HMRC interest paid query

judgingjudy

I like to think I keep very good records of interest that I'm paid, and I've received a notification from HMRC that they think I received about £300 more in interest in 2024/25 than my own records show, and they've updated my tax code accordingly.

It's possible that I may be wrong, but I'd like to know, before I spend an inordinate amount of time on the phone to them, if they'll share their figures with me so I can verify/cross-check - anybody have any experience?

eskbanker

Yes, it's been reported previously that they'll share figures on the phone.

mon3ysav3r

https://forums.moneysavingexpert.com/discussion/6653833/hmrc-interest-paid-query

You can ask for a print out if you don't want to be on the phone for ages. When I received mine I found that in my case for some reason when HMRC couldn't find an account that I had in a previous tax year, or that account was not reported as it had no interest, they estimated what they thought that account would get in interest for this tax year - but all of those estimates were accounts (which either only lasted a year, or accounts with a bonus that only lasted a year/rate dropped low) and I had either emptied them down to the minimum amount, or closed them. This meant HMRC over estimated my income from interest by almost another 40% for 2024/5.

refluxer

https://forums.moneysavingexpert.com/discussion/6653833/hmrc-interest-paid-query

Did you have a Zopa cash ISA pay out during that tax year, by any chance ? They messed up and reported ISA interest to HMRC.