Interest details on HMRC Personal Tax Account. Updated to include how to access interest details.
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Had the recent code reduction notice many others have had. Nearly ten years since I did my last online return and ventured back in. I'd lost my user ID etc and a painful hour on the phone got nowhere, so I opened a fresh account, which turned out to be right way to go.
57 items in my list of interest from bank accounts. Eight of them tallied but of those only two related to 2018/19. The rest were miles out. Seven were missing. The references on some of the Virgin RSs didn't tally, but the figures were so far out it was impossible to check. I appreciate that the IR uses estimates but the whole system is a bit of a mess. Included was £400+ for an account I closed in January 2017 and some regular savers that matured as early as September 2017. I was unable to see the full make-up of the 2017-18 figures, only my main income source; those figures will presumably have had an impact on this year's figures but without the details I can't go further.
By the most amazing coincidence the figure that they have used in my updated code is likely to be within striking distance of where it might end up! I can't face 'correcting' the figures and I'll just make a return for the year after April 5th; hopefully they will accept a global figure for interest. I keep accurate records.
When I die and if I have to go to hell, as opposed to my preferred option, I expect my punishment to be phoning customer services and going on Live Chat for 24 hours a day, every day.0 -
But look on the bright side, just think of all the HMRC staff you'd be able to discuss this with face-to-face once you're there!When I die and if I have to go to hell, as opposed to my preferred option, I expect my punishment to be phoning customer services and going on Live Chat for 24 hours a day, every day.
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Thanks for the heads-up on this.
I've had a cursory check and my total for 2018/19 is showing as £40 more than my records show it should. But that's on 2800 of potentially taxable interest so not a million miles away.
I've got almost 90 accounts so it's not a two second job cross checking them. What I do notice is that some institutions record each month (e.g. Ulster bank) and hence have lots of records others just once a year
Time for me to add account number detail to my own spreadsheet to aid cross checking in the future!0 -
It's not just you Rich2808. I think Al Rayan have reported all their ISA accounts as taxable as both me, my wife and daughter have had the same happen to us. Luckily we've already shut all three accounts. They've also failed to report the account which should have been taxed. Makes you wonder how robust their systems are.I think the lesson I am learning is not to have so many savings accounts and regular savers!
And to prompt me to move my ISA from Al Rayan who incorrectly reported my £240 in interest on an ISA account as taxable to HMRC - luckily I checked as that could have cost me £100 in extra tax alone! If you have an ISA with them or did I suggest you check too!0 -
I use an accountant and have always done so, since I went freelance, giving him all the details of my income and expenses so he can fill in the form.
The HMRC system appears far too complicated for my liking. In fact, I tried to log in to it a couple of weeks ago just to check my details, and was given the run-around (by the site), taking up hours of time. Kept being taken to places encouraging me to do things I didn't want, like 'register for self-assessment online' or something, when I always use an accountant. I just don't have time to try to figure it all out. So I think I must leave it to my accountant.0 -
I've had a cursory check and my total for 2018/19 is showing as £40 more than my records show it should.
2018:19 details are unlikely to be accurate compared to your own records as they are usually just repeating the actual information provided for 2017:18.
Unless you have already notified HMRC of your own estimate for 2018:19 of course.0 -
Can anyone tell me what information has to be providing in your Personal Tax account to add a new savings account. Thanks0
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veryintrigued wrote: »Thanks for the heads-up on this.
I've had a cursory check and my total for 2018/19 is showing as £40 more than my records show it should. But that's on 2800 of potentially taxable interest so not a million miles away.
I've got almost 90 accounts so it's not a two second job cross checking them. What I do notice is that some institutions record each month (e.g. Ulster bank) and hence have lots of records others just once a year
Time for me to add account number detail to my own spreadsheet to aid cross checking in the future!
Further to this I've done my first pass on checking and:
As has been described the 18/19 figures are actually (mostly) from 17/18.
I also have two accounts included from 16/17!
A couple of accounts are missing and a few I don't recognise.
Half a dozen have figures a few pounds out.
Post Office are reported as BoI
First Save are reported as FBN
N&P are reported as YBS
First Direct are reported as HSBC
Yorkshire Bank are reported as Cyldesdale
I won't be doing much more until if I hear from HMRC.0 -
veryintrigued wrote: »
Time for me to add account number detail to my own spreadsheet to aid cross checking in the future!
This is something I'm going to start doing, I had to use the amount of interest on my closed Virgin accounts to identify which issue they referred to.Dazed_and_confused wrote: »2018:19 details are unlikely to be accurate compared to your own records as they are usually just repeating the actual information provided for 2017:18.
Unless you have already notified HMRC of your own estimate for 2018:19 of course.
The figures for 2017/2018 were totally accurate except for one Virgin account.
On one of my accounts I had been paid the interest twice by Virgin, but had been sent a letter to send the overpayment back, which I did. However, they notified HMRC of the total of the two payments which I am now supposed to pay tax on! I have contacted Virgin to complain about this
I rang HMRC and advised them of the accounts which were closed and they have amended them. The ones closed in 17/18 were closed with nil interest - the ones closed in 18/19 I had to give the closing date and interest given on closure.
There are other accounts with incorrect interest to date, but these will amend when the correct information is sent from the banks in April and I'm happy with that. There's just a £200 difference now.
The information I gave has enabled my tax code to be amended immediately, which I am happy about
frogletinaNot Rachmaninov
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