Bank interest on personal tax account online
Comments
-
Second, the annual summary for my joint account states that the gross interest paid from 06/04/2016 to 05/04/2017 is £457.25. Surely my only option is to deduct half of this figure to come to my individual interest received.
I accept that you may find my approach odd and unusual but I would appreciate it if you could explain why you have come to this conclusion?
I'm sure we would end up with the same result but, assuming it is a standard joint account in two names, if it were me i would simply be thinking i had received £228.62 from that account. I don't know why you are starting with attributing £457.25 to yourself and then deducting half as you seemingly never had any entitlement to £457.25 in the first place.0 -
By the way, don't use unique / faulty terminology. It'll only confuse everyone - including yourself. "deduct" is the wrong word. What is one party's interest was never the others. The word is "split"Dazed_and_confused wrote: »if it were me i would simply be thinking i had received £228.62 from that account. I don't know why you are starting with attributing £457.25 to yourself and then deducting half as you seemingly never had any entitlement to £457.25 in the first place.
There is a distinct echo developing in this thread.
And, D+C, can you start using the quote and multi-quote features of MSE forums? Your "unique / faulty" quote-indicating method is a P. I. T. A.:) 0 -
Many thanks for the input to my thread. The replies have been very informative and it is always useful to see my issues from the perspective of other people.
I do not believe that any of my posts or my own thoughts were in any way controversial or particularly ill-considered and yet they have been described as follows:
Disastrous.
Slapdash.
Discourteous, as a result of my slapdash posting.
Digging myself into a deeper hole.
Odd.
Unusual.
Using unique or faulty terminology that will confuse everyone including myself, apparently.
And to cap it all, I really need the discipline of completing SA.
At the moment what I really need is a stiff drink!0 -
I decided to write to HMRC giving them details of my interest received in 2016/17 and 2017/18 and have now received a reply. They advise that they have updated my records and confirmed that this does not affect the total tax paid in each year as the amounts are below the Personal Savings Allowance.
They also advised that they had issued a copy of the 2018/19 tax code under separate cover. I subsequently received received notification of this by email saying that I had a tax code change for 2018/19 and that the income tax I pay will change.
I checked my personal tax account online and see that they have included last year's interest received as an estimate for this year's untaxed interest income. However, my tax code and tax estimate have not changed.
In my opinion, this is much easier than reverting to self assessment and completing an online tax return every year.0 -
I wonder if people can confirm if their interest has been reported to HMRC for 2016-17 and 2017-18. I am a non taxpayer so I don't have any issues, I'm asking on behalf of my husband who only gets his private pension and savings interest.
He keeps a record of his interest so knows that he has to pay some tax as he is over the £1000 allowance. He contacted HMRC today and was advised that No banks/building societies had given them any interest figures for him for either years and confirmed that Yes banks/building societies should be providing this info and gave a link to the government website https://www.gov.uk/government/publications/type-17-and-18-bank-building-society-interest-and-other-interest-returns-of-interest-and-eusd/bank-and-building-society-bbsi-european-union-savings-directive-eusd-and-other-oi-returns-of-interest
He then contacted all his banks/building societies to find out there procedures and 4 (Lloyds, BOS, TSB and Tesco) have already come back stating that no they don't report interest to HMRC. He is still awaiting a response from HSBC, M&S, 1st Direct, Nationwide and Kent Reliance.
I was just wondering how many people out there might actually owe tax but because everything you read states that you don't have to do anything except advice on the joint accounts are unaware that actually HMRC might not have the correct info. I know that at the end of the day it is the individual that must take responsibility to make sure any tax owed is paid.0 -
I used to do mine by self assessment until HMRC decide they could do it themselves. so when I got my "simple assessment" from them the taxable interest figure was £92. It should have been £749. No tax was actually due but the figure was incorrect. State pension figure was wrong too, but hey I no longer needed to do self assessment taking max 10 mins, just needed to ring them, my time 25 mins their's about 5 mins.
You need to make absolutely certain that their figures are correct, they are not going to be penalising themselves if they get it wrong, that will be your problem.0 -
youngretired wrote: »I was just wondering how many people out there might actually owe tax but because everything you read states that you don't have to do anything except advice on the joint accounts are unaware that actually HMRC might not have the correct info. I know that at the end of the day it is the individual that must take responsibility to make sure any tax owed is paid.
[FONT=Verdana, sans-serif]I have reported mine by self assessment but a friend is due to pay savings tax for both 2016/17 and 2017/18 but so far no hint of a change in tax code for this year.[/FONT]
[FONT=Verdana, sans-serif]The banks are Coventry, Virgin and Ulster.[/FONT]
[FONT=Verdana, sans-serif]The HMRC rule say that in the meantime they need do nothing so that is what they intend to do.[/FONT]0 -
NS&I have confirmed in writing that they have reported interest for 2017/18 to HMRC.
They also have confirmed in writing that, at least in my case, they have reported the wrong data to HMRC - and that they have no intention of resubmitting the correct data.0 -
NS&I have confirmed in writing that they have reported interest for 2017/18 to HMRC.
They also have confirmed in writing that, at least in my case, they have reported the wrong data to HMRC - and that they have no intention of resubmitting the correct data.
It is interesting to see that our financial institutions have such a serious commitment to the law of the land. (yes the comment was intended to be sarky & certainly not aimed at polymaff).0 -
It is indeed!
Particularly as in the case I describe - which affects about 10% of Guaranteed Income Bond holders - it is one agency of HM Treasury BS'ing another agency of HM Treasury.
Good to see joined-up government, isn't it
EDIT: Sad to see our lazy media, including MSE, taking zero interest in this scandal.
0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards