Still waiting to hear from HMRC

Dazed_and_C0nfused

SiliconChip said:

Mine finally arrived today, so presumably HMRC have received and reconciled interest payments from all of the banks that I had accounts with in 23/24 tax year. Their figure is about £120 more than what my records show (on a total of around £7K so not too far out). I expect the 24/25 calculation to be at least as complicated due to starting state pension in November 24.

I expect it can be found elsewhere on the board but to save a search does anyone know the process for requesting a breakdown of the interest figures that have been used by HMRC? Does it need a SAR or is there something less formal than that?

A phone call or webchat is all that is needed.

Someone did say they got an incomplete list but I presume that was because they had a lot of accounts!

SiliconChip

Dazed_and_C0nfused said:

SiliconChip said:

Mine finally arrived today, so presumably HMRC have received and reconciled interest payments from all of the banks that I had accounts with in 23/24 tax year. Their figure is about £120 more than what my records show (on a total of around £7K so not too far out). I expect the 24/25 calculation to be at least as complicated due to starting state pension in November 24.

I expect it can be found elsewhere on the board but to save a search does anyone know the process for requesting a breakdown of the interest figures that have been used by HMRC? Does it need a SAR or is there something less formal than that?

A phone call or webchat is all that is needed.

Someone did say they got an incomplete list but I presume that was because they had a lot of accounts!

Thanks, I'll give the webchat a try and I'll report back on how it goes.

poppystar

SiliconChip said:

I expect it can be found elsewhere on the board but to save a search does anyone know the process for requesting a breakdown of the interest figures that have been used by HMRC? Does it need a SAR or is there something less formal than that?

I contacted them by phone last year. On hold for quite a while and eventually got through about ten minutes before the lines closed. Despite that the woman I spoke to was very happy to go patiently through the quite long list on the phone so we were able to  highlight  where the discrepancy was. There were three, not all in the same direction, hence not immediately being able to identify where it lay. Very pleased with the service. 

SiliconChip

SiliconChip said:

Dazed_and_C0nfused said:

SiliconChip said:

Mine finally arrived today, so presumably HMRC have received and reconciled interest payments from all of the banks that I had accounts with in 23/24 tax year. Their figure is about £120 more than what my records show (on a total of around £7K so not too far out). I expect the 24/25 calculation to be at least as complicated due to starting state pension in November 24.

I expect it can be found elsewhere on the board but to save a search does anyone know the process for requesting a breakdown of the interest figures that have been used by HMRC? Does it need a SAR or is there something less formal than that?

A phone call or webchat is all that is needed.

Someone did say they got an incomplete list but I presume that was because they had a lot of accounts!

Thanks, I'll give the webchat a try and I'll report back on how it goes.

Webchat wasn't much help, the lady I got through to could only deal with Self Assessment queries, she could see PAYE data but wasn't trained to interpret it enough to give me the answers I was looking for. She recommended that I call instead.

As it happens I then rechecked my own figures and found that my spreadsheet had an incorrect formula that missed a couple of interest payments and in fact the HMRC total is £133 lower than my own revised records show, so I'm planning to say nothing, pay the extra tax that's already been assessed, and wait to see if they ever ask for the addition £26 that I think I may owe.

badmemory

Could that be interest paid that you cannot remove from the account so not included by the bank.  It appears some banks do that one way and others the other way

SiliconChip

badmemory said:

Could that be interest paid that you cannot remove from the account so not included by the bank.  It appears some banks do that one way and others the other way

It's possible but there's nothing obvious in my records to suggest any of the interest has been treated that way that I haven't already taken into account.

SiliconChip

SiliconChip said:

SiliconChip said:

Dazed_and_C0nfused said:

SiliconChip said:

Mine finally arrived today, so presumably HMRC have received and reconciled interest payments from all of the banks that I had accounts with in 23/24 tax year. Their figure is about £120 more than what my records show (on a total of around £7K so not too far out). I expect the 24/25 calculation to be at least as complicated due to starting state pension in November 24.

I expect it can be found elsewhere on the board but to save a search does anyone know the process for requesting a breakdown of the interest figures that have been used by HMRC? Does it need a SAR or is there something less formal than that?

A phone call or webchat is all that is needed.

Someone did say they got an incomplete list but I presume that was because they had a lot of accounts!

Thanks, I'll give the webchat a try and I'll report back on how it goes.

As it happens I then rechecked my own figures and found that my spreadsheet had an incorrect formula that missed a couple of interest payments and in fact the HMRC total is £133 lower than my own revised records show, so I'm planning to say nothing, pay the extra tax that's already been assessed, and wait to see if they ever ask for the addition £26 that I think I may owe.

I received my P800 letter today which confirmed the figures from the simple assessment and triggered me to call HMRC to get a breakdown of the savings interest figures. 

It took a while to get through to an advisor but once I did she was able to get up a list of the figures from various banks and building societies, which all matched to my records within a few pence except for one glaring exception: they had no submission at all for me from Chase. 

That means the total figure that HMRC have used is as I calculated £133 less than it should have been, so I've paid £26 less tax than I should have. The good news is that my own records are correct. The bad news is that I have to try to get Chase to submit the figures, I've messaged them but I'm still waiting for a reply.

DRS1

Couldn't you just have given her the correct figure for Chase?

SiliconChip

DRS1 said:

Couldn't you just have given her the correct figure for Chase?

I could, but why should I? It's Chase's job by law to submit the figures. And as the HMRC advisor said to me, if I provide a figure then Chase submit something different that could trigger yet another change in my assessment.

I did get a response from Chase, initially their advisor said they don't have to submit interest figures, but I challenged that. I had to leave the Chat session but I later sent a complaint by email, pointing them to government guidance (https://www.gov.uk/guidance/bank-and-building-society-interest-returns) and they responded quite quickly to say it's been escalated for investigation.

DRS1

Well it is your tax bill.  If you want to leave it to someone else to send in the figures then you need to be confident they will get it right (and it does not sound like you can rely on Chase to do that)