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  • FIRST POST
    • RG2015
    • By RG2015 8th Jan 19, 4:24 PM
    • 1,506Posts
    • 951Thanks
    RG2015
    Interest details on HMRC Personal Tax Account online
    • #1
    • 8th Jan 19, 4:24 PM
    Interest details on HMRC Personal Tax Account online 8th Jan 19 at 4:24 PM
    In the last week HMRC have added full details of my interest received in my online personal tax account. Previously they had just shown the one figure that I had reported to them as my total untaxed interest income for the 2017/18 tax year.

    This amount has shown for a few months as the estimate for 2018/19 and is now showing the individual details for 11 of my savings accounts. Only one bank is missing and the amount for this one is a balancing figure to get back to my annual amount rounded down to the nearest pound.

    Clearly my banks have reported my interest received to HMRC and with the one exception noted above every account is correct to the penny. Just for information the missing bank is Virgin Money and the figure for this bank and the rounding is classified as follows which incidentally is the narrative that was previously used for the single total figure.

    DUMMY ACCOUNT
    ****$$$$
    00-00-00

    After hearing accounts of HMRC reporting incorrect figures I am pleasantly surprised to find that their figures are 100% accurate for 11 of my 12 accounts.
Page 3
    • Malchester
    • By Malchester 13th Jan 19, 8:13 AM
    • 155 Posts
    • 108 Thanks
    Malchester
    Yes new code is lower than employment and occ pension added together. Correct / previous code wasn't.
    • masonic
    • By masonic 13th Jan 19, 8:16 AM
    • 11,003 Posts
    • 8,495 Thanks
    masonic
    reading this thread makes me glad that i currently only have to use self-assessment, and not PAYE! which seems a bit wrong - wasn't PAYE supposed to be simpler?!
    Originally posted by short butt sweet
    Quite. If the information supplied to HMRC is not accurate and therefore needs to be corrected, then it makes it more hassle not to be on SA.
    • Dazed and confused
    • By Dazed and confused 13th Jan 19, 8:56 AM
    • 3,834 Posts
    • 1,955 Thanks
    Dazed and confused
    Yes new code is lower than employment and occ pension added together. Correct / previous code wasn't.
    You must have two tax codes, one for the job and one for the pension.

    What is each code and the taxable income you will get in this tax year from each?

    They aren't necessarily wrong but without the detail it's impossible to know.
    • RG2015
    • By RG2015 13th Jan 19, 9:54 AM
    • 1,506 Posts
    • 951 Thanks
    RG2015
    The HMRC personal tax online Beta system does appear to be somewhat limited. I was never comfortable with the screen to input my interest received online so I wrote to HMRC informing them of the actual figures for 2016/17 and 2017/18.

    The 2017/18 figure was then used to estimate the 2018/19 figure which seems reasonable to me.

    Then a few months later all of my individual savings account details appeared as I detailed at the start of this thread. There was an option to update the details but I feared that this would complicate things. By all accounts here the HMRC site is unable to cope with this so when I have actual figures for 2018/19 I will write to HMRC with the total figure.
    Last edited by RG2015; 13-01-2019 at 10:15 AM.
    • youngretired
    • By youngretired 14th Jan 19, 1:17 PM
    • 252 Posts
    • 147 Thanks
    youngretired
    Apparently the error message is due to them not having the sort code for that account that you are trying to update or remove so HMRC have said that these will have to be done on the phone or live chat.
    • badger09
    • By badger09 14th Jan 19, 3:56 PM
    • 6,633 Posts
    • 6,122 Thanks
    badger09
    The HMRC personal tax online Beta system does appear to be somewhat limited. I was never comfortable with the screen to input my interest received online so I wrote to HMRC informing them of the actual figures for 2016/17 and 2017/18.

    The 2017/18 figure was then used to estimate the 2018/19 figure which seems reasonable to me.

    Then a few months later all of my individual savings account details appeared as I detailed at the start of this thread. There was an option to update the details but I feared that this would complicate things. By all accounts here the HMRC site is unable to cope with this so when I have actual figures for 2018/19 I will write to HMRC with the total figure.
    Originally posted by RG2015
    That is exactly what I have been advocating for quite some time.

    Until the Personal Tax Account functions as intended, I will not attempt to use it. I suspect that will not be for many years, by which time, I will have frittered my savings away
    • RG2015
    • By RG2015 14th Jan 19, 4:08 PM
    • 1,506 Posts
    • 951 Thanks
    RG2015
    That is exactly what I have been advocating for quite some time.

    Until the Personal Tax Account functions as intended, I will not attempt to use it. I suspect that will not be for many years, by which time, I will have frittered my savings away
    Originally posted by badger09
    I don't recall reading this but perhaps I did and subconsciously registered a message deep in my little grey cells never to trust Beta websites run by HMRC to work as expected.

    Either way, I thank you for your invaluable advocacy.
    • colsten
    • By colsten 14th Jan 19, 4:15 PM
    • 9,698 Posts
    • 8,748 Thanks
    colsten
    You must have two tax codes, one for the job and one for the pension.
    Originally posted by Dazed and confused
    What's this about two tax codes we must have?
    • Malchester
    • By Malchester 14th Jan 19, 5:36 PM
    • 155 Posts
    • 108 Thanks
    Malchester
    [B]You must have two tax codes, one for the job and one for the pension.
    [/B

    My personal tax code is split between my occ pension and employment income. It did total my correct personal allowance. However when my interest was included on my tax account the tax code overall was reduced and the split was changed meaning that I would pay tax on both income streams. It has now been sorted but my tax code is lower than it should be. Apparently my two income streams were below my personal allowance which meant that Hmrc systems included interest to take it up to my personal allowance leaving the rest of the interest taxable. What I was told today is that by reducing my personal tax allowance to equal earned income all my interest falls into the £5000 starter rate of savings interest and I will not pay tax on any of it. It is a quirk of the system apparently when earned income is below personal allowance but interest takes the whole income above the personal allowance. Unfortunately I will have to start the process all over again in April when my occ pension income increases to cover a full year. Oh the mysteries of the hmrc computer software. But I have to say that the person I spoke to at hmrc on my second call was incredibly helpful and rang me back a week after my call to explain what he had done and we worked the figures out together in the phone and all now showing on my tax account
    • Dazed and confused
    • By Dazed and confused 14th Jan 19, 10:55 PM
    • 3,834 Posts
    • 1,955 Thanks
    Dazed and confused
    What's this about two tax codes we must have?
    The query this related to was about someone with a job and an occupational pension.

    Hence two tax codes will be needed, one for each PAYE source of income.
    • Dazed and confused
    • By Dazed and confused 14th Jan 19, 11:00 PM
    • 3,834 Posts
    • 1,955 Thanks
    Dazed and confused
    Malchester

    Thanks for the update. I'm still not totally convinced that the revised tax codes would have resulted in any tax being deducted however no matter now if it's been resolved to your satisfaction.

    You mentioned your original tax code was 1304. If it's 1304 because you receive Marriage Allowance any tax payable (after your Personal Allowance of £11,850) would be reduced by the Marriage Allowance tax credit deduction you will be entitled to.
    Last edited by Dazed and confused; 14-01-2019 at 11:06 PM.
    • drob4
    • By drob4 16th Jan 19, 10:15 PM
    • 77 Posts
    • 41 Thanks
    drob4
    Iíve noticed that a few people in this thread have sent messages to HMRC. Is it possible to do this from within the Personal Tax Account? I canít seem to find any option to do so.
    • RG2015
    • By RG2015 16th Jan 19, 11:34 PM
    • 1,506 Posts
    • 951 Thanks
    RG2015
    Iíve noticed that a few people in this thread have sent messages to HMRC. Is it possible to do this from within the Personal Tax Account? I canít seem to find any option to do so.
    Originally posted by drob4
    I do not think so. I have always written to them by post.

    They do however, record the dates of letters received and the expected response date in the personal tax account online.
    • talexuser
    • By talexuser 17th Jan 19, 1:57 PM
    • 2,558 Posts
    • 2,025 Thanks
    talexuser
    Yesterday the 3 savings accounts that I managed to update a few days ago have been updated (2 reduced amounts and a closed before this tax year), so the beta is working so far as it goes.

    But the other accounts that need changing still click to "technical difficulties/try later" consistently day after day. I wonder if there is some tick box at their end which prevents certain accounts being edited?
    • skitskut
    • By skitskut 17th Jan 19, 4:52 PM
    • 175 Posts
    • 92 Thanks
    skitskut
    Yesterday the 3 savings accounts that I managed to update a few days ago have been updated (2 reduced amounts and a closed before this tax year), so the beta is working so far as it goes.

    But the other accounts that need changing still click to "technical difficulties/try later" consistently day after day. I wonder if there is some tick box at their end which prevents certain accounts being edited?
    Originally posted by talexuser
    See post #45 above.
    • youngretired
    • By youngretired 19th Jan 19, 5:33 PM
    • 252 Posts
    • 147 Thanks
    youngretired
    Can anyone advise/has previous knowledge that where they are using the 17/18 as estimates for 18/19 interest and they have already adjusted this years tax code to claim this, that if they have over estimated and you have advised them of this, if you will get a tax rebate in April or will HMRC wait until they receive the official proof from the banks in November 2019?
    • Dazed and confused
    • By Dazed and confused 19th Jan 19, 6:12 PM
    • 3,834 Posts
    • 1,955 Thanks
    Dazed and confused
    if they have over estimated and you have advised them of this, if you will get a tax rebate in April or will HMRC wait until they receive the official proof from the banks in November 2019?
    Neither, you will get a rebate/adjustment the next time your employer or pension payer pays you after they have received your updated tax code.

    With a couple of months still to go in the tax year there may obviously be other changes arising, your tax code is after all always just an (educated) attempt to collect the correct tax.

    If that is the case HMRC will normally only review the previous tax year when they get all the relevant information, including interest details. But there is nothing stopping you providing this to HMRC as soon as practicable after the tax year ends so they can review things sooner.

    Obviously if the information the banks subsequently supply is different they may then need to revise any early calculation.

    Chances are they will need your P60 details (and P11D if relevant) if you want this doing as early as April.
    • DennisTenus
    • By DennisTenus 30th Jan 19, 3:13 PM
    • 348 Posts
    • 46 Thanks
    DennisTenus
    Some of mine aren't right, but is the list from the 17-18 tax year because the banks haven't submitted the details of interest for the 18-19 tax year yet?
    • ScarletBea
    • By ScarletBea 30th Jan 19, 6:41 PM
    • 2,786 Posts
    • 4,157 Thanks
    ScarletBea
    Some of mine aren't right, but is the list from the 17-18 tax year because the banks haven't submitted the details of interest for the 18-19 tax year yet?
    Originally posted by DennisTenus
    Well, 18-19 hasn't finished yet...
    So yes, it's 17-18 and you must decide whether to accept it (if nothing will change much), or ask them to remove accounts that have closed in the meantime, for example
    Being brave is going after your dreams head on
    • Dazed and confused
    • By Dazed and confused 30th Jan 19, 10:38 PM
    • 3,834 Posts
    • 1,955 Thanks
    Dazed and confused
    or ask them to remove accounts that have closed in the meantime, for example
    I would be surprised if HMRC accepted that. If the account was closed in 2017:18 yes but if not they would surely only accept a revised estimate for 2018:19. Which I guess could be £0 if the account had been emptied but not closed.
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