Unable to obtain BBSI figures from HMRC

BreakingGlass

Middle_of_the_Road said:

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.

From HL's website:

• What tax information will be provided?

  As part of your April bi-annual statement, we will send you a consolidated tax schedule which summarises all the interest you have received in the previous tax year from the products held in your Active Savings Account along with all your other holdings within Hargreaves Lansdown accounts. You are responsible for submitting this to HMRC with your tax return.

But I'm not sure about Flagstone - Gemini search suggests they do, but I'll check with my sister as she has her savings with them.

DRS1

HMRC very kindly send me simple assessments each year for the last 7 years telling me I have not paid tax on my savings interest.  This annoys the hell out of me because I do self assessment but there you go.  One year it was very useful because I had missed the interest on a closed account which did not appear on Nationwide's list of interest received for that tax year.

Anyway the point of the story is
first I don't get the simple assessments until November or December in the year so presumably it takes them until later in the year to make sense of all the returns they get from the banks.
second when I have checked the detailed figures there have been several where I have needed to correct the HMRC figures (usually because they have carried over the previous year's figures) so I wouldn't want to rely on their figures as being accurate.  Yes they can tell you if you have missed something but that should be it.

wmb194

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.

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.

It tested doing that but there were so many errors it stopped. I recently read that HMRC only has something like an 80% confidence in these data and not all providers report e.g., stockbrokers and intermediaries like Raisin. It's working on improving the reporting but it might take years.

In the meantime you just report the figures you believe to be correct.

If keeping track is causing you anxiety I'd look at simplifying your arrangements.

You should be able to ask providers for tax certificates and statements for closed accounts but there are often other ways to impute the interest earned e.g., if you know you deposited £5k and received £5.2k back to your current account £200 then is likely interest.

fuzzzzy

BreakingGlass said:

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.

I don't think there is anything wrong with 'double checking ' your figures with HMRC. I have a lot of accounts and find it reassuring to check to make sure I have not missed something. I usually telephone them sometime in November, first thing on a morning to get straight through. In my experience if total interest figures are not the same most call handlers are very helpful and willing to go through the figures account by account until the discrepancy is found.

fuzzzzy

Albermarle said:

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?

I do sometimes wonder about this myself. I do think at some time in the future I might just stick it all in an NS&I direct saver, stop frequenting this forum and go off and enjoy myself instead!

poolboy

I do mine as I go along so I don't have a final end of year chase around for data.  Some are easy but the ones that come and go within a year are a bit of a pain.

The above comment re extra earned v just leaving it in a poor account is the key, I ve probably got 30k in interest, so maybe 10k premium v a high St account.

The regular saver returns is just free money, less tax of course.

Ch1ll1Phlakes

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.

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.

Most will still send you a record of interest for a tax year if you request it. I had to help my dad do with with RCI Bank.

poseidon1

Ch1ll1Phlakes said:

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.

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.

Most will still send you a record of interest for a tax year if you request it. I had to help my dad do with with RCI Bank.

Shouldn't have to 'request' year end certificates of interest paid from online providers , the certificates are ( in most cases) automatically generated and accessible within the app or the Web account. 

Amongst my 20 various saving accounts, only Kent Reliance are archaic in making savers request certificates and then sending out by mail.

fuzzzzy

poseidon1 said:

Ch1ll1Phlakes said:

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.

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.

Most will still send you a record of interest for a tax year if you request it. I had to help my dad do with with RCI Bank.

Shouldn't have to 'request' year end certificates of interest paid from online providers , the certificates are ( in most cases) automatically generated and accessible within the app or the Web account. 

Amongst my 20 various saving accounts, only Kent Reliance are archaic in making savers request certificates and then sending out by mail.

I had not noticed that about Kent Reliance. Just checked my records and you are right, no certificates of interest. They do however post out annual statements for accounts.

Ch1ll1Phlakes

poseidon1 said:

Ch1ll1Phlakes said:

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.

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.

Most will still send you a record of interest for a tax year if you request it. I had to help my dad do with with RCI Bank.

Shouldn't have to 'request' year end certificates of interest paid from online providers , the certificates are ( in most cases) automatically generated and accessible within the app or the Web account. 

Amongst my 20 various saving accounts, only Kent Reliance are archaic in making savers request certificates and then sending out by mail.

Yes but the OP mentioned not being able to see statements for closed accounts. The request option works in this case.

Coventry for example come to mind in that you lose all access to statements when the account is closed. If I'm incorrect about this let me know as I'd love to access old statements.