Tax code change - incorrect savings info?

lizwy · 23 February 2025 at 11:03PM

I've had a tax code change due to information from my bank about interest on savings. The HMRC amount of interest listed is way more than what I've actually had, I've been through my account and it comes below my allowance.

How do I alter this? Is there somewhere I can see where they got their interest information from? I have a few different accounts with different banks, how can I see if one of them has given them incorrect info? Thanks.

Dazed_and_C0nfused · 23 February 2025 at 11:08PM

lizwy said:

I've had a tax code change due to information from my bank about interest on savings. The HMRC amount of interest listed is way more than what I've actually had, I've been through my account and it comes below my allowance.

How do I alter this? Is there somewhere I can see where they got their interest information from? I have a few different accounts with different banks, how can I see if one of them has given them incorrect info? Thanks.

The information currently being used for the current tax year (and next tax year) will be from 2023-24.

Are you saying that the deduction in your tax code is more than that? Or more than you expect to receive in 2024-25?

You can ask HMRC for details of each individual account they have information for for 2023-24.

And you can provide a more accurate amount by using your Personal Tax Account. Look for a confusingly named link called Add missing investment income.

It actually gives you other options!

lizwy · 24 February 2025 at 5:13AM

Thank you.

Is there a way I can just see what information they have had from the bank(s) about savings? If I have to ask for it, how do I do that?

I've just been PAYE all my life with no income except salary so I've no idea how to deal with any of this!

Dazed_and_C0nfused · 24 February 2025 at 7:39AM

lizwy said:

Thank you.

Is there a way I can just see what information they have had from the bank(s) about savings? If I have to ask for it, how do I do that?

I've just been PAYE all my life with no income except salary so I've no idea how to deal with any of this!

No, you can't see the individual account details online, just the total.

You have to call and ask for it.

flaneurs_lobster · 24 February 2025 at 8:25AM

Dazed_and_C0nfused said:

You have to call and ask for it.

Is that literally true? Or is there a way to request this online?

Dazed_and_C0nfused · 24 February 2025 at 8:53AM

flaneurs_lobster said:

Dazed_and_C0nfused said:

You have to call and ask for it.

Is that literally true? Or is there a way to request this online?

There is a way to tell them to use a different figure but I don't think there is a way to ask online for the breakdown.

Sarahspangles · 24 February 2025 at 9:01AM

I assume you could use the webchat but that’s no faster than the telephone lines.

SiliconChip · 24 February 2025 at 9:26AM

flaneurs_lobster said:

Dazed_and_C0nfused said:

You have to call and ask for it.

Is that literally true? Or is there a way to request this online?

It is literally true. I tried through webchat but the person who responded wasn't permitted to give me the breakdown even though she could see it on her screen as it wasn't her area of expertise so she felt she might have given me some incorrect data. Ringing up got through to the right person who was able to read out what was on the screen - it could also have been sent in a letter but that would have taken an extra 10 days.

Quite why the data can't be seen by the individual taxpayer through their personal tax account is another matter, and perhaps one that you might like to ask ML to look into on his ITV show.