Interest details on HMRC Personal Tax Account. Updated to include how to access interest details.
Comments
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One oddity for Scots is that they keep giving me £500 tax free allowance for interest and adjusting my tax code to recover 21% tax from the remainder. My total income, even with dividends and interest, is below both the Scottish and UK bands for the 41% (40%) band. No idea yet why I don't get the full £1,000 allowance. HMRC seem to ignore requests for an explanation mentioned in changes requested online. I expect that a phone call or letter might be in order now.
Scottish taxpayers don't pay 21% tax on interest.
Scottish government has no jurisdiction over interest (or dividend) income and tax is payable at the normal 0%, 0%, 20%, 40% or 45% rates.
However as a Scottish taxpayer your employer or pension payer may have to deduct 21% tax so the interest deduction in your tax code may look odd as it would have to be adjusted for the correct tax to be deducted.0 -
AlwaysLearnin wrote: »I'm in a similar situation to you, i.e. no paid income this tax year, therefore no PAYE section showing on the home page.
Looking at my OH's account, we found a breakdown by looking in the "Check current tax year" section of PAYE (although figures from 17/18, it looks like they've put them in the current year as they're using those numbers as an estimate of this year - they weren't showing in previous/last years income details) to see the summary, then under "Your income from other sources" a new section entitled "Untaxed Interest Income" is now showing, under which there is a "View details" link, taking you here:
https://www.tax.service.gov.uk/check-income-tax/income/bank-building-society-savings
This shows you a total amount, then there's a "Check your account details and estimated interest" button to get to an account list.
Unfortunately, with no PAYE this year you get a message at the "Check current tax year" stage (using the https://www.gov.uk/check-income-tax-current-year link you previously quoted) which says there is no record of income in the current year, with no "Your income from other sources" section. Without this you can't seem to be able to get to those lower levels (trying to go direct to the first link above results in a "Technical difficulties" screen, for me at least...)
I couldn't find a way around this. I'd be interested to know if anyone else has.
Excellent idea to look at OH's account. I did that and now I see what everyone's talking about i.e. untaxed interest, and a list of accounts therein. My OH's are almost correct - some accounts have been closed since last year, some have been added, but it's a moot point because my OH only works part-time and is well below the tax threshold so all the interest is tax free anyway. There's little point in correcting it. I notice that First Direct are listed as HSBC (I know they belong but still).
So basically, unless you're currently working there's no way to see your estimated untaxed interest. You'd be hard pushed to accrue enough interest to pay any tax at all but I still think it's an oversight on HMRC's part. Personally, I'd like to see everything that HMRC knows about me. What really surprises me is that untaxed interest isn't listed for previous years - the years since they changed the rules. In my case, those were years when I WAS employed (2016-17 and 2017-18), although I appreciate that the figures shown for 2018-19 would be based on actual figures reported for 2017-18 (if I could see them!). Does anyone else see previous years' untaxed interest?Give a man a fish, and he will eat for a day. Teach him how to fish, and you’ll get rid of him every weekend.0 -
Logging in via the Gateway I see my company Pension Income for 2017-2018 but not savings interest or state pension received. Ditto for 2018-2019.
As this system is badged as Beta perhaps not everyone is supposed to have this information available at this time? I have been delaying submitting my self-assessment in case I find that I have missed something. I wonder if I only get to see what HMRC thinks I received after I tell it what I think I received.0 -
I'm presuming those of us on SA don't get to see it. I don't see it either. I've submitted for 2017/18 and I still don't get to see it.Logging in via the Gateway I see my company Pension Income for 2017-2018 but not savings interest or state pension received. Ditto for 2018-2019.
As this system is badged as Beta perhaps not everyone is supposed to have this information available at this time? I have been delaying submitting my self-assessment in case I find that I have missed something. I wonder if I only get to see what HMRC thinks I received after I tell it what I think I received.0 -
Dazed_and_confused wrote: »Scottish taxpayers don't pay 21% tax on interest.
Scottish government has no jurisdiction over interest (or dividend) income and tax is payable at the normal 0%, 0%, 20%, 40% or 45% rates.
However as a Scottish taxpayer your employer or pension payer may have to deduct 21% tax so the interest deduction in your tax code may look odd as it would have to be adjusted for the correct tax to be deducted.
Thanks for pointing this out, but I am aware of this point. My wife gets the £1,000 allowance on interest and her tax code has been adjusted to recover the amount above £1,000 at 20% rate. This is the correct rate for interest (i.e. Normal UK rate, not the Scottish rate), though she doesn't qualify for the 21% rate anyway.
My tax code adjustment was calculated on basis of 20% rate to recover the correct amount of tax at 21%. This is as I expected as my pension will have this extra tax tax deducted at 21%, so it does all work out. Initially confusing if you don't expect it as "Dazed and confused" correctly states.
The problem is that I only get £500 allowance, not £1,000 and the only difference I can see is that my wife is below the £24,000 threshold where 21% starts. I cannot see any reason for HMRC reducing my allowance from £1,000 to £500 when my income is below the normal UK threshold for 40%. It is also below the lower Scottish threshold where 41% would start. I should qualify for £1,000 interest free of tax as far as I can see.
I am wondering if it is a programming error with HMRC software. My wife gets £1,000 allowance as her maximum tax rate is 20%. Perhaps I'm only getting £500 allowance because I'm on the next rate above 20% (would be 40% in rest of UK, but 21% in Scotland). Pretty obvious error and I'd expect programmer to know that there is a 21% rate between 20% and 40%. I suppose it is possible and would be a possible explanation. If that is the case then HMRC must be taxing many Scots too much on interest payments.
UPDATE:
1) I found that the only interest entries that I could delete were 2 dummy ones they'd added with zero values. All other entries fail every time and give a "technical problem" error. I tried with my wife's account and also 2 different browsers. No success and I reported the problem in detail.
2) I do now have the full £1,000 tax free allowance. It had jumped from £500 to £1,000 this morning. No idea why, apart from me trying to delete invalid interest entries and reporting the issues (with mention of the £500 allowance). The allowance has been sitting at £500 since December at least but is now correct.0 -
The information from 17-18 appears as the input for 18-19 (current year).
I'm trying to correct most of them, because accounts ended or rates changed, but I only managed to change one before getting the "Technical difficulties" page every time I try to fix it.
Another thing I noticed is that the system added the individual interest from the banks' information to the global value I had submitted for the PAYE calculations (describing this one as "account detail unavailable"), when of course one corresponds to the others. They're giving me double the interest I get!
I'll try calling them later, but probably first thing on Monday.Being brave is going after your dreams head on0 -
Looked at my account today. Took me a while to find the untaxed interest section but after finding it found all the entries (haven't actually checked they are correct amounts) have been duplicated.
Sent a message and they say they will reply in 2 days.
We'll see !
Oh dear. Got a response asking for full details of the error messages. Will try to delete the duplicates but judging by other responses on this thread, I won't be able to do it.
What plonkers!0 -
Out of interest, did anyone here have their 2017-18 tax code modified to account for untaxed interest earned in 2016-17?Give a man a fish, and he will eat for a day. Teach him how to fish, and you’ll get rid of him every weekend.0
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Yes, I did .... it was a straight copy from the year before's estimate, initially.
For my initial 2017-18 tax code issued in February 2017, they simply used my 2016-17 estimate of untaxed interest that I had given them for that prior year [because their own figure stemming from 2011-12 (grossed up) was no longer appropriate].
(Later in late 2017-18 they altered my tax code again after I advised changes to estimated Interest (reduced) and Dividends (increased)).
Dales.0 -
Found this when looking the other day. The problem is that it is based on last year. Many of the accounts were 1 year savers but are still open account numbers with £0 in so no interest this year. I have changed the estimated interest figures and this has gone into the open forms section so I assume not accepted immediately but needs some intervention.0
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