Wrong savings interest on P800

PeskyBlunder

I received a P800 yesterday and the figure for "Untaxed Interest" was incorrect. I believe it is missing an interest payment from a Marcus savings account which would take me over the Personal Savings Allowance. Do I have to tell HMRC about this or should it get sorted out in due course? Is there a deadline for banks to inform HMRC of interest paid?

eskbanker

PeskyBlunder said:

Is there a deadline for banks to inform HMRC of interest paid?

End of June:

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

It's always the taxpayer's responsibility to ensure that the correct amount of tax is paid, so if you're aware of a mistake, the onus is on you to highlight it to them, as you would if it was to your disadvantage!

RG2015

I have also just received my P800 which show less interest than I have in my records. Fortunately both amounts are less the my PSA of £1,000. What I cannot see is which of my 31 savings accounts have been missed off.

It appears that it is more likely that accounts will be missed rather than the total interest being overstated by HMRC.

I guess that others will also be receiving their P800s about now and I was wondering how accurate these are.

It would be interesting to see other's experiences as I have already exceeded my £1,000 PSA this year and I would like to have an idea what to expect.

littlemissbossy

Hi
i’ve just received my P800 calculation. 

I had wrongly thought that a 2 year fixed bond would be reported at the end, my mistake. 

So this made the calculation correct. I’ve just paid it off in full rather than being naffed off every month next year at the extra tax deduction. 

molerat

There are a couple of long running threads on here around the taxation of multi year / cross tax year interest and it is pretty much down to when the bank report the interest.  A few arguments about which way is correct according to tax rules.