Tax code for interest

ChrisJD

I do not have to submit a tax return. My tax code is adjusted by HMRC to deal with my taxable interest, which comes from a number of different sources. They simply announce the total amount, and I have not found any way online to explore the details, or request this information. I am not claiming any errors, but would be more comfortable if I could check their working.
Any pointers?

eskbanker

You can see the total in your online tax account, but without a breakdown, for which you'd need to phone HMRC.  How does HMRC's figure compare with your own records?

ChrisJD

eskbanker said:

You can see the total in your online tax account, but without a breakdown, for which you'd need to phone HMRC.  How does HMRC's figure compare with your own records?

Their figure is the right order of magnitude. Despite the many spreadsheets I run, I haven't actually tabulated my interest, since, due to low rates, it was previously not a significant issue. I was hoping not to have to spend time on the phone.

eskbanker

ChrisJD said:

eskbanker said:

You can see the total in your online tax account, but without a breakdown, for which you'd need to phone HMRC.  How does HMRC's figure compare with your own records?

Their figure is the right order of magnitude. Despite the many spreadsheets I run, I haven't actually tabulated my interest, since, due to low rates, it was previously not a significant issue. I was hoping not to have to spend time on the phone.

You could always write to them by snail mail if you're that keen to avoid phoning, but there isn't an online equivalent....

Hoenir

ChrisJD said:

eskbanker said:

You can see the total in your online tax account, but without a breakdown, for which you'd need to phone HMRC.  How does HMRC's figure compare with your own records?

Their figure is the right order of magnitude. Despite the many spreadsheets I run, I haven't actually tabulated my interest, since, due to low rates, it was previously not a significant issue. I was hoping not to have to spend time on the phone.

Keeping ones own records is ultimately the easiest and quickest way of ensuring the figures are correct. 

LMS123

As I've stated in another thread, I was thinking the same and wanted to query my tax code as HMRC have applied  K code from April. 
After 45 mins waiting I finally spoke to a rather bored and unhelpful guy who only seemed to confirm the figures on my tax code notice. He said one of the figures was not up to date and then changed his mind and said it was so I lost a bit of faith. 
I gave up and spent a couple of hours trying to work out how they'd got to a K code but the guy I spoke to said that may be amended after April so I got a whisky and watched the golf!!
By the way, I was told he couldn't give a breakdown on the phone and I'd have to write to HMRC. As I say, the guy sounded uninterested. This was at 9am so goodness knows how he manages a full day!

Dazed_and_C0nfused

LMS123 said:

As I've stated in another thread, I was thinking the same and wanted to query my tax code as HMRC have applied  K code from April. 
After 45 mins waiting I finally spoke to a rather bored and unhelpful guy who only seemed to confirm the figures on my tax code notice. He said one of the figures was not up to date and then changed his mind and said it was so I lost a bit of faith. 
I gave up and spent a couple of hours trying to work out how they'd got to a K code but the guy I spoke to said that may be amended after April so I got a whisky and watched the golf!!
By the way, I was told he couldn't give a breakdown on the phone and I'd have to write to HMRC. As I say, the guy sounded uninterested. This was at 9am so goodness knows how he manages a full day!

If you post the breakdown of your tax code it should be relatively straightforward to explain.

And if you look at your VIew detailed Income Tax estimate in your Personal Tax Account I think that shows the total interest HMRC have used as an estimate when calculating the code.
NB.  It's just the total not a breakdown by individual bank account.

dcs34

And of course, since the information is reported to them individually by banking institution, there's no reason they couldn't include this information in the online portal, but they don't because that would be too helpful for law-abiding taxpayers...

Ringing them would be "quickest" but also a bit hit-and-miss; a letter is more reliable but takes longer.

eskbanker

dcs34 said:

And of course, since the information is reported to them individually by banking institution, there's no reason they couldn't include this information in the online portal, but they don't because that would be too helpful for law-abiding taxpayers...

They did provide a detailed online breakdown for a while but withdrew the facility - it's obviously unlikely to have been out of sheer cussedness and a desire to be unhelpful, but I don't think anyone knows the actual reason.

huw01

I couldn't reconcile the figure HMRC had against my tax account for untaxed interest of savings / investments against the tax certificates I had. So after phoning them up, they sent me a detailed breakdown in the post, it came about 10 days after my phone call to them. Turns out there was £2k interest from Tandem that hadn't been logged against me.

I phoned them with the details of this extra £2k interest which they took the sort code and account number of the account and said that they would update my details. This was about 3 weeks ago now and nothing has changed online the untaxed interest figure and thus my tax code is still incorrect. You try and be honest and contact them and it seems nothing happens.

I am not too bothered as my income for this year from employment and the interest is under the £12k personal allowance so I won't be paying tax and actually will have a tax refund of around £500 to come back after year end due to only working 2 months in April and May. 

Idiot_Savant

This is very interesting.  I am retired, take no pension and am living off savings. I have my money in various accounts earning interest. 

Can I then assume that HMRC know exactly how much tax I should be paying, because the financial institutions tell them how much I have earned in interest, and that there is no need for me to contact them. 

Also, I assume that joint accounts are split 50 50 with my wife when it comes to interest earned? TY