Taxable Savings error

F1SennaFanh

Just received my tax code for 2025/26. HMRC say I had £200 more than I can find in my records.
It may be my records at fault but how can I get details from HMRC on the interest that has been reported to them by my banks & Building Societies

eskbanker

F1SennaFanh said:

Just received my tax code for 2025/26. HMRC say I had £200 more than I can find in my records.
It may be my records at fault but how can I get details from HMRC on the interest that has been reported to them by my banks & Building Societies

You'd need to phone them, or write to them, for that - it's not available online.

Hoenir

F1SennaFanh said:

Just received my tax code for 2025/26. HMRC say I had £200 more than I can find in my records.

Is this an adjustment for 24/25 or a liability for 24/25 plus an estimate of the liability for 25/26? 

Have you checked your online personal tax account? 

Sarahspangles

F1SennaFanh said:

Just received my tax code for 2025/26. HMRC say I had £200 more than I can find in my records.
It may be my records at fault but how can I get details from HMRC on the interest that has been reported to them by my banks & Building Societies

If it’s £100 from a previous year and £100 estimated for current year then a common one to have missed is Nationwide Fairer Shares - this is reported as interest.

badmemory

Also to check.  The few banks that obey the strict reporting rules.  Of my 3 banks the only one reporting interest totally correctly is NS&I.  If you have a 2 year fix for example they are only supposed to report the interest when you can access it - at the end of the fix.  2 of my banks report that annually the NS&I report it at the end of the 2 years as they should.  If you ring HMRC they will tell you which account & how much interest they have recorded.

Rusty190

badmemory said:

Also to check.  The few banks that obey the strict reporting rules.  Of my 3 banks the only one reporting interest totally correctly is NS&I.  If you have a 2 year fix for example they are only supposed to report the interest when you can access it - at the end of the fix.  2 of my banks report that annually the NS&I report it at the end of the 2 years as they should.  If you ring HMRC they will tell you which account & how much interest they have recorded.

My understanding from what I've read - and I am a complete and utter novice with this stuff - is, if you have a 2 year fix and the interest is credited to the account annually, it is taxable for that year, if you can access it, even if you have to pay a penalty to gain access.

It is not taxable until the end of the fix if early access is not allowed and the money can only be accessed at maturity. 

Is my understanding correct or not? 

Sarahspangles

Rusty190 said:

badmemory said:

Also to check.  The few banks that obey the strict reporting rules.  Of my 3 banks the only one reporting interest totally correctly is NS&I.  If you have a 2 year fix for example they are only supposed to report the interest when you can access it - at the end of the fix.  2 of my banks report that annually the NS&I report it at the end of the 2 years as they should.  If you ring HMRC they will tell you which account & how much interest they have recorded.

My understanding from what I've read - and I am a complete and utter novice with this stuff - is, if you have a 2 year fix and the interest is credited to the account annually, it is taxable for that year, if you can access it, even if you have to pay a penalty to gain access.

It is not taxable until the end of the fix if early access is not allowed and the money can only be accessed at maturity. 

Is my understanding correct or not? 

That’s the HMRC position, but from what people report here it seems that some banks and building societies do act as if the interest is paid annually even in your second scenario. That is to helpful for some savers who have not realised that they will pay more tax by receiving their interest in one go. But you can always ask HMRC to defer when you check your tax position at year end.