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Informing HMRC of income (interest) changes
VXman
Posts: 661 Forumite
Background. Been abroad for 3 years and returned July 2020. Now retired.
I seem to remember when I returned in July they had me down for £1000 interest on my tax code, I am sure I contacted them online and reduced this and removed a union fees allowance.
Tax had been spot on up til Dec 2021 when they randomly told me they increased my interest charge to £1300 and therefore changed my code to re coup tax on the £300.
No idea why they did this. Using my online account I see I can make all sorts of changes to other income (earned or unearned) but not to this particular issue. I spoke to chat online and they said to send in details of all bank account/interest or get a letter from my bank. I have dozens of current/savings accounts but all just small amounts resulting in probably £200/300 in interest per year tops. Sending paperwork of this seems ridiculous.
Any similar experiences? Is there an easy way around this?. It's only a few quid but really mt tax affairs are very simple. A regular teachers pension and a small amount of savings. (excepting that which is in Stocks and shares funds.)
I seem to remember when I returned in July they had me down for £1000 interest on my tax code, I am sure I contacted them online and reduced this and removed a union fees allowance.
Tax had been spot on up til Dec 2021 when they randomly told me they increased my interest charge to £1300 and therefore changed my code to re coup tax on the £300.
No idea why they did this. Using my online account I see I can make all sorts of changes to other income (earned or unearned) but not to this particular issue. I spoke to chat online and they said to send in details of all bank account/interest or get a letter from my bank. I have dozens of current/savings accounts but all just small amounts resulting in probably £200/300 in interest per year tops. Sending paperwork of this seems ridiculous.
Any similar experiences? Is there an easy way around this?. It's only a few quid but really mt tax affairs are very simple. A regular teachers pension and a small amount of savings. (excepting that which is in Stocks and shares funds.)
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Comments
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Does this tax code adjustment actually mean more tax is being deducted form your teachers pension than you think should be?0
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Yes - an increase in tax to cover what they think is tax I should be paying on savings interest.Dazed_and_C0nfused said:Does this tax code adjustment actually mean more tax is being deducted form your teachers pension than you think should be?0
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