Obtaining BBSI from HMRC

Shylock_249

I keep meticulous records.  Me and my wife have 21 accounts with 9 different providers, only 5 of those are taxable accounts, 4 are fixed rate and one is easy access.  When accounts mature and I reinvest and the interest is shown on screen (PC) I just do a screen shot, if necessary using MS Snipping Tool and print off 2 copies, but usually we're sent copies through the post.

Regarding viewing BBSI, I've phoned HMRC to obtain lists which they send through the post.  The first time I think it had about 20 entries, 12 of those were spurious, many showed banks which I'd closed down 2 years previously.  All our taxable accounts are in joint names, so HMRC should show the same figures.  For FY 23/24 My print out showed one entry of £2550 for one bank which was correct but it wasn't shown on my wife's print out.  When I phoned them the agent said that the £2550 was shown on the wife's account but NOT shown on the print out!  Certainly the print outs for 23/24 were much better than previous years and did NOT show estimates.

We've just received our P2s and the figures for Untaxed Interest agree with our figures so we haven't asked for print outs.

One time I phoned to ask for print outs the guy said he was working from home and didn't have access to a printer and recommended I phone again in the hope of getting someone "in the office".  I said I might phone again and get him.

One time I'd agreed my figures over the phone with HMRC, the new P2 showed the correct figure but when the P800 turned up a couple of weeks later the Untaxed Interest figure was different again.

I'd certainly like to be able to see the figures on line.  One HMRC guy told me that Banks and BS should report the figures to HMRC by the end of Jun but many didn't do so.  Of course it's always for consideration that BBSs do submit the figures but HMRC fail to action them correctly (errors of omission or commission).  I've certainly had more issues with HMRC than I have with BBSs.

The PSA of 1k is only worth £200 (or 100 in my case) in real terms and personally I'd prefer that BBSs deducted interest at source and they did away with the PSA, then I wouldn't have to to worry that the correct figures were registered with HMRC, that would be money well spent!

Dazed_and_C0nfused

Shylock_249 said:

I keep meticulous records.  Me and my wife have 21 accounts with 9 different providers, only 5 of those are taxable accounts, 4 are fixed rate and one is easy access.  When accounts mature and I reinvest and the interest is shown on screen (PC) I just do a screen shot, if necessary using MS Snipping Tool and print off 2 copies, but usually we're sent copies through the post.

Regarding viewing BBSI, I've phoned HMRC to obtain lists which they send through the post.  The first time I think it had about 20 entries, 12 of those were spurious, many showed banks which I'd closed down 2 years previously.  All our taxable accounts are in joint names, so HMRC should show the same figures.  For FY 23/24 My print out showed one entry of £2550 for one bank which was correct but it wasn't shown on my wife's print out.  When I phoned them the agent said that the £2550 was shown on the wife's account but NOT shown on the print out!  Certainly the print outs for 23/24 were much better than previous years and did NOT show estimates.

We've just received our P2s and the figures for Untaxed Interest agree with our figures so we haven't asked for print outs.

One time I phoned to ask for print outs the guy said he was working from home and didn't have access to a printer and recommended I phone again in the hope of getting someone "in the office".  I said I might phone again and get him.

One time I'd agreed my figures over the phone with HMRC, the new P2 showed the correct figure but when the P800 turned up a couple of weeks later the Untaxed Interest figure was different again.

I'd certainly like to be able to see the figures on line.  One HMRC guy told me that Banks and BS should report the figures to HMRC by the end of Jun but many didn't do so.  Of course it's always for consideration that BBSs do submit the figures but HMRC fail to action them correctly (errors of omission or commission).  I've certainly had more issues with HMRC than I have with BBSs.

The PSA of 1k is only worth £200 (or 100 in my case) in real terms and personally I'd prefer that BBSs deducted interest at source and they did away with the PSA, then I wouldn't have to to worry that the correct figures were registered with HMRC, that would be money well spent!

Wouldn't that be what you would expect if some of it was being taxed at 0%.

A P800 would show the total, the P2 would show the deduction needed to collect the correct (estimated) tax due.

Shylock_249

Dazed_and_C0nfused said:

Shylock_249 said:

I keep meticulous records.  Me and my wife have 21 accounts with 9 different providers, only 5 of those are taxable accounts, 4 are fixed rate and one is easy access.  When accounts mature and I reinvest and the interest is shown on screen (PC) I just do a screen shot, if necessary using MS Snipping Tool and print off 2 copies, but usually we're sent copies through the post.

Regarding viewing BBSI, I've phoned HMRC to obtain lists which they send through the post.  The first time I think it had about 20 entries, 12 of those were spurious, many showed banks which I'd closed down 2 years previously.  All our taxable accounts are in joint names, so HMRC should show the same figures.  For FY 23/24 My print out showed one entry of £2550 for one bank which was correct but it wasn't shown on my wife's print out.  When I phoned them the agent said that the £2550 was shown on the wife's account but NOT shown on the print out!  Certainly the print outs for 23/24 were much better than previous years and did NOT show estimates.

We've just received our P2s and the figures for Untaxed Interest agree with our figures so we haven't asked for print outs.

One time I phoned to ask for print outs the guy said he was working from home and didn't have access to a printer and recommended I phone again in the hope of getting someone "in the office".  I said I might phone again and get him.

One time I'd agreed my figures over the phone with HMRC, the new P2 showed the correct figure but when the P800 turned up a couple of weeks later the Untaxed Interest figure was different again.

I'd certainly like to be able to see the figures on line.  One HMRC guy told me that Banks and BS should report the figures to HMRC by the end of Jun but many didn't do so.  Of course it's always for consideration that BBSs do submit the figures but HMRC fail to action them correctly (errors of omission or commission).  I've certainly had more issues with HMRC than I have with BBSs.

The PSA of 1k is only worth £200 (or 100 in my case) in real terms and personally I'd prefer that BBSs deducted interest at source and they did away with the PSA, then I wouldn't have to to worry that the correct figures were registered with HMRC, that would be money well spent!

Wouldn't that be what you would expect if some of it was being taxed at 0%.

A P800 would show the total, the P2 would show the deduction needed to collect the correct (estimated) tax due.

Dazed_and_C0nfused said:

Shylock_249 said:

I keep meticulous records.  Me and my wife have 21 accounts with 9 different providers, only 5 of those are taxable accounts, 4 are fixed rate and one is easy access.  When accounts mature and I reinvest and the interest is shown on screen (PC) I just do a screen shot, if necessary using MS Snipping Tool and print off 2 copies, but usually we're sent copies through the post.

Regarding viewing BBSI, I've phoned HMRC to obtain lists which they send through the post.  The first time I think it had about 20 entries, 12 of those were spurious, many showed banks which I'd closed down 2 years previously.  All our taxable accounts are in joint names, so HMRC should show the same figures.  For FY 23/24 My print out showed one entry of £2550 for one bank which was correct but it wasn't shown on my wife's print out.  When I phoned them the agent said that the £2550 was shown on the wife's account but NOT shown on the print out!  Certainly the print outs for 23/24 were much better than previous years and did NOT show estimates.

We've just received our P2s and the figures for Untaxed Interest agree with our figures so we haven't asked for print outs.

One time I phoned to ask for print outs the guy said he was working from home and didn't have access to a printer and recommended I phone again in the hope of getting someone "in the office".  I said I might phone again and get him.

One time I'd agreed my figures over the phone with HMRC, the new P2 showed the correct figure but when the P800 turned up a couple of weeks later the Untaxed Interest figure was different again.

I'd certainly like to be able to see the figures on line.  One HMRC guy told me that Banks and BS should report the figures to HMRC by the end of Jun but many didn't do so.  Of course it's always for consideration that BBSs do submit the figures but HMRC fail to action them correctly (errors of omission or commission).  I've certainly had more issues with HMRC than I have with BBSs.

The PSA of 1k is only worth £200 (or 100 in my case) in real terms and personally I'd prefer that BBSs deducted interest at source and they did away with the PSA, then I wouldn't have to to worry that the correct figures were registered with HMRC, that would be money well spent!

Wouldn't that be what you would expect if some of it was being taxed at 0%.

A P800 would show the total, the P2 would show the deduction needed to collect the correct (estimated) tax due.

Thanks. Indeed I would expect the two figures to be different if they were correct.  I wouldn't expect the figures to be different and wrong!

My and my wife's  figures for the FY 24/25 on P2 are correct inasmuch as they show the gross total minus the PSA, 500 in my case and 1k for the wife.

Thus far we haven't received P800 (we're hoping we don't get one!) but if we do I'd expect the agreed figures on the P2 and the P800s to agree even if they are different.

IIRC in the instance I quoted in  my original post the difference between the two was in the region of 2.8k

Monanore

@gt94sss2

Hi - you said

 'I imagine HMRC may try again at some point in future especially as the rules are changing and national insurance number will need to be added to BBSI returns making them more accurate.'

Could you tell me more about what rules are changing ?

Thanks

gt94sss2

Monanore said:

@gt94sss2

Hi - you said

 'I imagine HMRC may try again at some point in future especially as the rules are changing and national insurance number will need to be added to BBSI returns making them more accurate.'

Could you tell me more about what rules are changing ?

Thanks

Providing your NI number for new and existing  savings accounts will become mandatory from April 2027 to help HMRC with tax compliance

Monanore

@gt94sss2

Thanks !

mills112

they should load this information on your self assessment tax return as they have it, and ask you to confirm that it is correct, in the same way that they do with your employment earnings.  i don't see why they are not open about it as it can help people reconcile their interest received.

i have many savings account so it is very difficult to keep tab properly so the least they can do is help rather try to snare you with penalties for undeclaring because you haven't been very good with your file management!

masonic

mills112 said:

they should load this information on your self assessment tax return as they have it, and ask you to confirm that it is correct, in the same way that they do with your employment earnings.  i don't see why they are not open about it as it can help people reconcile their interest received.

Do they still do that for you? Mine haven't been populated for the last couple of returns.

mills112

masonic said:

mills112 said:

they should load this information on your self assessment tax return as they have it, and ask you to confirm that it is correct, in the same way that they do with your employment earnings.  i don't see why they are not open about it as it can help people reconcile their interest received.

Do they still do that for you? Mine haven't been populated for the last couple of returns.

yeah, they are still doing it this year but they just show you what they hold on file when you first start the return but they don't populate it for you like they did before, you are correct with that.

dosh37

I have been complaining about this for years.

This year it took two letters (Sept & Nov) plus an online chat in December before I eventually received the BBSI breakdown through the post.

Unsurprisingly the figures were completely wrong.

I have given up expecting HMRC to tell me how much interest I have received.

The BBSI scheme just doesn't work - it's a total waste of time.

You may as well just make up a random number.

HMRC are in such a mess I doubt they will even bother to query whatever figure you supply it unless it differs considerably from the previous year.

The continuing freeze on personal allowance means many more people are now expected to complete Self Assessment returns. I don't think HMRC have the resources to deal with the extra admin.