Updating untaxed interest for this year

GrubbyGirl_2

I have just tried to do this on my tax account but have just abandoned it as I wasn't sure I was doing it right, so any help would be appreciated.

Firstly I updated my 2025/26 interest online at the beginning of may and have already received a confirmation letter. I did expect a revised tax code but I called HMRC who said that all that did was revise last year and not this year and the tax code change would come in December (ish) revising this year and adding the underpayment last year. She said that she could do it now or I could do it online. As I didn't have all my account details there and then I said I would do it online.

I started doing it online but what wasn't clear is do I heave to update each account individually or do I just enter what I think the total figure will be? I'm sure that when I did the 2025/26 update it was just the total amount but then I wasn't clear why she needed each individual account number. Also when I started filling it in it did say something like "investment 1" or something similar. So will it ask me for the account details and I fill in each amount individually? Can I estimate the amount I will receive as I know it will be more than last year.

I'm so confused, sorry

Dazed_and_C0nfused

I don't think you can do anything other than give a total figure online

Then you will get a letter (or form maybe) asking for the individual bank account details. So you might as just send that now and avoid doing anything online as it's just a bit pointless.

GrubbyGirl_2

Thought I'd update in case it's helpful to anyone else. I called them this morning and updated my estimates for this year. It was worth doing as they still had accounts that were closed on the system. Tax code now changed. Interestingly one account I've had since August last year wasn't listed. I've seen it mentioned many times on here that Banks should inform HMRC of interest by June, however she told me that they don't send statements until October hence why it wasn't listed. That explains why tax code changes don't tend to come until December.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/82053969#Comment_82053969

It's a matter of fact that banks and building societies are required to submit returns by the end of June, unless given more time by HMRC:

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

However, that doesn't necessarily mean that they comply, and even when they have submitted, there's a huge amount of activity at the HMRC end to process all the millions of records, match them with taxpayers and allocate them to the individuals' tax accounts, after which they go through the tax assessment process to calculate income tax liabilities for the previous year, and adjustments to PAYE codings will follow on after that.

If you opened an account last August then it shouldn't be a surprise that HMRC aren't aware of it yet - even if the provider has submitted the information on time, that's only the start of the process, as above. Likewise for accounts closed during 2025/26, they won't know about these yet…