me a ctc from a savings account I'd expect the same from a savings platform. Fortunately it seems they do, in some odd way.

I still vastly prefer HL, but I guess if you're chasing rates sometimes you need to use interfaces/etc that aren't to your liking!

wmb194

ChilliBob said:

Just found 'Meteor Statement 2022/23' in my messages, as I was about to send them one.

This contains what you need should anyone else be looking into it. Quite why it's called that is beyond me!

For me the whole appeal and point of these platforms is that you can chop and change as you wish and as often as you wish - knowing they deal with all the applications and record keeping essentially - then you don't have to. 

Essentially if I expect an individual bank to give me a ctc from a savings account I'd expect the same from a savings platform. Fortunately it seems they do, in some odd way.

I still vastly prefer HL, but I guess if you're chasing rates sometimes you need to use interfaces/etc that aren't to your liking!

"Meteor Asset Management provides third-party administrative services to Raisin UK."

https://meteoram.com/raisin-uk/

subjecttocontract

I have no experience with savings accounts thru HL, only Raisin. With Raisin there are no individual account numbers. My understanding is that HL doesn't send savings tax information to HMRC. Savings providers used through nominee accounts are not aware of the individuals who deposit. Perhaps that's why it's not called a tax certificate.
I can t see how it's possible for HMRC to hold accurate savings tax details for individuals given the above which leads me to conclude keeping your own detailed records is worthwhile.

Sea_Shell

We've been discussing this in another thread recently.

The non-reporting of interest by Raisin to HMRC is likely to catch out the unwary, as you'll need to make your own interest declaration... especially if you know that your interest is sufficient that it would become subject to tax.

Whether HMRC would ever catch up with you...🤔😇


But yes, that Meteor statement should give you the information you need.

ChilliBob

I just go on the assumption that HMRC knows all of it, much easier that way. The only niggles there really are multi year fixes which don't pay out until the term ends - as have been discussed on here round in circles!

From a techy perspective though, the UX of Raisin isn't very good, I mean, places like Interactive Investor, HL, Wealthify etc leave them standing! But hey ho! 

subjecttocontract

There seems to be a loophole that HMRC need to address. People who don't complete an SA and who place their savings through Raisin will likely pay far less tax than they should unless they voluntarily declare the interest payments from Raisin.

ChilliBob

subjecttocontract said:

There seems to be a loophole that HMRC need to address. People who don't complete an SA and who place their savings through Raisin will likely pay far less tax than they should unless they voluntarily declare the interest payments from Raisin.

You would be either foolish or misinformed to not declare it - if Raisin dint report to HMRC now there's nothing to say they won't start, and won't provide them with a nice history of data too.

I do feel there could be many people who perhaps don't realise they need to do something about it though - with such higher rates, many more will be pushed into the category of 'need to pay interest on savings'.

I know I need to, which is why I'm digging around. 

And yes, record keeping very much so - especially with some banks, if you close the account sometimes online access is closed off. I these cases you need to make sure you keep what data you need. I had that just today with Safron as it goes. I closed the account in mid 2022 so a couple of months of interest count towards the tax return I'm doing now. I knew this when i closed the account though - Safron confirmed I could still login and would be able to request, if desired, a ctc.

So yeah, you do have to be on the ball if you're chopping and changing.