Do you keep track of your saving interest each finical year vs what tax you actually end up paying??

I do keep track on excel but I don't know what actually go on hmrc. 

I never know whether it is arrcaure or not. 

Can you ask hmrc for the list of all interest payment each FY?

I just get random letter each year from hmrc saying my tax code is amended and I take their word for it. 

Comments

  • Pkman said:
    I do keep track on excel but I don't know what actually go on hmrc. 

    I never know whether it is arrcaure or not. 

    Can you ask hmrc for the list of all interest payment each FY?

    I just get random letter each year from hmrc saying my tax code is amended and I take their word for it. 
    Yes. 

    But banks and building societies have until 30 June after the tax year ends to send the information and HMRC then have to match up all the data to each person's tax records so it would probably be prudent to leave it to the autumn before asking HMRC for the details otherwise you might not get the complete picture.
  • Pkman
    Pkman Posts: 67
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    I used to remmeber many years ago on the app it is shown on there. 

    Reason I remmeber as there was a interest on my excel as £957

    The app shown it as £95.70 so I saved a bit of tax there 
  • Albermarle
    Albermarle Posts: 21,185
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    Pkman said:
    I used to remmeber many years ago on the app it is shown on there. 

    Reason I remmeber as there was a interest on my excel as £957

    The app shown it as £95.70 so I saved a bit of tax there 
    It would be better if you could see the details on your personal tax account on line, but you can not.
  • HMRC are going to be much busier for tax year 2023 -2024 and possibly beyond, due to the large increase in interest rates and subsequent exceeding of personal savings allowances. As Albermarle states it would be better to see details online. Financial institutions vary on how easy it is to retrieve annual tax summaries and also when they are made available eg Marcus are easy and quick. I will be writing to HMRC for all interest payments.
  • I keep track and keep records throughout the year. At the end of the year I add up the savings interest and make a pretty accurate estimate of my tax bill. I check this against the amount HMRC request. It's always been within a £ or 2.
  • God, Yes.
    I will breach the 10k Limit and need to file a self assessment return.
    So my record will record ever Penny.
  • I found that my interest according to HMRC for 2022-23 was £1 below that I tracked on my spreadsheet.
    2021-22 according to HMRC was £4 below that calculated on my spreadsheet.
    Excellent result, as my spreadsheet interest is rounded to the nearest pound.
  • Qyburn
    Qyburn Posts: 2,082
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    I've done SA tax return for as long as I can remember so I'm used to keeping records of all interest received. HMRC have never questioned my figure, nor do I think there's been anywhere where I can see what figure they have in mind. 
  • xylophone
    xylophone Posts: 43,884
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    Do you keep track of your saving interest each finical year

    With close attention to detail? :)

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