Self Assessment - amount of underpaid tax?

Chloe_G
Chloe_G Posts: 373 Forumite
Part of the Furniture 100 Posts Photogenic Name Dropper
edited 30 June 2024 at 2:56PM in Cutting tax
This is the first time I have done SA (due to interest).  My current tax code for 24/25 has been reduced to 962L as they previously collected my untaxed interest through PAYE.
I am not sure about this: 
  • Underpaid tax included in PAYE coding (Page 1 of 2) 
  • Amount of estimated underpaid tax for 6 April 2023 to 5 April 2024 to be included in your PAYE tax code for 6 April 2024 to 5 April 2025 (from your PAYE Notice of Coding)
  • Amount of outstanding debt included in your tax code for 2023-24

There is a link to a YouTube help video but it has been removed!
On my tax code letter for 24/25 it gives a total for Untaxed interest of £2950 - should I enter that?  It doesn't mention 'estimated tax you owe (this year)' which I did have on my 23/24 coding which I received in Nov 23.

Can anyone give me any help?  
Thanks.

Comments

  • yorkiechick
    yorkiechick Posts: 121 Forumite
    Part of the Furniture 100 Posts Name Dropper
    You need to look at your tax coding for the 23/24 tax year, if you're submitting a 2024 tax return. 
    If you have a figure of "underpaid tax included in PAYE coding", that will need to be entered on your tax return. If there's only estimated figures you can ignore it. 
    Actual bank interest that you've received needs to be entered, not what's in your tax code. 
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