We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

no savings interest allowance on HMRC SA ?

Options
I am just ploughing through my SA and for some reason it is not allowing me any personal savings allowance at all. Also although i am a paye employee but delcaring extra income ,the system seems to keep referring to me as a business..for example i keep getting email reminders from HMRC Business help..is this relevant ? thanks
Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..

Comments

  • BoGoF
    BoGoF Posts: 7,098 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    There is no such thing as a personal savings 'allowance' - you won't see it added to your tax free allowance. Instead you will see it charged to tax at 0%.....either £1,000, £500 or nil at 0% depending on your level of income.
  • C_Mababejive
    C_Mababejive Posts: 11,668 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Arggghhh,,yes i can see the issue now,its a lack of understanding on my part. Another thing,,they seem to want payments on acc x2 for 2019-20 but this is only being triggered because they !!!!!!ed up my tax code and gave me a huge paye tax refund in jan 2019 thus leaving me underpaid on paye,do i really have to pay these??
    Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..
  • BoGoF
    BoGoF Posts: 7,098 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    If you believe you won't owe anything for 19/20 you can make a claim to reduce the POA's. However if you have 'extra income' you may be due to pay some tax? You will need to estimate that and reduce the POA's accordingly.
  • C_Mababejive
    C_Mababejive Posts: 11,668 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    i just had an online chat with them and they say submit it and the system may autofix it if i am still paying 80% or more of tax via paye which i will be. Leave it 72 hours and then recheck if its autofixed,if not,contact them for manual fix..hopefully itll be ok thanks for your help bogof
    Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..
  • If the 80% rule doesn't apply there is nothing to "fix".

    The payments on account for one year are established by the liability of the previous year, 2018:19 in your scenario.

    Just because the same problem won't occur in 2019:20 doesn't mean you won't need to make POA for 2019:20.

    If you reduce the POA to nil and it turns out you have a liability of say £200 for 2019:20 then each POA will be reinstated to £100 and you will be charged late payment interest on anything paid after the 31 January and 31 July payment deadlines.

    But you wouldn't then have POA for 2020:21 as these are based on 2019:20.
  • intalex
    intalex Posts: 985 Forumite
    Part of the Furniture 500 Posts Name Dropper Photogenic
    If the 80% rule doesn't apply there is nothing to "fix".

    The payments on account for one year are established by the liability of the previous year, 2018:19 in your scenario.

    Just because the same problem won't occur in 2019:20 doesn't mean you won't need to make POA for 2019:20.

    If you reduce the POA to nil and it turns out you have a liability of say £200 for 2019:20 then each POA will be reinstated to £100 and you will be charged late payment interest on anything paid after the 31 January and 31 July payment deadlines.

    But you wouldn't then have POA for 2020:21 as these are based on 2019:20.
    Ditto - from my personal experience!
    Although I don't agree with this "policy" of charging interest where someone moves to >80% tax deducted at source in a new tax year but still ends up with some tax liability at the end of this new tax year for "natural" reasons.
  • badmemory
    badmemory Posts: 9,511 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    referring to me as a business..for example i keep getting email reminders from HMRC Business help..is this relevant ? thanks


    Don't worry about those. I still get them from filing SA because of my state pension (hardly a business) & they insisted I stop filing SA a couple of years ago. I suspect it is a left hand/right hand problem or total lack of joined up thinking.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.7K Work, Benefits & Business
  • 598.5K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 256.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.