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Help with updates to personal tax account
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josephine82
Posts: 469 Forumite


in Cutting tax
Hi all
Couple of questions- I ended up in a bit of a mess with my tax due to an error by a previous employer, HMRC over-estimating my savings interest and under-estimating my salary due to having a gap in employment.
Couple of questions- I ended up in a bit of a mess with my tax due to an error by a previous employer, HMRC over-estimating my savings interest and under-estimating my salary due to having a gap in employment.
Due to much investigating, calculating and detective work I’ve managed to report changes, fix the underpayment, income and the interest issue for this current tax year but I still have two issues which have impacted my new tax code which means too much tax is going to be taken next year.
1) My predicted savings interest for next tax year is too high again- I had a big chunk of savings in 2022 but now do not. There is no way to report a change in investment income for the next tax year unless I am missing something. Do I have to wait until next tax year before I can update this?
1) My predicted savings interest for next tax year is too high again- I had a big chunk of savings in 2022 but now do not. There is no way to report a change in investment income for the next tax year unless I am missing something. Do I have to wait until next tax year before I can update this?
2) My predicted income for next year is again incorrect. Looks like this can be updated though is anyone able to tell me what figure needs to be added for ‘estimated income from employment’ is the my gross annual salary or salary after deductions?
Thank you!
Josephine
Debt free as of 2 October 2009
Mortgage free as of 27 March 2024
Mortgage free as of 27 March 2024
0
Comments
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1. You may need to wait until 6 April to do that (but have you checked the separate section relating to next year's tax code(s)?
2. Neither of those are relevant for tax, it's the taxable pay you expect to see on your P60 that HMRC are interested in.0 -
Thanks, for 1) thought as much.2) great thanks for clarifying. Which makes sense now I’ve thought about it!CheersDebt free as of 2 October 2009
Mortgage free as of 27 March 20240
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