📨 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!

tax code changed due to untaxted interest on savings and investiments

13»

Comments

  • xylophone
    xylophone Posts: 45,665 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    If they had updated their occupational pension income

    The occupational pension income must always have been advised correctly to HMRC?  RTI?


    The savings income was a real mess!

    Did you read


    https://forums.moneysavingexpert.com/discussion/comment/79585658/#Comment_79585658

    https://forums.moneysavingexpert.com/discussion/comment/79585771/#Comment_79585771

    The plain fact is that it was up to HMRC to update their systems correctly to reflect the change in legislation.

    Indeed, when the person referred to in my previous had her second conversation with the HMRC rep, the glitch causing the overpayment of tax was acknowledged as "something which was supposed to be sorted out"! 
  • RL11
    RL11 Posts: 201 Forumite
    Part of the Furniture 100 Posts Name Dropper
    It seems bizarre that HMRC assume the pension from the year before, is going to be the same in the year going forward. Most are going to increase - even if just a tiny bit. Surely the pension provider should be telling HMRC when an increase happens, rather than HMRC telling the pension provider to use a tax code based on the year before!
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
  • 351.4K Banking & Borrowing
  • 253.3K Reduce Debt & Boost Income
  • 453.8K Spending & Discounts
  • 244.4K Work, Benefits & Business
  • 599.7K Mortgages, Homes & Bills
  • 177.2K Life & Family
  • 258K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K 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.