Obtaining BBSI from HMRC

Shylock_249

dosh37 said:

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.

I'm surprised that the PSA isn't scrapped and the country reverts to tax deducted at source, I certainly trust BBS  more than HMRC.  Afterall the PSA is only worth £200 max and I'd willingly forgo that in favour of the BBS doing the administration for me.  The treasury must be loosing millions under the new system where people believe that honesty is the worst policy and "forget" to inform HMRC of omissions of the interest reported.

Also it's for consideration that correct information is reported to HMRC by BBS but HMRC fail to record it correctly.

mills112

Shylock_249 said:

dosh37 said:

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.

I'm surprised that the PSA isn't scrapped and the country reverts to tax deducted at source, I certainly trust BBS  more than HMRC.  Afterall the PSA is only worth £200 max and I'd willingly forgo that in favour of the BBS doing the administration for me.  The treasury must be loosing millions under the new system where people believe that honesty is the worst policy and "forget" to inform HMRC of omissions of the interest reported.

Also it's for consideration that correct information is reported to HMRC by BBS but HMRC fail to record it correctly.

i don't know why they scrapped that in the first place as the extra admin placed on HMRC must be enormous, to chase even for the basic rate interest!  just carzy.

masonic

mills112 said:

Shylock_249 said:

dosh37 said:

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.

I'm surprised that the PSA isn't scrapped and the country reverts to tax deducted at source, I certainly trust BBS  more than HMRC.  Afterall the PSA is only worth £200 max and I'd willingly forgo that in favour of the BBS doing the administration for me.  The treasury must be loosing millions under the new system where people believe that honesty is the worst policy and "forget" to inform HMRC of omissions of the interest reported.

Also it's for consideration that correct information is reported to HMRC by BBS but HMRC fail to record it correctly.

i don't know why they scrapped that in the first place as the extra admin placed on HMRC must be enormous, to chase even for the basic rate interest!  just carzy.

It made sense when interest rates were around 1%. A very small number of basic rate taxpayers held close to £100k in cash outside of an ISA. Higher rate taxpayers always had extra to pay.

wmb194

Shylock_249 said:

dosh37 said:

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.

I'm surprised that the PSA isn't scrapped and the country reverts to tax deducted at source, I certainly trust BBS  more than HMRC.  Afterall the PSA is only worth £200 max and I'd willingly forgo that in favour of the BBS doing the administration for me.  The treasury must be loosing millions under the new system where people believe that honesty is the worst policy and "forget" to inform HMRC of omissions of the interest reported.

Also it's for consideration that correct information is reported to HMRC by BBS but HMRC fail to record it correctly.

It's sixes and sevens. HMRC had lots of non-taxpayers calling up and filling in forms to reclaim overpaid tax on interest - R85s were per account any they often forgot to fill them in - and higher rate taxpayers needed to complete SAs to pay the >20% they owed. The PSA plus paying interest gross was an attempt to reduce the burden on taxpayers and HMRC. Obviously it was a very low interest rate world back then so most people fell within the £1000/£500 0% band and little tax was being raised on interest anyway. Today...

Like this year's reversal on Isa rules, I'd imagine going back to the old system of 20% tax at source, R85s and higher rate taxpayers all needing to compete SAs wouldn't be too hard to implement in theory but HMRC's struggling as it is.

Below is the section of the March 2015 budget that set out the rationale for the PSA and having interest paid gross.

https://assets.publishing.service.gov.uk/media/5a800aabed915d74e622c206/47881_Budget_2015_Web_Accessible.pdf

fuzzzzy

Shylock_249 said:

dosh37 said:

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.

I'm surprised that the PSA isn't scrapped and the country reverts to tax deducted at source, I certainly trust BBS  more than HMRC.  Afterall the PSA is only worth £200 max and I'd willingly forgo that in favour of the BBS doing the administration for me.  The treasury must be loosing millions under the new system where people believe that honesty is the worst policy and "forget" to inform HMRC of omissions of the interest reported.

Also it's for consideration that correct information is reported to HMRC by BBS but HMRC fail to record it correctly.

And what about the £5000 starting rate for savers?

Shylock_249

fuzzzzy said:

Shylock_249 said:

dosh37 said:

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.

I'm surprised that the PSA isn't scrapped and the country reverts to tax deducted at source, I certainly trust BBS  more than HMRC.  Afterall the PSA is only worth £200 max and I'd willingly forgo that in favour of the BBS doing the administration for me.  The treasury must be loosing millions under the new system where people believe that honesty is the worst policy and "forget" to inform HMRC of omissions of the interest reported.

Also it's for consideration that correct information is reported to HMRC by BBS but HMRC fail to record it correctly.

And what about the £5000 starting rate for savers?

https://tinyl.co/49bL 

mills112

masonic said:

mills112 said:

Shylock_249 said:

dosh37 said:

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.

I'm surprised that the PSA isn't scrapped and the country reverts to tax deducted at source, I certainly trust BBS  more than HMRC.  Afterall the PSA is only worth £200 max and I'd willingly forgo that in favour of the BBS doing the administration for me.  The treasury must be loosing millions under the new system where people believe that honesty is the worst policy and "forget" to inform HMRC of omissions of the interest reported.

Also it's for consideration that correct information is reported to HMRC by BBS but HMRC fail to record it correctly.

i don't know why they scrapped that in the first place as the extra admin placed on HMRC must be enormous, to chase even for the basic rate interest!  just carzy.

It made sense when interest rates were around 1%. A very small number of basic rate taxpayers held close to £100k in cash outside of an ISA. Higher rate taxpayers always had extra to pay.

yeah, but over the last couple of years, you could get savings rate of over 6%, so the tax free threshold for savings interest was easily breached.

masonic

mills112 said:

masonic said:

mills112 said:

Shylock_249 said:

dosh37 said:

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.

I'm surprised that the PSA isn't scrapped and the country reverts to tax deducted at source, I certainly trust BBS  more than HMRC.  Afterall the PSA is only worth £200 max and I'd willingly forgo that in favour of the BBS doing the administration for me.  The treasury must be loosing millions under the new system where people believe that honesty is the worst policy and "forget" to inform HMRC of omissions of the interest reported.

Also it's for consideration that correct information is reported to HMRC by BBS but HMRC fail to record it correctly.

i don't know why they scrapped that in the first place as the extra admin placed on HMRC must be enormous, to chase even for the basic rate interest!  just carzy.

It made sense when interest rates were around 1%. A very small number of basic rate taxpayers held close to £100k in cash outside of an ISA. Higher rate taxpayers always had extra to pay.

yeah, but over the last couple of years, you could get savings rate of over 6%, so the tax free threshold for savings interest was easily breached.

Exactly    

qbadger

How do you request this detail from HMRC web chat? 

After signing in to my Online Tax account, I can see a black bar at the bottom of the screen "Ask HMRC a question", but I can't seem to get the digital assistant to connect me to a human ("We do not offer webchat on this page.")

LITRG

Hello, you might need to call them to get a breakdown. Contact details are set out on GOV.UK. Thanks