Tax on savings

thejollyspender

In 2023/24 I earned far more than £1000 in non ISA savings interest from several banks.i sent this info to HMRC PAYE team. They replied by letter stating I owe no income tax for 2023/24. They state my tax account balances and there is no further assessment to do. How can that be ? They have added all my declared interest to my records.
Note my income is too high to qualify for any of the £5,000 savings allowance.
I'm worried they will come after me at a later date, and blame me for the mistake.
Can anyone help ? Thanks 

surreysaver

The banks send the information to HMRC. They probably haven't had all the data yet

EthicsGradient

At the moment, don't worry. You could get a sign-in for your personal tax account, and that would, I think, allow you to see what the information they reckon they have at the moment about your 23-24 savings income.
Personal tax account: sign in or set up - GOV.UK (www.gov.uk)
Have they issued you with a tax code for 2024-25 yet?

Flugelhorn

I agree they may well just adjust the tax code going ahead. 

we have had a problem in that they have only decided to tax half the interest they were told about ... we are going to sit on that one and see what happens 

Hoenir

Flugelhorn said:

I agree they may well just adjust the tax code going ahead. 

we have had a problem in that they have only decided to tax half the interest they were told about ... we are going to sit on that one and see what happens 

Onus is on the taxpayer to ensure that the figures used by HMRC are correct. 

Dazed_and_C0nfused

thejollyspender said:

In 2023/24 I earned far more than £1000 in non ISA savings interest from several banks.i sent this info to HMRC PAYE team. They replied by letter stating I owe no income tax for 2023/24. They state my tax account balances and there is no further assessment to do. How can that be ? They have added all my declared interest to my records.
Note my income is too high to qualify for any of the £5,000 savings allowance.
I'm worried they will come after me at a later date, and blame me for the mistake.
Can anyone help ? Thanks 

Given you haven't said what your non savings non dividend income it's unclear how anyone can know if some tax is owed or not 🤔

Flugelhorn

Hoenir said:

Flugelhorn said:

I agree they may well just adjust the tax code going ahead. 

we have had a problem in that they have only decided to tax half the interest they were told about ... we are going to sit on that one and see what happens 

Onus is on the taxpayer to ensure that the figures used by HMRC are correct. 

yes so the letter says, but clearly we are surrounded by incompetents

... this was DH's half of the interest (he had already divided it by 2 when he told them) - I'll do mine via S-A later in the year and see what happens to mine, see if they can get that one right. 

thejollyspender

Thanks for all replies.
Yes I've been given a tax code for 2024/25 which is correct for my non saving and non dividend income.
It's only my savings interest above they aren't taxing.
They do have all my savings interest because that's what I sent them. But then they don't know it's everything ! Best wishes all.

thejollyspender

Just listened to moneybox on radio 4. they reckon you should give HMRC until late October to sort this out. Exception is if you're savings income is 10k + in which case register for self assessment.

Albermarle

thejollyspender said:

Just listened to moneybox on radio 4. they reckon you should give HMRC until late October to sort this out. Exception is if you're savings income is 10k + in which case register for self assessment.

If you are not doing SA, then your tax calculation for the previous tax year is usually worked out automatically by HMRC around September/October time. This happens anyway regardless of whether you have savings interest or not.

RedImp_2

I started a previous thread where HMRC sent me tax account in June , which by my calculations was wrong in their favour.  They are inviting me to claim the refund.   Given no one answers the phone and there is never anyone available on chat I think I’ve made reasonable endeavours to correct them so at some point I will claim the money.