BBSI Untaxed interest list query

Mee

Hi All,

My requested list for 23-24 and 24-25 contains so many errors I really don't know where to start or who to approach first.

I requested the list because I was shocked at the interest they claimed for I earned 24-25

On looking at the list I'm finding yes they have estimated based on the previous tax year as expected, BUT in many cases this is for accounts that matured in 23-24 or closed. I think they have added at least £1k by doing so.

What concerns me most is for some banks/building societies where I have multiple accounts (some are ISAs) there is no account number, in one BS they've listed the account as 0001 (which are different accounts between the years) and in another case the multiple accounts are listed as
1SURNAME
2SURNAME 
etc.

Am I to presume that the BBSs supplied the information in that form?

The net (!) result is it is difficult for me to know where to start, except putting it into a spreadsheet and cross-checking as much as I can.

Thanks.

Dazed_and_C0nfused

Mee said:

Hi All,

My requested list for 23-24 and 24-25 contains so many errors I really don't know where to start or who to approach first.

I requested the list because I was shocked at the interest they claimed for I earned 24-25

On looking at the list I'm finding yes they have estimated based on the previous tax year as expected, BUT in many cases this is for accounts that matured in 23-24 or closed. I think they have added at least £1k by doing so.

What concerns me most is for some banks/building societies where I have multiple accounts (some are ISAs) there is no account number, in one BS they've listed the account as 0001 (which are different accounts between the years) and in another case the multiple accounts are listed as
1SURNAME
2SURNAME 
etc.

Am I to presume that the BBSs supplied the information in that form?

The net (!) result is it is difficult for me to know where to start, except putting it into a spreadsheet and cross-checking as much as I can.

Thanks.

You can read about the process for banks and building societies here.

https://www.gov.uk/guidance/bank-and-building-society-interest-returns

HMRC will eventually update accounts where no interest was reported in a later year.  Could you have got your details before this happened for 2024/25.

https://www.gov.uk/hmrc-internal-manuals/paye-manual/paye96010

subjecttocontract

If you have overpaid tax they will eventually provide a refund. If you have underpaid I believe they will charge interest on top.

Malchester

I may be wrong in doing this but I complete an online self assessment including all income/taxable interest on 6 April each year even though I don't need to. Usually by 8 April I have been issued with an updated tax code taking account of taxable interest earned in the just ended tax year. Everything up to date and never had any corrections or changes later in the year

badmemory

Unfortunately self assessment is not always available to you & you may have to accept simple assessment.  You can ring & find out a little more.

Mee

Thanks for some if the replies. This is the first time I've needed to contact HMRC about BBSI data. I would never have imagined a list would contain so many inaccuracies from transposed numbers, and interest amounts to including accounts that matured or closed in the previous tax year. 

Between the BBSs and HMRC I expected a better list.

I think where they have simply listed multiple accounts from a B/BS as 1,2,3 and no account number I'll check with the B/BS.

I'm on PAYE and don't plan to change to SA, but will streamline the number of accounts I have going forward.