Can I notify HMRC that I no longer have large amount in savings, to change tax code back?

abz_sco

Hello,

I had a large house deposit sat in saving for 2+ years and accrued a lot of interest so HMRC updated my tax code in April. Now I have bought a house I only have savings in ISA, but am still on higher tax code. 
I'm sure i seen somewhere saying i can notify HMRC that i no longer have large savings and low interest but can't find it again.

Anyone help?

eskbanker

You can update expected income via your online personal tax account.

Ayr_Rage

You can change your estimated savings income in your online tax account.

Dazed_and_C0nfused

abz_sco said:

Hello,

I had a large house deposit sat in saving for 2+ years and accrued a lot of interest so HMRC updated my tax code in April. Now I have bought a house I only have savings in ISA, but am still on higher tax code. 
I'm sure i seen somewhere saying i can notify HMRC that i no longer have large savings and low interest but can't find it again.

Anyone help?

You can but I think they will want you to provide an interest figure for the current year for each bank account they hold details of (or confirmation no interest will be received for a particular account).

abz_sco

Cheers, will have a look.

Dazed_and_C0nfused

abz_sco said:

Cheers, will have a look.

You will have to phone or use webchat I think

Wheres_My_Cashback

abz_sco said:

Hello,

I had a large house deposit sat in saving for 2+ years and accrued a lot of interest so HMRC updated my tax code in April. Now I have bought a house I only have savings in ISA, but am still on higher tax code. 
I'm sure i seen somewhere saying i can notify HMRC that i no longer have large savings and low interest but can't find it again.

Anyone help?

The ability to amend/remove individual account interest was removed a few years ago, the only way to do it now is to call them and probably wait in a queue for 1-2 hours, unless you fill out a self assessment.
You can ask for a BBSI to confirm what they have listed as interest receiving accounts and what estimates they are using.

eskbanker

Dazed_and_C0nfused said:

abz_sco said:

Cheers, will have a look.

You will have to phone or use webchat I think

Unless we're at cross purposes, there's an option labelled as 'update or remove' non-coded income within my online tax account, which seems to achieve what OP wants to do?

https://www.tax.service.gov.uk/digital-forms/form/tell-us-about-other-income/draft/guide

Dazed_and_C0nfused

eskbanker said:

Dazed_and_C0nfused said:

abz_sco said:

Cheers, will have a look.

You will have to phone or use webchat I think

Unless we're at cross purposes, there's an option labelled as 'update or remove' non-coded income within my online tax account, which seems to achieve what OP wants to do?

https://www.tax.service.gov.uk/digital-forms/form/tell-us-about-other-income/draft/guide

The ops issue is that it's coded income, not non-coded income though.

Non-coded income is a thing in its own right, mainly seems to be related to information from Self Assessment returns.

eskbanker

Dazed_and_C0nfused said:

eskbanker said:

Dazed_and_C0nfused said:

abz_sco said:

Cheers, will have a look.

You will have to phone or use webchat I think

Unless we're at cross purposes, there's an option labelled as 'update or remove' non-coded income within my online tax account, which seems to achieve what OP wants to do?

https://www.tax.service.gov.uk/digital-forms/form/tell-us-about-other-income/draft/guide

The ops issue is that it's coded income, not non-coded income though.

Non-coded income is a thing in its own right, mainly seems to be related to information from Self Assessment returns.

My understanding is that non-coded income simply means non-PAYE, i.e. savings, etc, so if OP wants to notify HMRC of a substantial drop in future savings interest then this would be an adjustment to non-coded income?

Dazed_and_C0nfused

eskbanker said:

Dazed_and_C0nfused said:

eskbanker said:

Dazed_and_C0nfused said:

abz_sco said:

Cheers, will have a look.

You will have to phone or use webchat I think

Unless we're at cross purposes, there's an option labelled as 'update or remove' non-coded income within my online tax account, which seems to achieve what OP wants to do?

https://www.tax.service.gov.uk/digital-forms/form/tell-us-about-other-income/draft/guide

The ops issue is that it's coded income, not non-coded income though.

Non-coded income is a thing in its own right, mainly seems to be related to information from Self Assessment returns.

My understanding is that non-coded income simply means non-PAYE, i.e. savings, etc, so if OP wants to notify HMRC of a substantial drop in future savings interest then this would be an adjustment to non-coded income?

Non-coded income has a different meaning to that (in HMRC terms).  This might help explain.

https://www.gov.uk/hmrc-internal-manuals/paye-manual/paye130035