HMRC Tax Code changes are on their way

wiseonesomeofthetime

I had a rather confusing message from HMRC saying that from 6 April 2025 my tax code was 1021L and from 16 April 2025 will be 1257L

Absolutely no idea why it was changed on 6 April tbh because I settled the 2023-24 interest tax a while ago.

Sarahspangles

SavingsBoo said:

Is anyone else still waiting for a 2023/24 update on their tax account?  The tile on the front page states that 'You paid the right amount of income tax for 6 April 2023 to 5 April 2024' (and my tax code hasn't changed) but under the Annual Tax Summary tile, 2023/24 only shows as '2023 to 2024 for a general  Annual Tax Summary'.  

2022 to 2023 does take me through to a taxable income summary which lists Employment and Other income (including interest) although the latter figure doesn't match my own records of interest earned in 2022/23 which should have taken me just over the £1k personal savings allowance.

They very recently updated the ‘How your tax was spent’ information but I still don’t have information about the breakdown of tax I paid. My P800 was issued in early March so the year is ‘closed’ so far as I am able to tell.

I don’t think there is any information in the summary that I can’t find elsewhere in my personal tax account.

Samantha31

Hi guys so for 22-23 and 23-24 it is showing £226 in my tax account for savings interest. The figure for 23-24 should be £1163 why is this, I have 1 savings account which is chase. It’s now sept 19th and still no update, no tax code change no nothing. Can any body help not getting much advice on it I am paye also. 

Dazed_and_C0nfused

Samantha31 said:

Hi guys so for 22-23 and 23-24 it is showing £226 in my tax account for savings interest. The figure for 23-24 should be £1163 why is this, I have 1 savings account which is chase. It’s now sept 19th and still no update, no tax code change no nothing. Can any body help not getting much advice on it I am paye also. 

Do you actually expect to owe any tax on that £1,163?

Samantha31

The interest is £1163 I’m basic tax payer. I think I may owe, but havnt heard nothing. And it’s not been updated this late ?

brewerdave

it really is a terrible faff! I am still trying to sort out savings interest tax due for my wife for 23/4 & 24/5 PLUS her tax code for 25/6 is obviously wrong as its based on the incorrect numbers for 23/4 ! 
Add on the change to the "tax free" dividend allowance reducing now to £500 - further complications for somebody who has a total taxable income of < £21k  !
IF Rach from Accounts wants to grab some more cash from us, then seems to be that she should go back to the old system - NO PSA and all interest/dividends paid taxed. 

Samantha31

brewerdave said:

it really is a terrible faff! I am still trying to sort out savings interest tax due for my wife for 23/4 & 24/5 PLUS her tax code for 25/6 is obviously wrong as its based on the incorrect numbers for 23/4 ! 
Add on the change to the "tax free" dividend allowance reducing now to £500 - further complications for somebody who has a total taxable income of < £21k  !
IF Rach from Accounts wants to grab some more cash from us, then seems to be that she should go back to the old system - NO PSA and all interest/dividends paid taxed. 

Are u self assessment or paye pal