HMRC estimated untaxed interest

Nigh

Thanks for all the comments. It seems my besy option is to contact HMRC to ask for a breakdown of the calculation. If I have any joy with that I will report back but I suspect it won't be soon.

SacredStephan

It's best to call them as soon as the phone lines open at 8am.

RG2015

SacredStephan said:

It's best to call them as soon as the phone lines open at 8am.

I agree, but the automated questions take about 5 minutes so it is best to call at 07:55. I am not sure though if caliing before 08:00 would just get an office closed message.

sheramber

RG2015 said:

SacredStephan said:

It's best to call them as soon as the phone lines open at 8am.

I agree, but the automated questions take about 5 minutes so it is best to call at 07:55. I am not sure though if caliing before 08:00 would just get an office closed message.

Sometimes staff start work early so they can finish early. People have reported getting an answer before 8a.m. 

Albermarle

sheramber said:

RG2015 said:

SacredStephan said:

It's best to call them as soon as the phone lines open at 8am.

I agree, but the automated questions take about 5 minutes so it is best to call at 07:55. I am not sure though if caliing before 08:00 would just get an office closed message.

Sometimes staff start work early so they can finish early. People have reported getting an answer before 8a.m. 

I tried once at 07.58, but did not get through. Calling at 08.00/08.01, I have always got through in 10 to 20 minutes.

Not a scientific experiment as I have only tried it once though. 

sheramber

Albermarle said:

sheramber said:

RG2015 said:

SacredStephan said:

It's best to call them as soon as the phone lines open at 8am.

I agree, but the automated questions take about 5 minutes so it is best to call at 07:55. I am not sure though if caliing before 08:00 would just get an office closed message.

Sometimes staff start work early so they can finish early. People have reported getting an answer before 8a.m. 

I tried once at 07.58, but did not get through. Calling at 08.00/08.01, I have always got through in 10 to 20 minutes.

Not a scientific experiment as I have only tried it once though. 

Maybe nobody started early that day. 

Raymondo111

eskbanker said:

Raymondo111 said:

You are allowed to earn £1000.00 interest without any tax implications as long as your income is less than around £37000.00 approximately.

No idea where you've sourced that figure from, but the personal savings allowance of £1,000 applies to those with taxable income of up to £50,270, and above that the PSA is reduced to £500.

That is what I was alluding too, the assumption that in general I assume that the personal allowance was taken into account hence the £37000.00 which is the difference between £50,270 which is the cut off before you only get £500.00 as a personal allowance.

bjorn_toby_wilde

Is there any way to report a drop in untaxed interest through your tax account or the HMRC app? If there is, I’m struggling to find it.

My tax code was changed to collect untaxed interest for this year but since last tax year I’ve moved the excess savings into ISAs/pensions. There seems to be a method to add extra income but not to report decreases.

Is the only option a phone call or letter?

Dazed_and_C0nfused

bjorn_toby_wilde said:

Is there any way to report a drop in untaxed interest through your tax account or the HMRC app? If there is, I’m struggling to find it.

My tax code was changed to collect untaxed interest for this year but since last tax year I’ve moved the excess savings into ISAs/pensions. There seems to be a method to add extra income but not to report decreases.

Is the only option a phone call or letter?

You need to find the slightly oddly named report missing investment income link.

That will actually give you three options, including to report updated figure(s).

bjorn_toby_wilde

Dazed_and_C0nfused said:

bjorn_toby_wilde said:

Is there any way to report a drop in untaxed interest through your tax account or the HMRC app? If there is, I’m struggling to find it.

My tax code was changed to collect untaxed interest for this year but since last tax year I’ve moved the excess savings into ISAs/pensions. There seems to be a method to add extra income but not to report decreases.

Is the only option a phone call or letter?

You need to find the slightly oddly named report missing investment income link.

That will actually give you three options, including to report updated figure(s).

Brilliant! Thank you.

I did see that but the title made me think it was the opposite of what I was trying to do.