HMRC Tax Code changes are on their way

wiseonesomeofthetime

Phoned HMRC. 25 minutes on advice messages etc, while waiting, and then through to a human, who confirmed that they do have the figures for 23/24, just not processed yet, stating there had been a delay in the savings providers submitting the information this year for some reason. Agreed normally sorted around October.

Anyway, my calculation has now been pushed through (as another respondent on here had suggested ) and should appear online next week, when I shall then be able to pay tax owed.

Tax Code reset so that my monthly income, upon which my budget is based, is unchanged

That was the main outcome I wanted. And also so I wasn't paying tax on estimate savings interest, as of course a new ISA allowance is available in April.

gravel_2

Anyone else still waiting? I have come off SA for 23/24 onwards so hoping that hasn't caused any issues with how they will address savings interest.

wiseonesomeofthetime

Got my tax demand this morning and paid it by bank transfer, so I am all settled now for 23/24 tax year.

See if they revert back to October comms in 2025, for the 24/25 tax year, or whether delays continue.

Hoenir

Still waiting. Not fussed. No plans to use up valuable HMRC resources by ringing. 

GalacticaActual

My tax code was adjusted on 1st January 2025 to allow for untaxed interest on my savings - my first K tax code.

It’s taken nearly 3 weeks to receive the tax code notice through the post - it finally arrived this morning. Actually, I received 2 tax code notices in separate envelopes, both identical, running to 3 pages long with an additional leaflet advising me they’re reducing the number of paper letters they send 🙄

Anyway, I’ve already had a chunk of tax deducted on 2nd January relating to December’s wages. The tax code letter says I owe £570 to HMRC, so they will collect £458 in equal instalments from my wages by 5 April 2025. Then the remaining amount of £112 will be collected from 6 April 2025, in equal instalments.

InvesterJones

Just got hit by this too. They're estimating too high an interest for this year - I tried to look at online account to adjust this but when submitting a corrected 'untaxed interest' figure for this tax year I don't know if I'm meant to submit just what I've earned to date, and check the box saying it's not ended, or can I submit what the interest is (likely to be) by end of the tax year?

Dazed_and_C0nfused

InvesterJones said:

Just got hit by this too. They're estimating too high an interest for this year - I tried to look at online account to adjust this but when submitting a corrected 'untaxed interest' figure for this tax year I don't know if I'm meant to submit just what I've earned to date, and check the box saying it's not ended, or can I submit what the interest is (likely to be) by end of the tax year?

I think HMRC are only ever interested in what you expect to have for the whole tax year.

kev2009

I have never had a letter regarding this, how do I check mine? I logged into HMRC app but I don't see anything regarding tax on savings interest?

Kev

Dazed_and_C0nfused

kev2009 said:

I have never had a letter regarding this, how do I check mine? I logged into HMRC app but I don't see anything regarding tax on savings interest?

Kev

If you delve into your Personal Tax Account you should find details of how your latest tax code has been calculated and this might include a deduction for untaxed interest.

kev2009

Thanks, I had a look but tax codes under paye all looked normal, none with a K and no mention of I owe any money but also no mention of I made £x in interest etc.

Kev