Unable to obtain BBSI figures from HMRC

dosh37

I have many savings accounts.

I frequently open and close accounts and move cash around to obtain the best interest rates.

That makes it very difficult to keep track of the interest despite using an Excel spreadsheet.

I need to complete a Self Assessment return for 2024/25.

I wrote to HMRC at the beginning of September asking for a BBSI statement to allow me to reconcile their figures with my own calculations.

The letter I received a few weeks later said this:

I am unable to provide you with the actual BBSI figures. This is because we have not yet received them.

Savings organisations are required to provide the figures to HMRC before the end of June.

HMRC could at least have been more helpful and offered to send the figures as soon as they become available.

What should I do now?

Wait a few weeks and write another letter to HMRC requesting the figures again?

If I still don't receive a statement, should I just guess the total interest and wait for HMRC to either send a bill or provide a refund if my calculations are wrong?

In the past I have found errors in the BBSI statement - they included interest that was actually received (and taxed) in the previous tax year.

wmb194

dosh37 said:

I have many savings accounts.

I frequently open and close accounts and move cash around to obtain the best interest rates.

That makes it very difficult to keep track of the interest despite using an Excel spreadsheet.

I need to complete a Self Assessment return for 2024/25.

I wrote to HMRC at the beginning of September asking for a BBSI statement to allow me to reconcile their figures with my own calculations.

The letter I received a few weeks later said this:

I am unable to provide you with the actual BBSI figures. This is because we have not yet received them.

Savings organisations are required to provide the figures to HMRC before the end of June.

HMRC could at least have been more helpful and offered to send the figures as soon as they become available.

What should I do now?

Wait a few weeks and write another letter to HMRC requesting the figures again?

If I still don't receive a statement, should I just guess the total interest and wait for HMRC to either send a bill or provide a refund if my calculations are wrong?

In the past I have found errors in the BBSI statement - they included interest that was actually received (and taxed) in the previous tax year.

In April you had a similar thread. From that one, "Please don't bother to reply telling me it's 'my responsibility to keep track of savings interest.'"

I hate to say it but you should just work through all your statements and add it up yourself. You say you want to reconcile your numbers with what's been submitted to HMRC but how can you do this if you haven't done the work yourself?

https://forums.moneysavingexpert.com/discussion/6600854/file-your-self-assessment-return/p1

born_again

There is also the issue that not all reports from banks etc are in a format HMRC can read or have the info to tie to a individual.

Sorry but expecting HMRC to remember to send figures in you, really is something they are never going to do. Costs & all that. They are not there to do you job for you. 

dosh37

wmb194 said:

dosh37 said:

I have many savings accounts.

I frequently open and close accounts and move cash around to obtain the best interest rates.

That makes it very difficult to keep track of the interest despite using an Excel spreadsheet.

I need to complete a Self Assessment return for 2024/25.

I wrote to HMRC at the beginning of September asking for a BBSI statement to allow me to reconcile their figures with my own calculations.

The letter I received a few weeks later said this:

I am unable to provide you with the actual BBSI figures. This is because we have not yet received them.

Savings organisations are required to provide the figures to HMRC before the end of June.

HMRC could at least have been more helpful and offered to send the figures as soon as they become available.

What should I do now?

Wait a few weeks and write another letter to HMRC requesting the figures again?

If I still don't receive a statement, should I just guess the total interest and wait for HMRC to either send a bill or provide a refund if my calculations are wrong?

In the past I have found errors in the BBSI statement - they included interest that was actually received (and taxed) in the previous tax year.

In April you had a similar thread. From that one, "Please don't bother to reply telling me it's 'my responsibility to keep track of savings interest.'"

I hate to say it but you should just work through all your statements and add it up yourself. You say you want to reconcile your numbers with what's been submitted to HMRC but how can you do this if you haven't done the work yourself?

https://forums.moneysavingexpert.com/discussion/6600854/file-your-self-assessment-return/p1

I have done the work myself. The Excel spreadsheet gives me a total of all the interest received.

However I am not an accountant or an Excel expert. I am a pensioner, over 70 with poor eyesight.

There is a high probability of error. I know this because I have discovered errors in the past with missing accounts or errors as to when interest is actually available to be withdrawn for accounts that last longer than one year etc.

That's why I need the BBSI figures so I can double check.

The problem is made worse because many online savings organisations do not allow customers to view statements for closed accounts or even to login once all accounts are closed.

Years ago you received a certificate of interest through the post. That is no longer the case.

In my view, HMRC should make BBSI information available on their website.

dosh37

born_again said:

There is also the issue that not all reports from banks etc are in a format HMRC can read or have the info to tie to a individual.

Sorry but expecting HMRC to remember to send figures in you, really is something they are never going to do. Costs & all that. They are not there to do you job for you. 

In that case I could get away with declaring a lower interest figure. It would make the BBSI system pointless.

My guess is that HMRC only bother to check if the interest figure differs considerably from the previous tax year. Maybe I should simply submit the same number?

Middle_of_the_Road

dosh37 said:

wmb194 said:

dosh37 said:

I have many savings accounts.

I frequently open and close accounts and move cash around to obtain the best interest rates.

That makes it very difficult to keep track of the interest despite using an Excel spreadsheet.

I need to complete a Self Assessment return for 2024/25.

I wrote to HMRC at the beginning of September asking for a BBSI statement to allow me to reconcile their figures with my own calculations.

The letter I received a few weeks later said this:

I am unable to provide you with the actual BBSI figures. This is because we have not yet received them.

Savings organisations are required to provide the figures to HMRC before the end of June.

HMRC could at least have been more helpful and offered to send the figures as soon as they become available.

What should I do now?

Wait a few weeks and write another letter to HMRC requesting the figures again?

If I still don't receive a statement, should I just guess the total interest and wait for HMRC to either send a bill or provide a refund if my calculations are wrong?

In the past I have found errors in the BBSI statement - they included interest that was actually received (and taxed) in the previous tax year.

In April you had a similar thread. From that one, "Please don't bother to reply telling me it's 'my responsibility to keep track of savings interest.'"

I hate to say it but you should just work through all your statements and add it up yourself. You say you want to reconcile your numbers with what's been submitted to HMRC but how can you do this if you haven't done the work yourself?

https://forums.moneysavingexpert.com/discussion/6600854/file-your-self-assessment-return/p1

I have done the work myself. The Excel spreadsheet gives me a total of all the interest received.

However I am not an accountant or an Excel expert. I am a pensioner, over 70 with poor eyesight.

There is a high probability of error. I know this because I have discovered errors in the past with missing accounts or errors as to when interest is actually available to be withdrawn for accounts that last longer than one year etc.
That's why I need the BBSI figures so I can double check.
There is also a high likelihood of errors with their figures, as has been mentioned on here before.

The problem is made worse because many online savings organisations do not allow customers to view statements for closed accounts or even to login once all accounts are closed.

This is why I don't usually close dormant accounts. 

Years ago you received a certificate of interest through the post. That is no longer the case.

In my view, HMRC should make BBSI information available on their website.
Whilst this might be perceived as useful, it still couldn't be relied upon to be accurate.

See my above comments in bold.

InvesterJones

You should submit the correct number. Anything else is fraud. You don't need to get the full breakdown from HMRC to see if their number matches yours, however I can understand your wish to get reassurance that you've not missed something. I agree it'd be nice to get the breakdown, but I believe this can be requested over the phone so you can check while the advisor is talking to you - but again just like you can make mistakes, the information provided from BBSIs may not be complete so it's not really a good check on your workings.

BreakingGlass

dosh37 said:

born_again said:

There is also the issue that not all reports from banks etc are in a format HMRC can read or have the info to tie to a individual.

Sorry but expecting HMRC to remember to send figures in you, really is something they are never going to do. Costs & all that. They are not there to do you job for you. 

In that case I could get away with declaring a lower interest figure. It would make the BBSI system pointless.

My guess is that HMRC only bother to check if the interest figure differs considerably from the previous tax year. Maybe I should simply submit the same number?

For Tax Year 23/24 I completed self-assessment and declared £18k interest based upon my detailed records and statements.  Out of curiosity I recently requested a BBSI for the same tax year; it showed a total of £13k interest had been reported by the Banks and Building Societies.

By your reckoning I could have asked for a BBSI prior to submitting my Tax Return, and then declared £5k less interest.  But to do so would clearly have been fraudulent.

You really shouldn't need the BBSI figures to 'double check' your own.  Declare your interest totals to the best of your abilities, or employ an accountant if you don't trust yourself.  Apparently about a third of tax returns contain errors, but if you spot the errors yourself later you can always correct a tax return within 12 months of the self-assessment deadline.

BreakingGlass

Further to the above, there are a couple of other options that will simplify your finances such that you can comply with HMRC requirements and avoid fraud:

Option 1:  Move all your savings to an NS&I Direct Saver where it is safe (even if over £85k) and you only have one interest figure to report (albeit at a lower interest rate than available elsewhere).

Option 2:  Consider moving your money to a savings platform such as Flagstone or Hargreaves Lansdown Active Savings.  You can then still hold your savings in a number of different accounts, despite their rates often being slightly lower than those available directly.  I understand that these platforms then provide a consolidated interest statement at the end of each tax year, hence just one simple figure for you to report to HMRC.

Albermarle

However I am not an accountant or an Excel expert. I am a pensioner, over 70 with poor eyesight.

I frequently open and close accounts and move cash around to obtain the best interest rates.

That makes it very difficult to keep track of the interest despite using an Excel spreadsheet.

Although maybe a not very MSE comment, have you ever worked out how much extra interest you gain each year by being so active in changing accounts, and then compared that to all the hassle involved ( like dealing with HMRC).
Have you ever questioned whether it is worth it or not? Do you actually need that extra few quid?

Middle_of_the_Road

BreakingGlass said:

Further to the above, there are a couple of other options that will simplify your finances such that you can comply with HMRC requirements and avoid fraud:

Option 1:  Move all your savings to an NS&I Direct Saver where it is safe (even if over £85k) and you only have one interest figure to report (albeit at a lower interest rate than available elsewhere).

Option 2:  Consider moving your money to a savings platform such as Flagstone or Hargreaves Lansdown Active Savings.  You can then still hold your savings in a number of different accounts, despite their rates often being slightly lower than those available directly.  I understand that these platforms then provide a consolidated interest statement at the end of each tax year, hence just one simple figure for you to report to HMRC.

It's not clear if all of these platforms do send these statements.