What is the best time to ask HMRC about interest record?

qsk

I understand that all banks and building societies are required to report interests to HMRC by end of June. It is July now so can I ask for this record of details now, or should I wait for sometime for them to do some processing work, if any?

horsewithnoname

if you owe any tax on it you’ll get a bill - don’t hold your breath, like all public services they’re under resourced - but have you not kept your records/get them from the banks if you don’t any the total?

qsk

https://forums.moneysavingexpert.com/discussion/comment/82057048#Comment_82057048

I was asked to do SA since 24/25 for the sake of interests. I asked the record for that year and there were quite a few pence interests account which I would have missed. So I would like to get my figures in line with theirs to avoid any potential hiccups.

Isthisforreal99

It's not HMRC's job to do your record keeping for you. They get sent the same info you do.

Dazed_and_C0nfused

https://forums.moneysavingexpert.com/discussion/6674955/what-is-the-best-time-to-ask-hmrc-about-interest-record

I suspect you're a bit early yet. I've checked my figure on my Personal Tax Account and it is still the total from 2024/25.

qsk

https://forums.moneysavingexpert.com/discussion/comment/82057062#Comment_82057062

There is a difference: for HMRC it is compulsory. For savers, you don't get it unless you ask (for some banks).

Isthisforreal99

https://forums.moneysavingexpert.com/discussion/comment/82057143#Comment_82057143

So no online statements showing when interest ia credited? I'm a 'saver' and all my monthly interest goes on a spreadsheet when paid. No need to pester anyone for that info.

No wonder those with real queries can't get through to HMRC.

jackieblack

I am in a similar position to the OP

Almost all my interest payments through the year came from account closures, after which I can't access the historic account information online

I am usually more organised but a combination of bereavements and moving house twice during the tax year means I'm not on top of it as I usually am and logging things on a spreadsheet has been the least of my concerns. I know I have the statements somewhere amongst the dozens of boxes and I'm sure I'll retrieve them all in due course, but I'm hoping HMRC will inform me sooner as my financial position is very different this year to last.

GrubbyGirl_2

https://forums.moneysavingexpert.com/discussion/comment/82057420#Comment_82057420

You'll probably find it easier to contact the banks associated with those closed accounts and ask them for a Tax statement

sheramber

HMRC advised me of my 24/25 interest in January 26.

Hundreds/ thousands of bank interest details will be received with a name and address.

Each bank list will need to be processed and linked to a taxpayer.

If you use different banks then your interest details will be on different lists and be collated as each bank’s list is dealt with.

Until all lists have been dealt with HMRC will not know if they have details from all your banks.

Shylock_249

https://forums.moneysavingexpert.com/discussion/comment/82057062#Comment_82057062

Yes, they very well might get sent the same information as the OP but there is nothing to say that they collate that information correctly without errors of omission or commission.

Except for the FY before last HMRC never had the same figures as myself or my wife. Three years ago I asked for a print out of the figures they had. They produced a list showing bank accounts I'd closed down two FYs previously showing estimated interest. There were (about) 20 entries on their list and only 7 were correct the remainder spurious. I had to phone HMRC and go through each entry on the list one by one.

The previous year to that shown above, when checking my wife's entries, HMRC had been notified by a bank that our joint account had paid us 5k in interest, HMRC had correctly allocated 2.5k to myself but NOT to the wife, HMRC made the correction over the phone, meaning my wife paid and additional £500 in tax. (Honesty is the worst policy).

The HMRC said that Banks and Building Societies were supposed to report to HMRC by the end of June each year but rarely did so. She said that (for that year) banks had been given dispensation to report by by the end of October.

HMRC are there to provide a service for the elephant and the ant and if the OP wishes to contact them then he should do so. IMO there's only one stupid question; the one which is never asked.