HMRC and bank/BS interest & income tax

sheramber

https://forums.moneysavingexpert.com/discussion/comment/82120862#Comment_82120862

Many moons ago when I was involved on matching it was a case of typing on the details given by the bank and the computer matching that to what was held on file.

Any discrepancy between the two would cause a failure to match.

A failure to update your address would cause a failure to march.
one case I had the person had moved 5 times but never updated their tax record.

A different name - proper name used by HMRC , family name used at bank.

A mistyping somewhere along the line.

I don’t know if they do it differently now.

peter021072

https://forums.moneysavingexpert.com/discussion/comment/82120662#Comment_82120662

Yes, they gave me the information on the phone last year, although only because I queried some figures. I'll try that.

peter021072

https://forums.moneysavingexpert.com/discussion/comment/82120700#Comment_82120700

I'm probably thinking of SIPP drawdowns, rather than private pensions, but I haven't made any recently.

From Gemini

eskbanker

Sounds like it'll still be worth starting to take a more disciplined approach to record-keeping though, rather than relying on AI or HMRC - surely it shouldn't be too onerous to keep track of your income over the tax year, especially when each provider should already be notifying you of what they've paid you, including details of any PAYE deductions too (except state pension, as mentioned above)?

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82121062#Comment_82121062

It might seem a bit pedantic but the term 'private pension' means nothing legally or for tax.

A SIPP is a DC ( defined contribution) scheme. So are nearly all workplace schemes in the private sector nowadays. A personal pension is also a DC scheme. They are all basically the same sort of pension scheme.

35har1old

https://forums.moneysavingexpert.com/discussion/comment/82120877#Comment_82120877

Not all companies issue a interest statement

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/82121190#Comment_82121190

There's no longer any obligation to issue annual interest certificates as such but I believe that regulated institutions are still obliged to make statements available…

SiliconChip

https://forums.moneysavingexpert.com/discussion/comment/82120877#Comment_82120877

Actually I didn't (and don't) self assess, but I did advise HMRC of the interest that was missing from the total that they had calculated for me so that they could correct the figure and ask me to pay an extra £20 or so tax.

peter021072

https://forums.moneysavingexpert.com/discussion/comment/82121080#Comment_82121080

FYI I already spend lots of time working all this out each year, yet I frequently find Banks are late publishing the interest statements on their site. Perhaps they should take a more disciplined approach to getting the interest statements issued? I'm all for efficiency and lack of duplication. If one set of figures is already used to populate the tax form why not all of them? It should not be assumed that it is exhaustive, but this would save a lot of time, money and stress.

Regarding AI, it will soon supersede condescending posters on MSE, perhaps consumers can then take back control on here?

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/82121190#Comment_82121190

All 18 of mine issue year end certificates.

In some cases the institution does not make it particularly easy to locate. Nationwide springs to mind in this regard.