Tax on Interest - asking HMRC where the interest earnings come from...

Tom_Bradbury

HMRC has changed my tax code so they can recover the tax on my interest earnings, however, I can't reconcile what they reckon I earned in interest to my own records of interest statements I got from the bank and savings accounts for tax year 2022/23.  I'm fairly dogmatic on making sure I get and keep my interest certificates.  Are HMRC obliged to tell me how they calculated the amount of interest I earned so I can see where the extra amount comes from if I contact them?  

Why they can't just make the information more transparent on my tax account when I log in I don't know.

eskbanker

Yes, they're obliged to share this information with you on request - IIRC they did try making it available directly via the online portal but without lasting success.

Dazed_and_C0nfused

Tom_Bradbury said:

HMRC has changed my tax code so they can recover the tax on my interest earnings, however, I can't reconcile what they reckon I earned in interest to my own records of interest statements I got from the bank and savings accounts for tax year 2022/23.  I'm fairly dogmatic on making sure I get and keep my interest certificates.  Are HMRC obliged to tell me how they calculated the amount of interest I earned so I can see where the extra amount comes from if I contact them?  

Why they can't just make the information more transparent on my tax account when I log in I don't know.

The deduction in your tax code usually won't correspond to the gross interest figure itself.

And I suspect HMRC could now be starting to use the interest reported for 2023-24 as new estimates for 2024-25 tax codes.

If you contact them (webchat might be easiest if they still use it) then they will send you details of the interest details held. 

Hoenir

Would be helpfull if you returned to previous threads rather create a new one for every question you have. Otherwise the conversation becomes somewhat disjointed and goes back over old ground.