Updating untaxed interest on personal tax account

RG2015
RG2015 Posts: 5,755
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edited 29 November 2023 at 3:53PM in Cutting tax
My personal tax account is showing £763 as the estimate for untaxed interest for 2023/2024.

I have already exceeded my PSA of £1,000, so in early November I updated the figure on my online tax account. For about 3 weeks it was showing as in progress but is now showing as completed.

However the figure of £763 remains unchanged.

Has anyone else had any experience of successfully updating their untaxed interest figure online?

Comments

  • SiliconChip
    SiliconChip Posts: 1,262
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    I'm not sure why you are trying to update it now, your account providers will send their data to HMRC after the end of the current tax year and they will then update your tax account with what they have calculated is the correct figure - the only update you'd need to do is if you think that figure is wrong.
  • RG2015
    RG2015 Posts: 5,755
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    edited 29 November 2023 at 6:28PM
    I'm not sure why you are trying to update it now, your account providers will send their data to HMRC after the end of the current tax year and they will then update your tax account with what they have calculated is the correct figure - the only update you'd need to do is if you think that figure is wrong.

    I could have waited until they had the actual figures in October 2024 but chose to tell them now.

    I felt it was better to keep HMRC up to date but also wanted to see if their system worked.
  • RG2015
    RG2015 Posts: 5,755
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    HMRC have now adjusted the estimate for my untaxed interest received for 2023/2024.

    However instead of increasing it to the figure I gave them (>£1,000) they reduced it from £763 to £746, this being the figure they used on my P800 for 2022/2023.

    I like data to be accurate but it seems I am expecting too much of HMRC.
  • RG2015 said:
    HMRC have now adjusted the estimate for my untaxed interest received for 2023/2024.

    However instead of increasing it to the figure I gave them (>£1,000) they reduced it from £763 to £746, this being the figure they used on my P800 for 2022/2023.

    I like data to be accurate but it seems I am expecting too much of HMRC.
    I think you will find there is no connection with the two things.

    The £746 probably happened automatically whilst the info you supplied is waiting to be dealt with.
  • RG2015
    RG2015 Posts: 5,755
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    edited 12 December 2023 at 3:00PM
    RG2015 said:
    HMRC have now adjusted the estimate for my untaxed interest received for 2023/2024.

    However instead of increasing it to the figure I gave them (>£1,000) they reduced it from £763 to £746, this being the figure they used on my P800 for 2022/2023.

    I like data to be accurate but it seems I am expecting too much of HMRC.
    I think you will find there is no connection with the two things.

    The £746 probably happened automatically whilst the info you supplied is waiting to be dealt with.
    Yes, this sounds about right, although the progress on my submitted form showed as completed on 29 November.

    I would have expected this to indicate that it had been applied to my account on that date.

    I am not really that concerned but was interested to learn how well their systems worked.

    I am now beginning to feel guilty for unnecessarily wasting their time. I think that from now on I will just let HMRC do their thing.
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