Help: Contacting HMRC To Change Estimated to Actual Untaxed interest

Shylock_249

eskbanker said:

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....

Yes, thanks, obviously it was me and the wife who told them of this year's interest because their estimate was based on last years figures when the interest rates were higher, a drop from 14 to 12.2k which I thought was worthy of reporting to them.  Maybe honesty is the worst policy.

On the Gov.uk site it still states that our PAYE for last year has NOT been finalised and they hope to do it by the end of FY.

Dazed_and_C0nfused

Shylock_249 said:

eskbanker said:

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....

Yes, thanks, obviously it was me and the wife who told them of this year's interest because their estimate was based on last years figures when the interest rates were higher, a drop from 14 to 12.2k which I thought was worthy of reporting to them.  Maybe honesty is the worst policy.

On the Gov.uk site it still states that our PAYE for last year has NOT been finalised and they hope to do it by the end of FY.

Is that in total for the two of you or do you each receive that?

Shylock_249

Dazed_and_C0nfused said:

Shylock_249 said:

eskbanker said:

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....

Yes, thanks, obviously it was me and the wife who told them of this year's interest because their estimate was based on last years figures when the interest rates were higher, a drop from 14 to 12.2k which I thought was worthy of reporting to them.  Maybe honesty is the worst policy.

On the Gov.uk site it still states that our PAYE for last year has NOT been finalised and they hope to do it by the end of FY.

Is that in total for the two of you or do you each receive that?

It's for each of us.  I attempted to simplify our non ISA accounts by putting all of them into joint accounts and fortunately the figures submitted by the banks actually agree by ourselves and HMRC for the very first time.

Shylock_249

Shylock_249 said:

eskbanker said:

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....

Yes, thanks, obviously it was me and the wife who told them of this year's interest because their estimate was based on last years figures when the interest rates were higher, a drop from 14 to 12.2k which I thought was worthy of reporting to them.  Maybe honesty is the worst policy.

On the Gov.uk site it still states that our PAYE for last year has NOT been finalised and they hope to do it by the end of FY.

I've just checked again and mine has been finalised, I owe them £2045.20 but the wife's hasn't been done.  Possibly as a result to HMRC sending out the form to the wife but IMO it shouldn't have affected last years figures.

Dazed_and_C0nfused

Shylock_249 said:

Dazed_and_C0nfused said:

Shylock_249 said:

eskbanker said:

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....

Yes, thanks, obviously it was me and the wife who told them of this year's interest because their estimate was based on last years figures when the interest rates were higher, a drop from 14 to 12.2k which I thought was worthy of reporting to them.  Maybe honesty is the worst policy.

On the Gov.uk site it still states that our PAYE for last year has NOT been finalised and they hope to do it by the end of FY.

Is that in total for the two of you or do you each receive that?

It's for each of us.  I attempted to simplify our non ISA accounts by putting all of them into joint accounts and fortunately the figures submitted by the banks actually agree by ourselves and HMRC for the very first time.

Well with interest above £10k don't be surprised if HMRC instruct you both to complete Self Assessment returns in future.

https://www.gov.uk/check-if-you-need-tax-return

Shylock_249

Thanks. Provided I was given a clean start, ie I don't have any hangovers from the previous year, I'd probably be able, with advise from helpful posters on this forum to do as good a job as they do. If they retained the 10k rule and the fact that interest rates are falling, I'd probably only have to complete for a year or two.