HMRC Tax Code changes are on their way

Ocelot

Received mine last week. They have over-estimated this tax year's interest, because half of it isn't available for another 2 years. They also assumed a similar amount for next year, but nearly all of it isn't available until 2026.

Has anyone tried posting the details on the tax portal Gateway (where it says to post if you disagree with the calculation), or should I phone them up?

InvesterJones

Ocelot said:

Has anyone tried posting the details on the tax portal Gateway (where it says to post if you disagree with the calculation), or should I phone them up?

Yep, as per a few posts back.

Spire1866

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?

same here, I will be under the threshold to pay any savings interest tax for 24/25 but the way they work they assume its the same as previous f.y. and apply accordingly. I've just gone in and adjusted my 'untaxed' interest amount to a number below my threshold as that will be correct, see what happens

TheWoodler

Very similar to @GalacticaActual - I was pleased that HMRC’s figures for interest income 23-24 tallies with my records. 

However, as I’m having a career break at the moment, and I don’t meet the threshold for self-assessment, the tax can’t be collected either via payroll, or via SA, so I contacted them to enquire how to pay. 

Cheque in the post with a covering letter.

Surely there must be a facility to pay online that is more secure and quicker for both parties? Apparently not! 

pecunianonolet

Can anyone tell me where to find this in the app to adjust interest estimates? I can't seem to find it and have the same issue and now have to deal with an emergency tax code and quite a bit less net going in from salary because of that resulting in one reg saver I can't keep funding further. I tried to call and a friendly but clueless lady told me it can't be adjusted after I wasted an hour waiting....

The constant tax code tinkering is an annoyance and I don't know why they can't just go, gather the facts due later in the year, send me a bill and I pay my due instead of all this crystal ball shenanigans. 

InvesterJones

pecunianonolet said:

Can anyone tell me where to find this in the app to adjust interest estimates? I can't seem to find it and have the same issue and now have to deal with an emergency tax code and quite a bit less net going in from salary because of that resulting in one reg saver I can't keep funding further. I tried to call and a friendly but clueless lady told me it can't be adjusted after I wasted an hour waiting....

The constant tax code tinkering is an annoyance and I don't know why they can't just go, gather the facts due later in the year, send me a bill and I pay my due instead of all this crystal ball shenanigans. 

Try the website rather than the app. (gov.uk/personal-tax-account)

Ocelot

The ability to tell them their calculation is wrong now seems to have been removed from the website.

The only option seems to be to phone them (when you click on 'get help').

wiseonesomeofthetime

TheWoodler said:

Very similar to @GalacticaActual - I was pleased that HMRC’s figures for interest income 23-24 tallies with my records. 

However, as I’m having a career break at the moment, and I don’t meet the threshold for self-assessment, the tax can’t be collected either via payroll, or via SA, so I contacted them to enquire how to pay. 

Cheque in the post with a covering letter.

Surely there must be a facility to pay online that is more secure and quicker for both parties? Apparently not! 

There most certainly is, accessible via the HMRC app first through to your Gateway account.

Can pay by personal debit card, corporate credit card, or bank transfer.

Personal credit card NOT supported.

I paid by bank transfer.

They give you a unique reference to include in the transaction.

TheWoodler

I was surprised but that is what the adviser told me - cheque with covering letter in my circumstances.

I *have* paid by debit card or bank transfer previously when subject to self-assessment, but have not met the threshold for self-assessment for a few years. The adviser specifically confirmed to me that this was also the case for 23-24, in line with my records.

In my admittedly very specific circumstances, covered neither by tax collection via payroll nor by self-assessment, there is apparently no recourse but to pay via cheque. I did query this with some surprise, given the more up-to-date methods available, but in *these* circumstances for *this* year, the adviser was quite firm about how to pay. 

I *do* think it is antediluvian and seems both insecure and slow, and there must be people who are newly retired, on career breaks, or with breaks in employment, to whom this is also applicable.

However, there was no other method as my account was showing as nothing to pay, HMRC having reasonably assumed it would be collected via payroll as usual.

I have discharged my obligations by cheque and snail mail/carrier pigeon as HMRC have directed me. I’m not hanging on quibbling at this time of year, given it’s taken me several attempts to get through. 

qbadger

InvesterJones said:

pecunianonolet said:

Can anyone tell me where to find this in the app to adjust interest estimates? I can't seem to find it and have the same issue and now have to deal with an emergency tax code and quite a bit less net going in from salary because of that resulting in one reg saver I can't keep funding further. I tried to call and a friendly but clueless lady told me it can't be adjusted after I wasted an hour waiting....

The constant tax code tinkering is an annoyance and I don't know why they can't just go, gather the facts due later in the year, send me a bill and I pay my due instead of all this crystal ball shenanigans. 

Try the website rather than the app. (gov.uk/personal-tax-account)

I'm really struggling to find this so would appreciate some more pointers, please. 

PAYE -> Check current year -> ?

I can see how to update the estimated employment income here, but which link(s) do I follow to update the estimated interest income?