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  • FIRST POST
    • RG2015
    • By RG2015 8th Jan 19, 4:24 PM
    • 1,495Posts
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    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 2
    • masonic
    • By masonic 10th Jan 19, 7:47 PM
    • 10,631 Posts
    • 8,016 Thanks
    masonic
    Also I have a couple of items missing i.e. bank account monthly reward payments (Halifax and Coop) which are taxed at the basic rate at source but which higher ratepayers are supposed to pay the additional 20% to HMRC. Anyone know how to deal with those?
    Originally posted by margaretx9
    The Halifax Reward (and possibly also the Coop income) is not interest, so would not be expected to be included. This is an annual payment and must be declared to HMRC as Other UK Income.
    • Dazed and confused
    • By Dazed and confused 10th Jan 19, 8:46 PM
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    Dazed and confused
    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.
    • drlabman
    • By drlabman 10th Jan 19, 8:58 PM
    • 236 Posts
    • 35 Thanks
    drlabman
    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.
    Originally posted by AlwaysLearnin
    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.
    • alanq
    • By alanq 10th Jan 19, 9:08 PM
    • 4,104 Posts
    • 2,695 Thanks
    alanq
    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.
    • masonic
    • By masonic 10th Jan 19, 9:13 PM
    • 10,631 Posts
    • 8,016 Thanks
    masonic
    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.
    Originally posted by alanq
    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.
    • MikelT
    • By MikelT 10th Jan 19, 11:25 PM
    • 3 Posts
    • 1 Thanks
    MikelT
    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.
    Originally posted by Dazed and confused
    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.
    Last edited by MikelT; 11-01-2019 at 12:09 PM. Reason: Updated information added
    • ScarletBea
    • By ScarletBea 11th Jan 19, 12:10 PM
    • 2,783 Posts
    • 4,151 Thanks
    ScarletBea
    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 on
    • newatc
    • By newatc 11th Jan 19, 7:24 PM
    • 341 Posts
    • 391 Thanks
    newatc
    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 !
    Originally posted by newatc
    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!
    • drlabman
    • By drlabman 11th Jan 19, 11:03 PM
    • 236 Posts
    • 35 Thanks
    drlabman
    Out of interest, did anyone here have their 2017-18 tax code modified to account for untaxed interest earned in 2016-17?
    Last edited by drlabman; 11-01-2019 at 11:26 PM.
    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.
    • dales1
    • By dales1 12th Jan 19, 12:59 AM
    • 63 Posts
    • 49 Thanks
    dales1
    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.
    • molerat
    • By molerat 12th Jan 19, 1:51 PM
    • 19,966 Posts
    • 14,227 Thanks
    molerat
    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.
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    • Malchester
    • By Malchester 12th Jan 19, 4:44 PM
    • 144 Posts
    • 100 Thanks
    Malchester
    Had two conversations with HMRC last week after my interest from last year were showing on my tax account leading to changes to my tax code meaning I will pay tax on income even though my earnings are below my personal allowance. First person I spoke to denied that there was a starting rate of 0% for interest of up to £5000 (depending on earned income) and, even though I had the web page open in front of me she told me I was wrong and had to pay tax on any interest over £1000. I asked her to confirm what she was saying and she did.

    I called back later and spoke with a man who could not have been more helpful and confirmed that I was correct and the person I spoke to was wrong. He confirmed I should not pay any tax but the system would not let him correct the information and reinstate my correct tax code. He passed the issue on and promised to ring me when things were sorted. How different two people at HMRC CAN BE.

    I HAVE ALSO TRIED AMENDING / deleting accounts from the interest list but it just gives me the error messages others have had
    • Dazed and confused
    • By Dazed and confused 12th Jan 19, 6:04 PM
    • 3,555 Posts
    • 1,785 Thanks
    Dazed and confused
    He confirmed I should not pay any tax but the system would not let him correct the information and reinstate my correct tax code
    What is the incorrect tax code and how much do you expect to earn/get in pension from the company the tax code is being used by?

    There are sometimes valid reasons why the tax code appears to be wrong but it isn't necessarily so. But it does depend on the detail.

    No excuse for you having to make the second call in the first place though
    • Malchester
    • By Malchester 12th Jan 19, 8:31 PM
    • 144 Posts
    • 100 Thanks
    Malchester
    My tax code of 1304 was split between pension and employment income to ensure I had no tax to pay on either. Now they have taken savings interest of £1800, taken off the £1000 nil rate of savings but have reduced my personal allowance to take into account the extra £800 interest above the £1000 mill rate even though my total income (pension, employment income and taxable interest) is well below £16000 there I should pay no tax
    • Dazed and confused
    • By Dazed and confused 12th Jan 19, 8:39 PM
    • 3,555 Posts
    • 1,785 Thanks
    Dazed and confused
    So is either tax code actually lower than the income you expect to receive from your job or pension?
    • hoc
    • By hoc 12th Jan 19, 9:06 PM
    • 283 Posts
    • 156 Thanks
    hoc
    Reading the comments I was excited the "digital tax" or whatever it was called was finally being rolled out avoiding the need to individually track and submit savings interest to HMRC. I see nothing has changed for me from previous years. It just shows the actual amount from my latest SA and there is no detailed breakdown.
    • talexuser
    • By talexuser 12th Jan 19, 9:09 PM
    • 2,540 Posts
    • 2,015 Thanks
    talexuser
    Changing to the best deals often my interest details are obviously way out of date from one tax year to the next. After logging in half a dozen times on different days I have been able to change 2 incorrect entries (to no obvious effect yet), but a further 5 repeatedly get the same "technical difficulties/try later" message. Strangely the items I can change always go to the next details page, whereas the ones I can't always default to no can do.
    Maybe an old fashioned letter or phone call is still needed.
    • Dazed and confused
    • By Dazed and confused 12th Jan 19, 9:11 PM
    • 3,555 Posts
    • 1,785 Thanks
    Dazed and confused
    Reading the comments I was excited the "digital tax" or whatever it was called was finally being rolled out avoiding the need to individually track and submit savings interest to HMRC. I see nothing has changed for me from previous years. It just shows the actual amount from my latest SA and there is no detailed breakdown.
    Nothing has changed the need for you to provide taxable interest details on your Self Assessment return.

    Eventually HMRC may pre populate your return with the figures they have been advised of banks and building societies but that will be the same as how they populate employment income information now, you will still need to check it is correct.

    But at the moment if the information matches your Self Assessment return then there can be no detailed breakdown simply because you haven't been required to provide such a breakdown when you completed the return in the first place.
    Last edited by Dazed and confused; 12-01-2019 at 9:14 PM.
    • hoc
    • By hoc 13th Jan 19, 1:04 AM
    • 283 Posts
    • 156 Thanks
    hoc
    Eventually HMRC may pre populate your return with the figures they have been advised of banks and building societies but that will be the same as how they populate employment income information now, you will still need to check it is correct.
    Originally posted by Dazed and confused

    This was the opening statement of this thread:
    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..
    Originally posted by RG2015

    But at the moment if the information matches your Self Assessment return then there can be no detailed breakdown simply because you haven't been required to provide such a breakdown when you completed the return in the first place.
    Originally posted by Dazed and confused
    I don't understand what you are trying to say. The SA form does not require a detailed breakdown of UK savings interest. Like most other values you input the total amount, you don't list them out. It's a standard form for everyone. I suppose HMRC may in exceptional circumstances follow up and require a detailed breakdown although increasingly unlikely since banks are now sharing this information digitally. This is the information I thought others are now seeing. My 18/19 forecast number is my 17/18 actual number, same practice as HMRC have always done.
    • short butt sweet
    • By short butt sweet 13th Jan 19, 1:11 AM
    • 225 Posts
    • 168 Thanks
    short butt sweet
    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?!
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