Estimated savings interest and tax code adjustment

foofi22

Last year (2023-2024) I received £1000 of savings interest

This year I'm going to get a lot less, roughly £200

HMRC have just updated my tax code to account for the expected £1000 interest I'll get this year (i.e. the tax on the extra £500)

How do I tell HMRC that I won't be receiving as much interest this year?

My taxable income from salary will be £50263

molerat

Go in to your on line tax account and change it to the correct estimate.

foofi22

Thanks, I went onto my tax account and couldn't see anywhere to adjust the savings interest. 

It only seemed to let me adjust my expected income from salary (which was correct)

Dazed_and_C0nfused

foofi22 said:

Thanks, I went onto my tax account and couldn't see anywhere to adjust the savings interest. 

It only seemed to let me adjust my expected income from salary (which was correct)

Is there a link called Add missing investment income?

It might be oddly named but I think that might be what you need.

foofi22

Thanks, I'll take a look later

uknick

In my online personal tax account it's in the PAYE section, Check Current Tax year, Non Coded Income, Update or remove. 

TheSpectator

uknick said:

In my online personal tax account it's in the PAYE section, Check Current Tax year, Non Coded Income, Update or remove. 

If it's non-coded then it won't be affecting tax code then?

Dazed_and_C0nfused

TheSpectator said:

uknick said:

In my online personal tax account it's in the PAYE section, Check Current Tax year, Non Coded Income, Update or remove. 

If it's non-coded then it won't be affecting tax code then?

Only indirectly, for example tapered Personal Allowance.

TheSpectator

Dazed_and_C0nfused said:

TheSpectator said:

uknick said:

In my online personal tax account it's in the PAYE section, Check Current Tax year, Non Coded Income, Update or remove. 

If it's non-coded then it won't be affecting tax code then?

Only indirectly, for example tapered Personal Allowance.

True, but not relevant to OP.

Nomunnofun1

TheSpectator said:

uknick said:

In my online personal tax account it's in the PAYE section, Check Current Tax year, Non Coded Income, Update or remove. 

If it's non-coded then it won't be affecting tax code then?

I believe ‘non-coded income’ refers to income against which no code is applied and which needs to be taken into account. No tax code is applied to investment income. 

The same applies to carers’ allowance, for example. Every single year HMRC remove it from my tax code and every single year I have to reinstate it. 

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

RG2015

uknick said:

In my online personal tax account it's in the PAYE section, Check Current Tax year, Non Coded Income, Update or remove. 

It is the PAYE section, Check Current Tax Year but I don’t have a non coded income link. Mine is add missing investment income. This will then lead you to untaxed interest where you can insert the correct figures.