No HMRC Contact? / 2024/25 Self Assessment?

sony0zone5

Hi There,

A couple of HMRC tax related queries on savings interest, that I'd be grateful for a steer on please

• I started to earn savings interest from July 2023

• For 2023/24 the amount earned was c£6k total

• For 2024/25 the amount earned thus far is c£3.5k total

My understanding was that HMRC would contact me regarding the amount of tax that I owe, however this hasn't yet happened. I'm aware HMRC are traditionally slow at engaging, but wanted to check if this is normal that I've yet to hear anything (over a year later) thus far?

I've got records of the exact figures of interest earned and am fine with paying a lump sum, but have been awaiting HMRC contact to initiate the process. I'm employed full time and would rather this than my tax code being changed.

Secondly, I'm currently forecasting just over £10k for the full 2024/25 tax year in savings interest.

My understanding is I'll need to return a Self Assessment return declaring this to HMRC. 

I'm looking to confirm when this return is required to HMRC, as it's not clear to me:

• Should I be doing this now based on my forecast?
• Should I do this when the amount reaches £10k?
• Should I do this at the end of the tax year (ie 31st March 2025)?
• Is there another cut-off date to be aware off (ie What is the deadline for return)?

Many thanks in advance for your help

Hoenir

sony0zone5 said:

My understanding was that HMRC would contact me regarding the amount of tax that I owe, however this hasn't yet happened. I'm aware HMRC are traditionally slow at engaging, but wanted to check if this is normal that I've yet to hear anything (over a year later) thus far?

HMRC is still working through last tax years data. Like you I'm still waiting. Perfectly normal. Someone has to be last. 

You can always enter provisional figures through your online Personal Tax Account if you don't want a sizable tax bill for the 24/25 tax year to suddenly arrive. 

masonic

sony0zone5 said:

I'm looking to confirm when this return is required to HMRC, as it's not clear to me:

• Should I be doing this now based on my forecast?
• Should I do this when the amount reaches £10k?
• Should I do this at the end of the tax year (ie 31st March 2025)?
• Is there another cut-off date to be aware off (ie What is the deadline for return)?

Many thanks in advance for your help

It would be best to register soon after the end of the 2024/25 tax year so that you allow plenty of time to get set up. You won't need to submit until January 2026 if you file online.

Bigwheels1111

I went over 10k of interest for 23-24 so self assessment was needed.
I filed my self assessment around the 12th of April 2024, still not been calculated.
I owe £0.00, so all is good

jaypers

Have you gone through this process? https://www.gov.uk/check-if-you-need-tax-return

It will likely say you need to self assess, in which case you can login with your HMRC Gateway ID and go through the process. Personally I prefer it that way as it gives reassurance that the figures are correct rather than rely on HMRC trying to work it out. 

badmemory

The simple assessment usually arrives at some point during July.  I have been getting this since it started & still haven't received the latest one.  They have told me that even if I do file self assessment as I used to they will ignore it because they are doing the simple assessment.  They seem to make more out of simple assessment about 20p worth.  With self assessment your income is rounded down to the nearest pound, with simple assessment they keep in the pennies.  Sounds trivial but then every million 20p is £100k.  Pity they didn't think of a different name for it because two versions of SA is not too wise.

Albermarle

sony0zone5 said:

Hi There,

A couple of HMRC tax related queries on savings interest, that I'd be grateful for a steer on please

• I started to earn savings interest from July 2023

• For 2023/24 the amount earned was c£6k total

• For 2024/25 the amount earned thus far is c£3.5k total

My understanding was that HMRC would contact me regarding the amount of tax that I owe, however this hasn't yet happened. I'm aware HMRC are traditionally slow at engaging, but wanted to check if this is normal that I've yet to hear anything (over a year later) thus far?

I've got records of the exact figures of interest earned and am fine with paying a lump sum, but have been awaiting HMRC contact to initiate the process. I'm employed full time and would rather this than my tax code being changed.

Secondly, I'm currently forecasting just over £10k for the full 2024/25 tax year in savings interest.

My understanding is I'll need to return a Self Assessment return declaring this to HMRC. 

I'm looking to confirm when this return is required to HMRC, as it's not clear to me:

• Should I be doing this now based on my forecast?
• Should I do this when the amount reaches £10k?
• Should I do this at the end of the tax year (ie 31st March 2025)?
• Is there another cut-off date to be aware off (ie What is the deadline for return)?

Many thanks in advance for your help

You can not  do a self assessment return for 24/25 until the tax year has ended.
For 23/24 you  should get info by October at the latest I think, but hopefully earlier.

Dazed_and_C0nfused

Bigwheels1111 said:

I went over 10k of interest for 23-24 so self assessment was needed.
I filed my self assessment around the 12th of April 2024, still not been calculated.
I owe £0.00, so all is good

If that is true something has gone wrong as your Self Assessment calculation is available as soon as you submit the return.

Are you sure you aren't mixing up the non Self Assessment review which normally happens each Summer?  That won't be relevant to you if you have filed a tax return.

Dazed_and_C0nfused

sony0zone5 said:

Hi There,

A couple of HMRC tax related queries on savings interest, that I'd be grateful for a steer on please

• I started to earn savings interest from July 2023

• For 2023/24 the amount earned was c£6k total

• For 2024/25 the amount earned thus far is c£3.5k total

My understanding was that HMRC would contact me regarding the amount of tax that I owe, however this hasn't yet happened. I'm aware HMRC are traditionally slow at engaging, but wanted to check if this is normal that I've yet to hear anything (over a year later) thus far?

I've got records of the exact figures of interest earned and am fine with paying a lump sum, but have been awaiting HMRC contact to initiate the process. I'm employed full time and would rather this than my tax code being changed.

Secondly, I'm currently forecasting just over £10k for the full 2024/25 tax year in savings interest.

My understanding is I'll need to return a Self Assessment return declaring this to HMRC. 

I'm looking to confirm when this return is required to HMRC, as it's not clear to me:

• Should I be doing this now based on my forecast?
• Should I do this when the amount reaches £10k?
• Should I do this at the end of the tax year (ie 31st March 2025)?
• Is there another cut-off date to be aware off (ie What is the deadline for return)?

Many thanks in advance for your help

You've misunderstood quite a few things there.

Banks don't report interest details to HMRC each time they make a payment, it's an annual process and they have until 30 June after the end of the tax year to report the figures.  So the information for 2023-24 may well only have been with HMRC for a few weeks.

The tax year ends on 5 April, not 31 March.

From what you've posted you are likely to owe just over £1,000 for 2023-24 and HMRC should send you a P800 calculation in the next month or two detailing the tax owed.  That would normally be included in your 2025-26 tax code, starting on 6 April 2025.  But you can make a voluntary payment to avoid this if you wish to pay it earlier.

HMRC will also normally assume you will receive a similar amount of interest again for the current tax year and update your 2024-25 tax code to start collecting extra tax for 2024-25 and prevent as much tax being owed at the end of the year.  This tax code adjustment is nothing whatsoever to do with the tax owed for 2023-24.

Personally I wouldn't register for Self Assessment until you have actually reached £10k in interest for the current tax year.  But assuming you do get that much then you have until early October 2025 to register.  But there is no benefit to delaying, you may as well register (for 2024-25) as soon as you hit £10k in interest.

The 2024-25 Self Assessment return must be filed by 31 January 2026 and there are questions (plural) on the return about how you want to pay the tax owed for 2024-25 and about keeping your current tax code (2025-26 when you file the 2024-25 return) upto date with things like the untaxed interest.  Make sure you read those questions carefully and understand the answers you are giving before filing the return.

If you want the tax owed for 2024-25 under Self Assessment to be included in your 2026-27 tax code you must file the return by 30 December 2025.

castle96

had one for years after ending S/E. Nothing this year

badmemory

castle96 said:

had one for years after ending S/E. Nothing this year

With personal allowances being frozen & interest rates going up they will have a lot more to deal with this year.