Zopa mistake

durali

I thought I'd let you forum people know, in case you didn't already, that Zopa have made a mistake and they have informed HMRC of people's ISA interest as though it was taxable interest.

They have informed HMRC that they have made this error and HMRC have confirmed to them that they will correct the error on people tax records.

I only discovered this through contacting HMRC and Zopa about this when my tax due seemed to be wrong.

I didn't receive any notification from Zopa about this mistake. They had found out by other people ringing and telling them. 

RG2015

I got an email from Zopa in April 2024 as follows.

“Unfortunately, a technical error on our side meant that the interest figures previously shown on your 2023 – 2024 certificate of interest included interest earned on your Smart ISA, which they shouldn’t have done. We’re really sorry about this.”

There was no mention of misinforming HMRC though. I am surprised that Zopa still have problems in this area.

dillydilly1

me too - prompted by a message from HMRC this morning saying I owed tax but with no details. Half hour on HMRC phoneline to be told "its Zopa, cantact them" no mention of any known error, half hour on Zopa instant message to get confirmation "sorry its a mistake, we've advised HMRC so should get corrected with no further action" - no previous messages from Zopa to advise of error, which is concerning, but a relief in the end - thought I'd got my finances wrong...

NutzAndBolts

Yes happened to me too, really quite bad mistake I feel. Caused me a lot of undue stress when I received a large tax bill from HMRC on a Friday, then had to wait over the weekend before I could phone them on Monday. Spent half an hour waiting on the phone and eventually they told me it was Zopa. Sensed they didn't believe me when I said it was an ISA and wanted me to send evidence, so had to print out my statements and other documents and write them a letter. That was a few weeks ago and I haven't heard anything back from them yet.

Did also contact Zopa through the online chat (it sucks that this is the only way to contact them), and they admitted the mistake and that they had also written to HMRC, so I hope it gets sorted. They didn't even bother really apologizing though.

If anyone from MSE is reading this then might want to make a bigger deal of it, sounds like it may have affected quite a lot of people and unclear if it's going to automatically get resolved. Zopa was regularly a recommended product and I myself signed up via the MSE recommendation.