Savings interest on P800

RG2015
RG2015 Posts: 5,755
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I have just received my P800 for 2022/23 and this includes a figure for my savings interest. This differs from my own records but both are under £1,000 and therefore do not alter the amount of tax payable.

My concern though relates to this year when my savings interest will exceed £1,000. In twelve months time I may have to report a discrepancy to HMRC. 

Has anyone been in this situation and how did you report this to HMRC?

Did you give them a single figure or did you break it down by savings provider or by savings account and did you phone them or write to them?

Comments

  • RG2015 said:
    I have just received my P800 for 2022/23 and this includes a figure for my savings interest. This differs from my own records but both are under £1,000 and therefore do not alter the amount of tax payable.

    My concern though relates to this year when my savings interest will exceed £1,000. In twelve months time I may have to report a discrepancy to HMRC. 

    Has anyone been in this situation and how did you report this to HMRC?

    Did you give them a single figure or did you break it down by savings provider or by savings account and did you phone them or write to them?

    You will have to provide information for each account (not each provider).

    I'm not aware that you can't do this by phone.
  • RG2015
    RG2015 Posts: 5,755
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    RG2015 said:
    I have just received my P800 for 2022/23 and this includes a figure for my savings interest. This differs from my own records but both are under £1,000 and therefore do not alter the amount of tax payable.

    My concern though relates to this year when my savings interest will exceed £1,000. In twelve months time I may have to report a discrepancy to HMRC. 

    Has anyone been in this situation and how did you report this to HMRC?

    Did you give them a single figure or did you break it down by savings provider or by savings account and did you phone them or write to them?

    You will have to provide information for each account (not each provider).

    I'm not aware that you can't do this by phone.
    Thanks.

    The P800 says;

    "You must tell us if you think the information we hold is wrong or about any changes to your taxable income."

    It doesn't say that a full breakdown by savings account is required. Is this your personal experience of HMRC's actual requirement?

    Also, the HMRC website used to say that banks and building societies would report savings interest to HMRC. However, when I just looked I couldn't find any reference to savings providers submitting these figures to HMRC.

    Am I correct that HMRC no longer have this on their website?



  • RG2015 said:
    RG2015 said:
    I have just received my P800 for 2022/23 and this includes a figure for my savings interest. This differs from my own records but both are under £1,000 and therefore do not alter the amount of tax payable.

    My concern though relates to this year when my savings interest will exceed £1,000. In twelve months time I may have to report a discrepancy to HMRC. 

    Has anyone been in this situation and how did you report this to HMRC?

    Did you give them a single figure or did you break it down by savings provider or by savings account and did you phone them or write to them?

    You will have to provide information for each account (not each provider).

    I'm not aware that you can't do this by phone.
    Thanks.

    The P800 says;

    "You must tell us if you think the information we hold is wrong or about any changes to your taxable income."

    It doesn't say that a full breakdown by savings account is required. Is this your personal experience of HMRC's actual requirement?

    Also, the HMRC website used to say that banks and building societies would report savings interest to HMRC. However, when I just looked I couldn't find any reference to savings providers submitting these figures to HMRC.

    Am I correct that HMRC no longer have this on their website?




    Do you mean this?

    https://www.gov.uk/guidance/bank-and-building-society-interest-returns

    I've never had to query a P800 or PA302 and
    HMRC's manual isn't all publicly available but I'm pretty sure posters on the Savings & Investments board have said they have had to provide information at individual account level.

    https://www.gov.uk/hmrc-internal-manuals/paye-manual/paye130060

    https://www.gov.uk/hmrc-internal-manuals/paye-manual/paye130061

    https://www.gov.uk/hmrc-internal-manuals/paye-manual/paye130062

    https://www.gov.uk/hmrc-internal-manuals/paye-manual/paye130063




  • RG2015
    RG2015 Posts: 5,755
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    RG2015 said:
    RG2015 said:
    I have just received my P800 for 2022/23 and this includes a figure for my savings interest. This differs from my own records but both are under £1,000 and therefore do not alter the amount of tax payable.

    My concern though relates to this year when my savings interest will exceed £1,000. In twelve months time I may have to report a discrepancy to HMRC. 

    Has anyone been in this situation and how did you report this to HMRC?

    Did you give them a single figure or did you break it down by savings provider or by savings account and did you phone them or write to them?

    You will have to provide information for each account (not each provider).

    I'm not aware that you can't do this by phone.
    Thanks.

    The P800 says;

    "You must tell us if you think the information we hold is wrong or about any changes to your taxable income."

    It doesn't say that a full breakdown by savings account is required. Is this your personal experience of HMRC's actual requirement?

    Also, the HMRC website used to say that banks and building societies would report savings interest to HMRC. However, when I just looked I couldn't find any reference to savings providers submitting these figures to HMRC.

    Am I correct that HMRC no longer have this on their website?




    Do you mean this?

    https://www.gov.uk/guidance/bank-and-building-society-interest-returns

    I've never had to query a P800 or PA302 and
    HMRC's manual isn't all publicly available but I'm pretty sure posters on the Savings & Investments board have said they have had to provide information at individual account level.

    https://www.gov.uk/hmrc-internal-manuals/paye-manual/paye130060

    https://www.gov.uk/hmrc-internal-manuals/paye-manual/paye130061

    https://www.gov.uk/hmrc-internal-manuals/paye-manual/paye130062

    https://www.gov.uk/hmrc-internal-manuals/paye-manual/paye130063




    No. This is the business and industry page.

    The one I can no longer find was on the personal savings interest page.

    It said something like;

    Do I need to inform HMRC of my savings interest?

    No, the banks and building societies will inform HMRC of the actual savings interest paid.
  • RG2015
    RG2015 Posts: 5,755
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    I believe that this is the page.

    However, HMRC have deleted the paragraph where they said that you did not need to do anything because the banks and building societies would report this to HMRC.

    As It stands I cannot find any HMRC page that states this.
  • Dazed_and_C0nfused
    Dazed_and_C0nfused Posts: 12,754
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    edited 18 October 2023 at 3:26PM
    This covers some of your points, albeit a HMRC forum not gov.uk guidance.

    https://community.hmrc.gov.uk/customerforums/pt/f58be9bc-b471-ed11-97b0-00155d9c7b3d
  • Notepad_Phil
    Notepad_Phil Posts: 1,320
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    RG2015 said:
    I believe that this is the page.

    However, HMRC have deleted the paragraph where they said that you did not need to do anything because the banks and building societies would report this to HMRC.

    As It stands I cannot find any HMRC page that states this.
    Just looked and the https://www.gov.uk/apply-tax-free-interest-on-savings page does say

    If you’re not employed, do not get a pension or do not complete Self Assessment, your bank or building society will tell HMRC how much interest you received at the end of the year. HMRC will tell you if you need to pay tax and how to pay it.

    Which from memory is not that different (if at all) from what HMRC had on that or a similar page.
  • I wrote to HMRC in May 2023 and listed each account and the amount of untaxed interest paid in 2022/23. On Sept 26th HMRC sent me a P800 with a different total of untaxed interest paid! I wrote to them to ask for a full detailed list of their interest sources but of course no reply yet. I really want to know why my records don't tally with theirs. Since I can't use the telephone I may have a very long exchange of letters. I'm concerned that they may be using estimates or some other error. 

    BTW, HMRC sent me another P800 on Oct 16th with a total for the untaxed interest different to their first letter and different to my figures! Presumably some institution has reported interest late.
  • RG2015
    RG2015 Posts: 5,755
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    WM7Saver said:
    I wrote to HMRC in May 2023 and listed each account and the amount of untaxed interest paid in 2022/23. On Sept 26th HMRC sent me a P800 with a different total of untaxed interest paid! I wrote to them to ask for a full detailed list of their interest sources but of course no reply yet. I really want to know why my records don't tally with theirs. Since I can't use the telephone I may have a very long exchange of letters. I'm concerned that they may be using estimates or some other error. 

    BTW, HMRC sent me another P800 on Oct 16th with a total for the untaxed interest different to their first letter and different to my figures! Presumably some institution has reported interest late.
    I don't think they would be able to use estimates for a previous year's data.. They can only use the figures they are given. However, your assumption for the increase on Oct 16th sounds like the only explanation for that.

    It is unfortunate that you cannot speak with them on the telephone. It appears that your only option is to wait for their full detailed list.
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