Savings interest on P800

RG2015
RG2015 Posts: 5,755
First Anniversary Name Dropper First Post Photogenic
Forumite
On a recent thread it was suggested that the Interest received figure an their P800 was overstated.

The figure on my recent P800 was understated which is easier to explain.

Has anyone here had their interest overstated on a P800?

Comments

  • I've just received a tax bill for receiving interest 2022/2023.

    They said they will take it via changing my tax code 2024/2025 or I pay it now, I cannot see any advantages of paying it now as that cash is just getting more intersection paid on it currently. 

    I went over my various interest achieved paperworks for 2022/2023 and looks like possibly a little under stated.

    Think I've read on here before, some institutions can be slow at updating the HMRC so I'm expected they will update the tax I need to pay at some point in the future. 

    For information the current tax demand for repayment is only about 3% less than I was expecting. 


  • RG2015
    RG2015 Posts: 5,755
    First Anniversary Name Dropper First Post Photogenic
    Forumite
    edited 30 October 2023 at 9:17AM
    Just to clarify, I only received a P800 because I had underpaid tax on my state pension.

    If I had paid the correct tax on my SP I would not have received a P800 and I would not have known HMRC's figure for my interest. My 2022/2023 interest was less than my PSA of £1,000.

    I now know that HMRC will not be expecting me to earn enough interest in 2024/2025 to pay any tax on it.

    As it happens I will have to pay tax on 2023/2024 and 2024/2025. But that is for HMRC to calculate once they have received the details from my savings providers.
Meet your Ambassadors

Categories

  • All Categories
  • 341.4K Banking & Borrowing
  • 249.6K Reduce Debt & Boost Income
  • 449K Spending & Discounts
  • 233.7K Work, Benefits & Business
  • 605.8K Mortgages, Homes & Bills
  • 172.3K Life & Family
  • 246.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards