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Tax on interest savings - I haven't had a letter from HMRC

Ultranol_2
Posts: 66 Forumite

I am payed via PAYE and will need to pay a little bit of tax on interest savings for the 2023/24 tax year. I was under the impression that I would get a letter from HMRC with the amount owed and a taxcode change, but I haven't received anything. I need to fill in a self assessment for some freelance work anyway, so should I just add my untaxed income to that? Or are HMRC likely just change my taxcode anyway even if I pay the savings interest tax in a lump sum?
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have you told HMRC about the interest? that is what DH does and then they adjust his code. I do S-A and that is how mine gets adjusted0
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Flugelhorn said:have you told HMRC about the interest? that is what DH does and then they adjust his code. I do S-A and that is how mine gets adjusted0
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What year are you completing a Tax Return for the freelance work for? If it's 23/24 then HMRC are not going to be sent a tax calc for the interest. Your Tax Return needs to include all your income, including interest.0
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TheSpectator said:What year are you completing a Tax Return for the freelance work for? If it's 23/24 then HMRC are not going to be sent a tax calc for the interest. Your Tax Return needs to include all your income, including interest.0
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Ultranol_2 said:TheSpectator said:What year are you completing a Tax Return for the freelance work for? If it's 23/24 then HMRC are not going to be sent a tax calc for the interest. Your Tax Return needs to include all your income, including interest.0
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TheSpectator said:Ultranol_2 said:TheSpectator said:What year are you completing a Tax Return for the freelance work for? If it's 23/24 then HMRC are not going to be sent a tax calc for the interest. Your Tax Return needs to include all your income, including interest.0
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Ultranol_2 said:TheSpectator said:Ultranol_2 said:TheSpectator said:What year are you completing a Tax Return for the freelance work for? If it's 23/24 then HMRC are not going to be sent a tax calc for the interest. Your Tax Return needs to include all your income, including interest.
At the end of the Tax Return there is a box asking if you want any underpaid tax collected via your tax code but you need to submit your return by 31/12 if you want this happen.1 -
TheSpectator said:Ultranol_2 said:TheSpectator said:Ultranol_2 said:TheSpectator said:What year are you completing a Tax Return for the freelance work for? If it's 23/24 then HMRC are not going to be sent a tax calc for the interest. Your Tax Return needs to include all your income, including interest.
At the end of the Tax Return there is a box asking if you want any underpaid tax collected via your tax code but you need to submit your return by 31/12 if you want this happen.0 -
If you want to pay in a lump sum put 'X' in the two relevant boxes and you'll have up to 31 January to pay it. Dependent on the amount and it's % relative to your overall tax due you may also be required to make payments on account for the next tax year. The first one of those if applicable will also be due by 31:01:25, the second by 31 July.1
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Request your BBSI statement from HMRC!
What banks and building societies report is often wrong. OH and I both experienced this last week e.g. incorrect amounts, stuff completely forgotten (not reported by the institution even if they are obliged by law), Santander reported 22/23 tax year interest figures for 23/24 and as it is the same account again the correct figure for last tax year so got a duplicate.
I do not trust the system and that HMRC and banks and building societies do their job properly. Phone up, request the BBSI and within a few days you have the exact list of what has been reported. Check and get back in touch and tell them what needs correction.4
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