HMRC say I’ve received £15,301 in untaxed interest on savings in 2024/5

russ331

HMRC say I’ve received £15,301 in untaxed interest on savings in 2024/5. This is incorrect, the actual figure being approximately £5,357. I’m retired (previously PAYE) & they intend to recover what they claim is owed by changing the tax code on my company pension.

I’ve spent hours fruitlessly trying to find a way to contact them to put the record straight.

Can anyone please provide an email address or other means of contacting HMRC so I may get this sorted out. Thanks.

MasterG83

You need to respond to them at the address on the letter using the correct reference. Detail the response with proof, when they receive it you will notice that its being looked at on the HMRC App.

I assume you haven't been able to get through to them on the phone?

Where do you think they got the £15301 from?

Isthisforreal99

More likely HMRC have been told you have received that amount of interest from whoever you have savings with. Sometimes the banks etc are not great at reporting taxable interest and may incorrectly include ISA interest for example. Also multiple year products cause issues.

Ask HMRC for a breakdown of what they have and take it from there

lr1277

In December 2024, I had a situation where my mum needed to know how much interest HMRC had recorded for her. So we rang up HMRC and after some discussion, they agreed to send my mum a statement of all her interest for 23/24. I can't remember the name of the document but if you get through to a human I think they will be able to help you out.

DRS1

Is it just me or has anyone else noticed how HMRC tend not to include addresses on their letters any more? Tax Code Notice - no address; Simple Assessment - no address. Self Assessment Statement (ie tax demand) - yes that has an address.

OP If you call be prepared for a long call. And before you call make sure you have an itemised list of the interest received in 24/5 for all your accounts. HMRC tend to have the last three digits of your account number (although that is not always the case) so if you have more than one account with a bank or building society it helps to have the account number as well.

Is it possible you had a lot of interest in 23/4 and they have just assumed you got the same in 24/5? It is what tends to happen for tax codes.

Isthisforreal99

https://forums.moneysavingexpert.com/discussion/comment/81878768#Comment_81878768

There is only one address for PAYE and Self Assessment written enquiries;

Pay As You Earn and Self Assessment

HM Revenue and Customs

BX9 1AS

United Kingdom

Newbie_John

Any chance you may have had 3 year savings account that paid all the interests on maturity rather than yearly?

If there's literally no way that could be true - your total savings are under £100k etc. Then yeah, call 0300 200 3300 and ask for breakdown.

DRS1

https://forums.moneysavingexpert.com/discussion/comment/81878778#Comment_81878778

Yes I was reacting to the suggestion that the OP write to "the address on the letter".

I miss the days when you knew who your inspector of taxes was and had the address of their office in Manchester or Newcastle for correspondence.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81878786#Comment_81878786

OP - If you call when they open at 08.00 ( do not wait until 08.05), you will normally get through to someone in 10 to 20 minutes.

maman

Like @lr1277 ,I called HMRC and spoke to a very helpful person who offered to post me a detailed breakdown of the interest figures they were using to arrive at my tax code.

I'd suggest OP does this before challenging the figures then they will know exactly where the potentially wrong calculations came from.

eskbanker

https://forums.moneysavingexpert.com/discussion/6654729/hmrc-say-i-ve-received-15-301-in-untaxed-interest-on-savings-in-2024-5

You can adjust expected income via your online personal tax account, have you enabled access to that?