HMRC over estimate of untaxed interest

RG2015

mpet said:

Update - again thank you for your help - I managed to navigate and update the relevant incorrect estimates. 

However, I noticed I apparently owe tax from 23/24 due to untaxed interest (never received any notification of this). The interest figure they have is nowhere near mine. There is nowhere to amend this, so I had to call them - 80minutes to get through! They are going to send me their breakdown and have advised I will have so submit my evidence if I want to dispute it - I’m guessing this will not be a quick process!

I got my 23/24 tax calculation recently in an online message as I went paperless a few months ago. In my personal tax account online I clicked on messages and there was a link to my full 23/24 calculation. This included details of my untaxed interest and how much I owed them.

I did get an email advising me of this otherwise I would never have looked there.

If you have bank statements you should be able to provide evidence of your figures. If they have interest you do not recognise you may need to get them to provide evidence.

SiliconChip

RG2015 said:

mpet said:

Update - again thank you for your help - I managed to navigate and update the relevant incorrect estimates. 

However, I noticed I apparently owe tax from 23/24 due to untaxed interest (never received any notification of this). The interest figure they have is nowhere near mine. There is nowhere to amend this, so I had to call them - 80minutes to get through! They are going to send me their breakdown and have advised I will have so submit my evidence if I want to dispute it - I’m guessing this will not be a quick process!

This included details of my untaxed interest and how much I owed them.

Do you mean that you could see the breakdown of interest paid by each bank/building society/other? Because I had no such breakdown in my online data, I had to ring them up and they went through the list on the phone while I checked off each one against my own records (the alternative was to send me the list by post, but that would have taken at least 10 days). 

As it turns out the total was less than it should have been as for some reason Chase had not submitted any figures to HMRC, although I don't know if that was just for me or for everyone. I'm waiting for them to respond to my complaint now.

RG2015

SiliconChip said:

RG2015 said:

mpet said:

Update - again thank you for your help - I managed to navigate and update the relevant incorrect estimates. 

However, I noticed I apparently owe tax from 23/24 due to untaxed interest (never received any notification of this). The interest figure they have is nowhere near mine. There is nowhere to amend this, so I had to call them - 80minutes to get through! They are going to send me their breakdown and have advised I will have so submit my evidence if I want to dispute it - I’m guessing this will not be a quick process!

This included details of my untaxed interest and how much I owed them.

Do you mean that you could see the breakdown of interest paid by each bank/building society/other? Because I had no such breakdown in my online data, I had to ring them up and they went through the list on the phone while I checked off each one against my own records (the alternative was to send me the list by post, but that would have taken at least 10 days). 

As it turns out the total was less than it should have been as for some reason Chase had not submitted any figures to HMRC, although I don't know if that was just for me or for everyone. I'm waiting for them to respond to my complaint now.

Sorry, my use of the word “details” was misleading. There was no breakdown, just a single figure for untaxed interest.

SiliconChip

SiliconChip said:

RG2015 said:

mpet said:

Update - again thank you for your help - I managed to navigate and update the relevant incorrect estimates. 

However, I noticed I apparently owe tax from 23/24 due to untaxed interest (never received any notification of this). The interest figure they have is nowhere near mine. There is nowhere to amend this, so I had to call them - 80minutes to get through! They are going to send me their breakdown and have advised I will have so submit my evidence if I want to dispute it - I’m guessing this will not be a quick process!

This included details of my untaxed interest and how much I owed them.

Do you mean that you could see the breakdown of interest paid by each bank/building society/other? Because I had no such breakdown in my online data, I had to ring them up and they went through the list on the phone while I checked off each one against my own records (the alternative was to send me the list by post, but that would have taken at least 10 days). 

As it turns out the total was less than it should have been as for some reason Chase had not submitted any figures to HMRC, although I don't know if that was just for me or for everyone. I'm waiting for them to respond to my complaint now.

In case anyone has been waiting with bated breath for an update on this, here's the latest.

Chase responded to my complaint after a few weeks (well within the 8 weeks) to confirm that they did submit the figures to HMRC, providing me with the annual interest statements and crediting me with a £50 goodwill payment. Unfortunately what they gave me didn't shed any light on whether the fault lay with Chase or HMRC, so I submitted a SAR (or a Right to Access Request as they refer to it) for the actual data that they submitted to HMRC.

That took a couple of weeks but today they gave me access to a Secure Content Delivery website which allowed me to download a spreadsheet with two rows, one for each of the accounts that interest had been paid on. That revealed that my National Insurance Number was missing from both records, which is presumably why HMRC were unable to allocate it to my tax record.

It's a while since I opened my first Chase account so I can't remember whether it required my NINO (anyone who has opened one recently may know) but I would have thought it would be needed, so I've asked Chase to extablish whether they ever had it or if they never asked for it, so that they can resubmit my data to HMRC for 2023/4 and also ensure it's there for the 2024/5 submission, and future years.

I've no idea whether it's an isolated incident that only affects me or if it's more widespread affecting some or all Chase customers. If anyone else has asked HMRC for a breakdown of 2023/4 interest that should include Chase it might be helpful to know if it was present or not.

Dazed_and_C0nfused

SiliconChip said:

SiliconChip said:

RG2015 said:

mpet said:

Update - again thank you for your help - I managed to navigate and update the relevant incorrect estimates. 

However, I noticed I apparently owe tax from 23/24 due to untaxed interest (never received any notification of this). The interest figure they have is nowhere near mine. There is nowhere to amend this, so I had to call them - 80minutes to get through! They are going to send me their breakdown and have advised I will have so submit my evidence if I want to dispute it - I’m guessing this will not be a quick process!

This included details of my untaxed interest and how much I owed them.

Do you mean that you could see the breakdown of interest paid by each bank/building society/other? Because I had no such breakdown in my online data, I had to ring them up and they went through the list on the phone while I checked off each one against my own records (the alternative was to send me the list by post, but that would have taken at least 10 days). 

As it turns out the total was less than it should have been as for some reason Chase had not submitted any figures to HMRC, although I don't know if that was just for me or for everyone. I'm waiting for them to respond to my complaint now.

In case anyone has been waiting with bated breath for an update on this, here's the latest.

Chase responded to my complaint after a few weeks (well within the 8 weeks) to confirm that they did submit the figures to HMRC, providing me with the annual interest statements and crediting me with a £50 goodwill payment. Unfortunately what they gave me didn't shed any light on whether the fault lay with Chase or HMRC, so I submitted a SAR (or a Right to Access Request as they refer to it) for the actual data that they submitted to HMRC.

That took a couple of weeks but today they gave me access to a Secure Content Delivery website which allowed me to download a spreadsheet with two rows, one for each of the accounts that interest had been paid on. That revealed that my National Insurance Number was missing from both records, which is presumably why HMRC were unable to allocate it to my tax record.

It's a while since I opened my first Chase account so I can't remember whether it required my NINO (anyone who has opened one recently may know) but I would have thought it would be needed, so I've asked Chase to extablish whether they ever had it or if they never asked for it, so that they can resubmit my data to HMRC for 2023/4 and also ensure it's there for the 2024/5 submission, and future years.

I've no idea whether it's an isolated incident that only affects me or if it's more widespread affecting some or all Chase customers. If anyone else has asked HMRC for a breakdown of 2023/4 interest that should include Chase it might be helpful to know if it was present or not.

I don't believe there is a requirement for a bank or building society to obtain your National Insurance number unless you are opening an ISA.

SiliconChip

Dazed_and_C0nfused said:

SiliconChip said:

SiliconChip said:

RG2015 said:

mpet said:

Update - again thank you for your help - I managed to navigate and update the relevant incorrect estimates. 

However, I noticed I apparently owe tax from 23/24 due to untaxed interest (never received any notification of this). The interest figure they have is nowhere near mine. There is nowhere to amend this, so I had to call them - 80minutes to get through! They are going to send me their breakdown and have advised I will have so submit my evidence if I want to dispute it - I’m guessing this will not be a quick process!

This included details of my untaxed interest and how much I owed them.

Do you mean that you could see the breakdown of interest paid by each bank/building society/other? Because I had no such breakdown in my online data, I had to ring them up and they went through the list on the phone while I checked off each one against my own records (the alternative was to send me the list by post, but that would have taken at least 10 days). 

As it turns out the total was less than it should have been as for some reason Chase had not submitted any figures to HMRC, although I don't know if that was just for me or for everyone. I'm waiting for them to respond to my complaint now.

In case anyone has been waiting with bated breath for an update on this, here's the latest.

Chase responded to my complaint after a few weeks (well within the 8 weeks) to confirm that they did submit the figures to HMRC, providing me with the annual interest statements and crediting me with a £50 goodwill payment. Unfortunately what they gave me didn't shed any light on whether the fault lay with Chase or HMRC, so I submitted a SAR (or a Right to Access Request as they refer to it) for the actual data that they submitted to HMRC.

That took a couple of weeks but today they gave me access to a Secure Content Delivery website which allowed me to download a spreadsheet with two rows, one for each of the accounts that interest had been paid on. That revealed that my National Insurance Number was missing from both records, which is presumably why HMRC were unable to allocate it to my tax record.

It's a while since I opened my first Chase account so I can't remember whether it required my NINO (anyone who has opened one recently may know) but I would have thought it would be needed, so I've asked Chase to extablish whether they ever had it or if they never asked for it, so that they can resubmit my data to HMRC for 2023/4 and also ensure it's there for the 2024/5 submission, and future years.

I've no idea whether it's an isolated incident that only affects me or if it's more widespread affecting some or all Chase customers. If anyone else has asked HMRC for a breakdown of 2023/4 interest that should include Chase it might be helpful to know if it was present or not.

I don't believe there is a requirement for a bank or building society to obtain your National Insurance number unless you are opening an ISA.

You might well be right, but given that since the change so that any account paying interest has to be reported to HMRC you might have thought that NINO would be part of what HMRC require the bank to submit as that's really the only thing that individually identifies a taxpayer. And clearly it is one of the items that Chase expect to submit as it's one of the fields in the subnmission record, so it would surely make sense for them to ask for it. Anyway, we'll see what they say when they respond to my email, and I'm also planning to call HMRC to ask them how they can allocate a submission without a NINO (on a day when I'm able to phone before 8am).

TheSpectator

SiliconChip said:

Dazed_and_C0nfused said:

SiliconChip said:

SiliconChip said:

RG2015 said:

mpet said:

Update - again thank you for your help - I managed to navigate and update the relevant incorrect estimates. 

However, I noticed I apparently owe tax from 23/24 due to untaxed interest (never received any notification of this). The interest figure they have is nowhere near mine. There is nowhere to amend this, so I had to call them - 80minutes to get through! They are going to send me their breakdown and have advised I will have so submit my evidence if I want to dispute it - I’m guessing this will not be a quick process!

This included details of my untaxed interest and how much I owed them.

Do you mean that you could see the breakdown of interest paid by each bank/building society/other? Because I had no such breakdown in my online data, I had to ring them up and they went through the list on the phone while I checked off each one against my own records (the alternative was to send me the list by post, but that would have taken at least 10 days). 

As it turns out the total was less than it should have been as for some reason Chase had not submitted any figures to HMRC, although I don't know if that was just for me or for everyone. I'm waiting for them to respond to my complaint now.

In case anyone has been waiting with bated breath for an update on this, here's the latest.

Chase responded to my complaint after a few weeks (well within the 8 weeks) to confirm that they did submit the figures to HMRC, providing me with the annual interest statements and crediting me with a £50 goodwill payment. Unfortunately what they gave me didn't shed any light on whether the fault lay with Chase or HMRC, so I submitted a SAR (or a Right to Access Request as they refer to it) for the actual data that they submitted to HMRC.

That took a couple of weeks but today they gave me access to a Secure Content Delivery website which allowed me to download a spreadsheet with two rows, one for each of the accounts that interest had been paid on. That revealed that my National Insurance Number was missing from both records, which is presumably why HMRC were unable to allocate it to my tax record.

It's a while since I opened my first Chase account so I can't remember whether it required my NINO (anyone who has opened one recently may know) but I would have thought it would be needed, so I've asked Chase to extablish whether they ever had it or if they never asked for it, so that they can resubmit my data to HMRC for 2023/4 and also ensure it's there for the 2024/5 submission, and future years.

I've no idea whether it's an isolated incident that only affects me or if it's more widespread affecting some or all Chase customers. If anyone else has asked HMRC for a breakdown of 2023/4 interest that should include Chase it might be helpful to know if it was present or not.

I don't believe there is a requirement for a bank or building society to obtain your National Insurance number unless you are opening an ISA.

You might well be right, but given that since the change so that any account paying interest has to be reported to HMRC you might have thought that NINO would be part of what HMRC require the bank to submit as that's really the only thing that individually identifies a taxpayer. And clearly it is one of the items that Chase expect to submit as it's one of the fields in the subnmission record, so it would surely make sense for them to ask for it. Anyway, we'll see what they say when they respond to my email, and I'm also planning to call HMRC to ask them how they can allocate a submission without a NINO (on a day when I'm able to phone before 8am).

And how do banks know their customers NINO if it's not part of the application process - with the exception of ISA's I doubt they could even ask for it as they do not need it to provide a bank account.

Interest reports to HMRC will not include your NINO and the accuracy of what is included in your tax calculation is dependant on HMRC matching the data provided to your tax record, which will not always be 100% accurate. So your berating of Chase is probably unjustified on this occasion.

sheramber

SiliconChip said:

Dazed_and_C0nfused said:

SiliconChip said:

SiliconChip said:

RG2015 said:

mpet said:

Update - again thank you for your help - I managed to navigate and update the relevant incorrect estimates. 

However, I noticed I apparently owe tax from 23/24 due to untaxed interest (never received any notification of this). The interest figure they have is nowhere near mine. There is nowhere to amend this, so I had to call them - 80minutes to get through! They are going to send me their breakdown and have advised I will have so submit my evidence if I want to dispute it - I’m guessing this will not be a quick process!

This included details of my untaxed interest and how much I owed them.

Do you mean that you could see the breakdown of interest paid by each bank/building society/other? Because I had no such breakdown in my online data, I had to ring them up and they went through the list on the phone while I checked off each one against my own records (the alternative was to send me the list by post, but that would have taken at least 10 days). 

As it turns out the total was less than it should have been as for some reason Chase had not submitted any figures to HMRC, although I don't know if that was just for me or for everyone. I'm waiting for them to respond to my complaint now.

In case anyone has been waiting with bated breath for an update on this, here's the latest.

Chase responded to my complaint after a few weeks (well within the 8 weeks) to confirm that they did submit the figures to HMRC, providing me with the annual interest statements and crediting me with a £50 goodwill payment. Unfortunately what they gave me didn't shed any light on whether the fault lay with Chase or HMRC, so I submitted a SAR (or a Right to Access Request as they refer to it) for the actual data that they submitted to HMRC.

That took a couple of weeks but today they gave me access to a Secure Content Delivery website which allowed me to download a spreadsheet with two rows, one for each of the accounts that interest had been paid on. That revealed that my National Insurance Number was missing from both records, which is presumably why HMRC were unable to allocate it to my tax record.

It's a while since I opened my first Chase account so I can't remember whether it required my NINO (anyone who has opened one recently may know) but I would have thought it would be needed, so I've asked Chase to extablish whether they ever had it or if they never asked for it, so that they can resubmit my data to HMRC for 2023/4 and also ensure it's there for the 2024/5 submission, and future years.

I've no idea whether it's an isolated incident that only affects me or if it's more widespread affecting some or all Chase customers. If anyone else has asked HMRC for a breakdown of 2023/4 interest that should include Chase it might be helpful to know if it was present or not.

I don't believe there is a requirement for a bank or building society to obtain your National Insurance number unless you are opening an ISA.

You might well be right, but given that since the change so that any account paying interest has to be reported to HMRC you might have thought that NINO would be part of what HMRC require the bank to submit as that's really the only thing that individually identifies a taxpayer. And clearly it is one of the items that Chase expect to submit as it's one of the fields in the subnmission record, so it would surely make sense for them to ask for it. Anyway, we'll see what they say when they respond to my email, and I'm also planning to call HMRC to ask them how they can allocate a submission without a NINO (on a day when I'm able to phone before 8am).

They enter your name and address into their computer and look for a hit. 

RG2015

sheramber said:

SiliconChip said:

Dazed_and_C0nfused said:

SiliconChip said:

SiliconChip said:

RG2015 said:

mpet said:

Update - again thank you for your help - I managed to navigate and update the relevant incorrect estimates. 

However, I noticed I apparently owe tax from 23/24 due to untaxed interest (never received any notification of this). The interest figure they have is nowhere near mine. There is nowhere to amend this, so I had to call them - 80minutes to get through! They are going to send me their breakdown and have advised I will have so submit my evidence if I want to dispute it - I’m guessing this will not be a quick process!

This included details of my untaxed interest and how much I owed them.

Do you mean that you could see the breakdown of interest paid by each bank/building society/other? Because I had no such breakdown in my online data, I had to ring them up and they went through the list on the phone while I checked off each one against my own records (the alternative was to send me the list by post, but that would have taken at least 10 days). 

As it turns out the total was less than it should have been as for some reason Chase had not submitted any figures to HMRC, although I don't know if that was just for me or for everyone. I'm waiting for them to respond to my complaint now.

In case anyone has been waiting with bated breath for an update on this, here's the latest.

Chase responded to my complaint after a few weeks (well within the 8 weeks) to confirm that they did submit the figures to HMRC, providing me with the annual interest statements and crediting me with a £50 goodwill payment. Unfortunately what they gave me didn't shed any light on whether the fault lay with Chase or HMRC, so I submitted a SAR (or a Right to Access Request as they refer to it) for the actual data that they submitted to HMRC.

That took a couple of weeks but today they gave me access to a Secure Content Delivery website which allowed me to download a spreadsheet with two rows, one for each of the accounts that interest had been paid on. That revealed that my National Insurance Number was missing from both records, which is presumably why HMRC were unable to allocate it to my tax record.

It's a while since I opened my first Chase account so I can't remember whether it required my NINO (anyone who has opened one recently may know) but I would have thought it would be needed, so I've asked Chase to extablish whether they ever had it or if they never asked for it, so that they can resubmit my data to HMRC for 2023/4 and also ensure it's there for the 2024/5 submission, and future years.

I've no idea whether it's an isolated incident that only affects me or if it's more widespread affecting some or all Chase customers. If anyone else has asked HMRC for a breakdown of 2023/4 interest that should include Chase it might be helpful to know if it was present or not.

I don't believe there is a requirement for a bank or building society to obtain your National Insurance number unless you are opening an ISA.

You might well be right, but given that since the change so that any account paying interest has to be reported to HMRC you might have thought that NINO would be part of what HMRC require the bank to submit as that's really the only thing that individually identifies a taxpayer. And clearly it is one of the items that Chase expect to submit as it's one of the fields in the subnmission record, so it would surely make sense for them to ask for it. Anyway, we'll see what they say when they respond to my email, and I'm also planning to call HMRC to ask them how they can allocate a submission without a NINO (on a day when I'm able to phone before 8am).

They enter your name and address into their computer and look for a hit. 

Wouldn’t Data Protection preclude them from using it, or from it being revealed?

mybestattempt

TheSpectator said:

SiliconChip said:

Dazed_and_C0nfused said:

SiliconChip said:

SiliconChip said:

RG2015 said:

mpet said:

Update - again thank you for your help - I managed to navigate and update the relevant incorrect estimates. 

However, I noticed I apparently owe tax from 23/24 due to untaxed interest (never received any notification of this). The interest figure they have is nowhere near mine. There is nowhere to amend this, so I had to call them - 80minutes to get through! They are going to send me their breakdown and have advised I will have so submit my evidence if I want to dispute it - I’m guessing this will not be a quick process!

This included details of my untaxed interest and how much I owed them.

Do you mean that you could see the breakdown of interest paid by each bank/building society/other? Because I had no such breakdown in my online data, I had to ring them up and they went through the list on the phone while I checked off each one against my own records (the alternative was to send me the list by post, but that would have taken at least 10 days). 

As it turns out the total was less than it should have been as for some reason Chase had not submitted any figures to HMRC, although I don't know if that was just for me or for everyone. I'm waiting for them to respond to my complaint now.

In case anyone has been waiting with bated breath for an update on this, here's the latest.

Chase responded to my complaint after a few weeks (well within the 8 weeks) to confirm that they did submit the figures to HMRC, providing me with the annual interest statements and crediting me with a £50 goodwill payment. Unfortunately what they gave me didn't shed any light on whether the fault lay with Chase or HMRC, so I submitted a SAR (or a Right to Access Request as they refer to it) for the actual data that they submitted to HMRC.

That took a couple of weeks but today they gave me access to a Secure Content Delivery website which allowed me to download a spreadsheet with two rows, one for each of the accounts that interest had been paid on. That revealed that my National Insurance Number was missing from both records, which is presumably why HMRC were unable to allocate it to my tax record.

It's a while since I opened my first Chase account so I can't remember whether it required my NINO (anyone who has opened one recently may know) but I would have thought it would be needed, so I've asked Chase to extablish whether they ever had it or if they never asked for it, so that they can resubmit my data to HMRC for 2023/4 and also ensure it's there for the 2024/5 submission, and future years.

I've no idea whether it's an isolated incident that only affects me or if it's more widespread affecting some or all Chase customers. If anyone else has asked HMRC for a breakdown of 2023/4 interest that should include Chase it might be helpful to know if it was present or not.

I don't believe there is a requirement for a bank or building society to obtain your National Insurance number unless you are opening an ISA.

You might well be right, but given that since the change so that any account paying interest has to be reported to HMRC you might have thought that NINO would be part of what HMRC require the bank to submit as that's really the only thing that individually identifies a taxpayer. And clearly it is one of the items that Chase expect to submit as it's one of the fields in the subnmission record, so it would surely make sense for them to ask for it. Anyway, we'll see what they say when they respond to my email, and I'm also planning to call HMRC to ask them how they can allocate a submission without a NINO (on a day when I'm able to phone before 8am).

And how do banks know their customers NINO if it's not part of the application process - with the exception of ISA's I doubt they could even ask for it as they do not need it to provide a bank account.

Interest reports to HMRC will not include your NINO and the accuracy of what is included in your tax calculation is dependant on HMRC matching the data provided to your tax record, which will not always be 100% accurate. So your berating of Chase is probably unjustified on this occasion.

My understanding is that banks (as financial institutions) are required by to have a tax identification number for all account holders including both UK customers and those resident in other jurisdictions.

For UK residents the tax identification number is the NINO.

I think the relevant regulations were introduced some years ago and obtaining a customer's NINO is part of the due diligence checks a bank should carry out when opening any account.

(There maybe other posters who can provide more specifics about this while I do some research).

I also believe HMRC specify what information/details banks (and other financial institutions) must include in the returns they must make to HMRC about interest bearing accounts.

It makes sense for HMRC to require a bank to include the account holder's NINO so the details can be matched the tax record.

Given the volume of information the banks need to provide to HMRC  it seems inevitable the banks will make some errors or omissions.