Update savings income current year

GMeeg

The amount of interest estimated by the revenue is higher than the actual so I have reported the correct figure via my online account.  I have now received a letter from HMRC asking me to itemise the calculation with account details.  
I cannot see where to do this online and the letter doesn't suggest a method.  Can anyone help?

eskbanker

GMeeg said:

The amount of interest estimated by the revenue is higher than the actual so I have reported the correct figure via my online account.  I have now received a letter from HMRC asking me to itemise the calculation with account details.  
I cannot see where to do this online and the letter doesn't suggest a method.  Can anyone help?

I don't believe there's an option to itemise online, so the working assumption is presumably that you write back to them - you could try phoning if you're patient enough?

MACKEM99

Would it not be better from them to tell you what they have and you can compare it with what you have?  Or would that be too much like them using common sense?

Isthisforreal99

MACKEM99 said:

Would it not be better from them to tell you what they have and you can compare it with what you have?  Or would that be too much like them using common sense?

What HMRC have and base their estimate on is last years figure. Who better to give accurate details for the current tax year than the person that actually has that information?

Albermarle

I have the same letter.
It says ' You can provide us the information by either writing in, or calling us using the contact details at the top of this letter' 
At the top is the usual HMRC phone number.
As mentioned in another thread - the amounts involved for me are not large, so I can not be bothered to reply.
It will all get corrected automatically sometime later this year.

Albermarle

MACKEM99 said:

Would it not be better from them to tell you what they have and you can compare it with what you have?  Or would that be too much like them using common sense?

HMRC will have no info at all about interest being received in 25/26 . They just use an estimate based on what was received in 24/25.

GMeeg

Albermarle said:

I have the same letter.
It says ' You can provide us the information by either writing in, or calling us using the contact details at the top of this letter' 
At the top is the usual HMRC phone number.
As mentioned in another thread - the amounts involved for me are not large, so I can not be bothered to reply.
It will all get corrected automatically sometime later this year.

Definitely nothing about writing or phoning in my letter and like you I think i will just wait.

Northern_Wanderer

Albermarle said:

MACKEM99 said:

Would it not be better from them to tell you what they have and you can compare it with what you have?  Or would that be too much like them using common sense?

HMRC will have no info at all about interest being received in 25/26 . They just use an estimate based on what was received in 24/25.

I'm not sure that's correct. There is stuff about HMRC being provided with interest paid amounts from banks directly. Lots of letters going out with interest amounts from HMRC.

sheramber

Northern_Wanderer said:

Albermarle said:

MACKEM99 said:

Would it not be better from them to tell you what they have and you can compare it with what you have?  Or would that be too much like them using common sense?

HMRC will have no info at all about interest being received in 25/26 . They just use an estimate based on what was received in 24/25.

I'm not sure that's correct. There is stuff about HMRC being provided with interest paid amounts from banks directly now. Lots of letters going out with interest amounts from HMRC.

The banks report the interest received in the year to 5 April. That report  is received around June , after the end of the year. 

HMRC will hold interest figures for 24/25 and they assume that 25/26 will be the same amount.

The exact figure won’t be known until after the end of the tax year, when the bank calculate the amount for the year. 

Dazed_and_C0nfused

Northern_Wanderer said:

Albermarle said:

MACKEM99 said:

Would it not be better from them to tell you what they have and you can compare it with what you have?  Or would that be too much like them using common sense?

HMRC will have no info at all about interest being received in 25/26 . They just use an estimate based on what was received in 24/25.

I'm not sure that's correct. There is stuff about HMRC being provided with interest paid amounts from banks directly now. Lots of letters going out with interest amounts from HMRC.

The instructions for banks and building societies haven't changed recently so there is no reason for them to report anything until the tax year has ended.

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

flaneurs_lobster

Northern_Wanderer said:

Albermarle said:

MACKEM99 said:

Would it not be better from them to tell you what they have and you can compare it with what you have?  Or would that be too much like them using common sense?

HMRC will have no info at all about interest being received in 25/26 . They just use an estimate based on what was received in 24/25.

I'm not sure that's correct. There is stuff about HMRC being provided with interest paid amounts from banks directly. Lots of letters going out with interest amounts from HMRC.

Where are you seeing this suggestion about banks now providing current year interest data to HMRC? There would need to be published details of the interfaces and timetables for such reporting. There are no such schemes.