Help: Contacting HMRC To Change Estimated to Actual Untaxed interest

Shylock_249

With the great help of Eskbanker I managed to access HMRC and find the place where I can notify them of the actual interest earned rather than their estimate for this FY.

I’m concerned that after filling out the form but NOT submitting it, that the interest figure is shown twice and I certainly wouldn’t want HMRC to duplicate the figure against my tax account.

Here is a screen shot of how the form looks:

 

I asked the forum if the form looks correct, Eskbanker correctly advised me to see if anyone else could confirm if this is correct.

 

Any suggestions please?  TIA

RG2015

@Shylock_249

I have just entered my figures on my personal tax account online and have the same format as you.

The second (duplicated) figure is the sum of the first one and the zero for untaxed amount from other sources. You could test this for yourself by putting a 1 here and you will see that the resulting figure below is 1 higher.

It is definitely a total and not a duplication.

You can then go back and remover the 1.

I have just tried this and it does work.

Shylock_249

RG2015 said:

@Shylock_249

It is definitely a total and not a duplication.

I have just tried this and it does work.

Thanks, it's definitely misleading and could be worded better.  I've filled out mine and my wife's the figures being identical.

Thanks again

kuepper

Shylock_249 said:

With the great help of Eskbanker I managed to access HMRC and find the place where I can notify them of the actual interest earned rather than their estimate for this FY.

I’m concerned that after filling out the form but NOT submitting it, that the interest figure is shown twice and I certainly wouldn’t want HMRC to duplicate the figure against my tax account.

Here is a screen shot of how the form looks:

 

I asked the forum if the form looks correct, Eskbanker correctly advised me to see if anyone else could confirm if this is correct.

 

Any suggestions please?  TIA

Can you tell me how to find the place to notify HMRC of actual interest? I've just spent 55 minutes waiting for them to answer the phone about this issue as I've had 5 tax code changes this year and the most recent letter said i'll have £700+ in untaxed interest in current year and owe £1000 in untaxed interest from previous year. but I don't expect to have more than £1000 interest this year and only earned a little over £1000 last year The person I spoke to confused me and seemed to think I should know as much about the tax system as he did so I'm still quite  a bit confused. He said my tax code would change automatically next November if I didn't earn over £1000 interest and that i'd get a refund but alternatively I could tell HMRC now which didn't make sense as the total would change by the end of the tax year. I opened a personal tax account at HMRC to see if I could get more info from that and amend figures there but I it seems to be for people who fill in self-assessment forms which I don't as i've only got state and private pension as income

eskbanker

kuepper said:

Shylock_249 said:

With the great help of Eskbanker I managed to access HMRC and find the place where I can notify them of the actual interest earned rather than their estimate for this FY.

I’m concerned that after filling out the form but NOT submitting it, that the interest figure is shown twice and I certainly wouldn’t want HMRC to duplicate the figure against my tax account.

Here is a screen shot of how the form looks:

 

I asked the forum if the form looks correct, Eskbanker correctly advised me to see if anyone else could confirm if this is correct.

 

Any suggestions please?  TIA

Can you tell me how to find the place to notify HMRC of actual interest?

The discussion OP refers to includes that, here:

https://forums.moneysavingexpert.com/discussion/comment/81791091/#Comment_81791091

Shylock_249

Shylock_249 said:

With the great help of Eskbanker I managed to access HMRC and find the place where I can notify them of the actual interest earned rather than their estimate for this FY.

I’m concerned that after filling out the form but NOT submitting it, that the interest figure is shown twice and I certainly wouldn’t want HMRC to duplicate the figure against my tax account.

Here is a screen shot of how the form looks:

 

I asked the forum if the form looks correct, Eskbanker correctly advised me to see if anyone else could confirm if this is correct.

 

Any suggestions please?  TIA

After notifying HMRC through Gov Gateway on 16 Dec of the Bank Interest for this FY for both myself and my wife today my wife received a letter from HMRC asking (telling?) her to list the banks and interest paid.

Fortunately all our non ISA interest bearing accounts have already paid interest for this FY and she was able to supply the figures.  I'm NOT sure what she would enter if interest was to be paid between now and the end of the FY especially as the HMRC site does say "Expected income........"

eskbanker

Shylock_249 said:

After notifying HMRC through Gov Gateway on 16 Dec of the Bank Interest for this FY for both myself and my wife today my wife received a letter from HMRC asking (telling?) her to list the banks and interest paid.

Fortunately all our non ISA interest bearing accounts have already paid interest for this FY and she was able to supply the figures.  I'm NOT sure what she would enter if interest was to be paid between now and the end of the FY especially as the HMRC site does say "Expected income........"

The whole point of the exercise is to provide HMRC with more accurate figures than they have, so the taxpayer is expected to know what these are, even if the interest hasn't actually been paid yet - clearly the anticipated figure may not be 100% accurate, but as the data is only being supplied in order to calibrate provisional collection via PAYE deductions (rather than being a formal factual declaration like a tax return), I don't believe it matters if there's a tolerable margin of error.  If someone advises interest of, say, £1,000 but it ultimately turns out to be £900 or £1,100 then I can't see that being an issue, but if it was eventually £5,000 then that may not go down well....

Shylock_249

eskbanker said:

Shylock_249 said:

After notifying HMRC through Gov Gateway on 16 Dec of the Bank Interest for this FY for both myself and my wife today my wife received a letter from HMRC asking (telling?) her to list the banks and interest paid.

Fortunately all our non ISA interest bearing accounts have already paid interest for this FY and she was able to supply the figures.  I'm NOT sure what she would enter if interest was to be paid between now and the end of the FY especially as the HMRC site does say "Expected income........"

The whole point of the exercise is to provide HMRC with more accurate figures than they have, so the taxpayer is expected to know what these are, even if the interest hasn't actually been paid yet - clearly the anticipated figure may not be 100% accurate, but as the data is only being supplied in order to calibrate provisional collection via PAYE deductions (rather than being a formal factual declaration like a tax return), I don't believe it matters if there's a tolerable margin of error.  If someone advises interest of, say, £1,000 but it ultimately turns out to be £900 or £1,100 then I can't see that being an issue, but if it was eventually £5,000 then that may not go down well....

Well explained. Thanks!

Albermarle

I also was requested to send each account details after changing my estimated interest online, but there was no form or boxes to fill in like above- just a request to write or phone them. A bit inconsistent.....

Also as you say the idea is we are normally talking about estimated interest for 25/26, which does not have to be correct to the last few Pounds, as it is only used to change the tax code, which in itself is only a way of estimating tax to be paid.

However those boxes above are for actual interest received in 25/26, which most people would not know yet.
I wonder if they sent you that form by mistake as normally it would be something to fill in after April 6th 2026, not before.

Shylock_249

Albermarle said:

I also was requested to send each account details after changing my estimated interest online, but there was no form or boxes to fill in like above- just a request to write or phone them. A bit inconsistent.....

Also as you say the idea is we are normally talking about estimated interest for 25/26, which does not have to be correct to the last few Pounds, as it is only used to change the tax code, which in itself is only a way of estimating tax to be paid.

However those boxes above are for actual interest received in 25/26, which most people would not know yet.
I wonder if they sent you that form by mistake as normally it would be something to fill in after April 6th 2026, not before.

Yes I agree, it does look like a form which would be used for a previous year but hopefully it will suffice for this year.  This was the wife's, no doubt I'll get something from them because I did the notifications on the same date (I think).

They actually sent a letter with too much personal information to show the full details here, but this is the main part: they needed personal details, followed by one bank slot, then the reverse as shown above.  I scanned the back page and cut off the declaration to include the extra banks.

eskbanker

Shylock_249 said:

They actually sent a letter with too much personal information to show the full details here, but this is the main part: they needed personal details, followed by one bank slot, then the reverse as shown above.  I scanned the back page and cut off the declaration to include the extra banks.

It's a bit of a cheek for them to state that "Our records show that you have untaxed interest for the 2025 to 2026 tax year" because they won't have been notified of any yet by any institutions (this is an annual process in the summer), so what they really mean is that they have factual records of interest in 2024/25 and they assume that it'll be the same this year!  Not necessarily an unreasonable assumption but it would be more accurate for them to say that you may have untaxed interest....