Savings Interest Tax Under Total Income

crashedandcool

I've had a look at other similar posts on this, but think I still need to ask. I got a tax code change letter for 24/25 due to untaxed interest in 23/24. Only my total income for 23/24 including interest is under the £12570 personal allowance so I should not owe any tax. I'm getting that people are saying HMRC will work it out eventually, but I don't have such faith in them and it seems like they will always be "recalculating". They didn't even have all my income sources in either.

Basically how to I get this changed? I phoned HMRC and got a load of waffle about the system passing it to the next tax year and that I owed no tax, but would this year. When I demanded to know how this gets progressed or dealt with they offered a call back from a customer response agent. Here's me thinking I could phone up and go I'd like to recalcute a year please.

Dazed_and_C0nfused

crashedandcool said:

I've had a look at other similar posts on this, but think I still need to ask. I got a tax code change letter for 24/25 due to untaxed interest in 23/24. Only my total income for 23/24 including interest is under the £12570 personal allowance so I should not owe any tax. I'm getting that people are saying HMRC will work it out eventually, but I don't have such faith in them and it seems like they will always be "recalculating". They didn't even have all my income sources in either.

Basically how to I get this changed? I phoned HMRC and got a load of waffle about the system passing it to the next tax year and that I owed no tax, but would this year. When I demanded to know how this gets progressed or dealt with they offered a call back from a customer response agent. Here's me thinking I could phone up and go I'd like to recalcute a year please.

If you explain what has actually happened and what your tax code details and expected income is it will be a lot easier for people to help you.

crashedandcool

Dazed_and_C0nfused said:

crashedandcool said:

I've had a look at other similar posts on this, but think I still need to ask. I got a tax code change letter for 24/25 due to untaxed interest in 23/24. Only my total income for 23/24 including interest is under the £12570 personal allowance so I should not owe any tax. I'm getting that people are saying HMRC will work it out eventually, but I don't have such faith in them and it seems like they will always be "recalculating". They didn't even have all my income sources in either.

Basically how to I get this changed? I phoned HMRC and got a load of waffle about the system passing it to the next tax year and that I owed no tax, but would this year. When I demanded to know how this gets progressed or dealt with they offered a call back from a customer response agent. Here's me thinking I could phone up and go I'd like to recalcute a year please.

If you explain what has actually happened and what your tax code details and expected income is it will be a lot easier for people to help you.

I thought I had. My tax code was changed due to untaxed interest when my overall income was under the threshold. I don't see why expected income should come into it when I know what I actually earnt.

Dazed_and_C0nfused

crashedandcool said:

Dazed_and_C0nfused said:

crashedandcool said:

I've had a look at other similar posts on this, but think I still need to ask. I got a tax code change letter for 24/25 due to untaxed interest in 23/24. Only my total income for 23/24 including interest is under the £12570 personal allowance so I should not owe any tax. I'm getting that people are saying HMRC will work it out eventually, but I don't have such faith in them and it seems like they will always be "recalculating". They didn't even have all my income sources in either.

Basically how to I get this changed? I phoned HMRC and got a load of waffle about the system passing it to the next tax year and that I owed no tax, but would this year. When I demanded to know how this gets progressed or dealt with they offered a call back from a customer response agent. Here's me thinking I could phone up and go I'd like to recalcute a year please.

If you explain what has actually happened and what your tax code details and expected income is it will be a lot easier for people to help you.

I thought I had. My tax code was changed due to untaxed interest when my overall income was under the threshold. I don't see why expected income should come into it when I know what I actually earnt.

If you have spare tax code allowances then the interest will use those.

For example say your estimated earnings or pension is £10,000 and you have interest of £1,500.  No other income and you haven't applied for Marriage Allowance.

Your tax code would be 1107L.  As that gives you tax code allowances of 11070 your employer or pension payer would not deduct any tax from the earnings or pension of £10,000.

Sarahspangles

crashedandcool said:

Dazed_and_C0nfused said:

crashedandcool said:

I've had a look at other similar posts on this, but think I still need to ask. I got a tax code change letter for 24/25 due to untaxed interest in 23/24. Only my total income for 23/24 including interest is under the £12570 personal allowance so I should not owe any tax. I'm getting that people are saying HMRC will work it out eventually, but I don't have such faith in them and it seems like they will always be "recalculating". They didn't even have all my income sources in either.

Basically how to I get this changed? I phoned HMRC and got a load of waffle about the system passing it to the next tax year and that I owed no tax, but would this year. When I demanded to know how this gets progressed or dealt with they offered a call back from a customer response agent. Here's me thinking I could phone up and go I'd like to recalcute a year please.

If you explain what has actually happened and what your tax code details and expected income is it will be a lot easier for people to help you.

I thought I had. My tax code was changed due to untaxed interest when my overall income was under the threshold. I don't see why expected income should come into it when I know what I actually earnt.

In a scenario where you changed job part way through the year to one more highly paid, or received a taxable bonus, you could incur tax. In that scenario, your tax code would instruct your employer to collect the tax. Your code would take account of your projected savings income, so you’re not getting in arrears.

As you know you’re not going to incur tax, you can ignore the adjustment to your code.

If you have sources of income HMRC don’t know about, are they ones you need to tell them about?

crashedandcool

Sarahspangles said:

crashedandcool said:

Dazed_and_C0nfused said:

crashedandcool said:

I've had a look at other similar posts on this, but think I still need to ask. I got a tax code change letter for 24/25 due to untaxed interest in 23/24. Only my total income for 23/24 including interest is under the £12570 personal allowance so I should not owe any tax. I'm getting that people are saying HMRC will work it out eventually, but I don't have such faith in them and it seems like they will always be "recalculating". They didn't even have all my income sources in either.

Basically how to I get this changed? I phoned HMRC and got a load of waffle about the system passing it to the next tax year and that I owed no tax, but would this year. When I demanded to know how this gets progressed or dealt with they offered a call back from a customer response agent. Here's me thinking I could phone up and go I'd like to recalcute a year please.

If you explain what has actually happened and what your tax code details and expected income is it will be a lot easier for people to help you.

I thought I had. My tax code was changed due to untaxed interest when my overall income was under the threshold. I don't see why expected income should come into it when I know what I actually earnt.

As you know you’re not going to incur tax, you can ignore the adjustment to your code.

I'm looking to sort this now though, not have it trickle through once HMRC get round to it hence the post about how I can change this.

TheSpectator

crashedandcool said:

Sarahspangles said:

crashedandcool said:

Dazed_and_C0nfused said:

crashedandcool said:

I've had a look at other similar posts on this, but think I still need to ask. I got a tax code change letter for 24/25 due to untaxed interest in 23/24. Only my total income for 23/24 including interest is under the £12570 personal allowance so I should not owe any tax. I'm getting that people are saying HMRC will work it out eventually, but I don't have such faith in them and it seems like they will always be "recalculating". They didn't even have all my income sources in either.

Basically how to I get this changed? I phoned HMRC and got a load of waffle about the system passing it to the next tax year and that I owed no tax, but would this year. When I demanded to know how this gets progressed or dealt with they offered a call back from a customer response agent. Here's me thinking I could phone up and go I'd like to recalcute a year please.

If you explain what has actually happened and what your tax code details and expected income is it will be a lot easier for people to help you.

I thought I had. My tax code was changed due to untaxed interest when my overall income was under the threshold. I don't see why expected income should come into it when I know what I actually earnt.

As you know you’re not going to incur tax, you can ignore the adjustment to your code.

I'm looking to sort this now though, not have it trickle through once HMRC get round to it hence the post about how I can change this.

You are going to have to explain what you want changed. You didn't pay tax before the change, you won't be tax after the change.

If it concerns you so much then provide HMRC with your estimate of your 24/25 interest in your Personal Tax Account. The fact remains it makes zero difference to your non taxpayer status.

crashedandcool

TheSpectator said:

crashedandcool said:

Sarahspangles said:

crashedandcool said:

Dazed_and_C0nfused said:

crashedandcool said:

I've had a look at other similar posts on this, but think I still need to ask. I got a tax code change letter for 24/25 due to untaxed interest in 23/24. Only my total income for 23/24 including interest is under the £12570 personal allowance so I should not owe any tax. I'm getting that people are saying HMRC will work it out eventually, but I don't have such faith in them and it seems like they will always be "recalculating". They didn't even have all my income sources in either.

Basically how to I get this changed? I phoned HMRC and got a load of waffle about the system passing it to the next tax year and that I owed no tax, but would this year. When I demanded to know how this gets progressed or dealt with they offered a call back from a customer response agent. Here's me thinking I could phone up and go I'd like to recalcute a year please.

If you explain what has actually happened and what your tax code details and expected income is it will be a lot easier for people to help you.

I thought I had. My tax code was changed due to untaxed interest when my overall income was under the threshold. I don't see why expected income should come into it when I know what I actually earnt.

As you know you’re not going to incur tax, you can ignore the adjustment to your code.

I'm looking to sort this now though, not have it trickle through once HMRC get round to it hence the post about how I can change this.

You are going to have to explain what you want changed. You didn't pay tax before the change, you won't be tax after the change.

If it concerns you so much then provide HMRC with your estimate of your 24/25 interest in your Personal Tax Account. The fact remains it makea zero difference to your non taxpayer status.

I'd like my tax code changed back so I'm not being taxed now for tax I don't owe.

Sarahspangles

crashedandcool said:

Sarahspangles said:

crashedandcool said:

Dazed_and_C0nfused said:

crashedandcool said:

I've had a look at other similar posts on this, but think I still need to ask. I got a tax code change letter for 24/25 due to untaxed interest in 23/24. Only my total income for 23/24 including interest is under the £12570 personal allowance so I should not owe any tax. I'm getting that people are saying HMRC will work it out eventually, but I don't have such faith in them and it seems like they will always be "recalculating". They didn't even have all my income sources in either.

Basically how to I get this changed? I phoned HMRC and got a load of waffle about the system passing it to the next tax year and that I owed no tax, but would this year. When I demanded to know how this gets progressed or dealt with they offered a call back from a customer response agent. Here's me thinking I could phone up and go I'd like to recalcute a year please.

If you explain what has actually happened and what your tax code details and expected income is it will be a lot easier for people to help you.

I thought I had. My tax code was changed due to untaxed interest when my overall income was under the threshold. I don't see why expected income should come into it when I know what I actually earnt.

As you know you’re not going to incur tax, you can ignore the adjustment to your code.

I'm looking to sort this now though, not have it trickle through once HMRC get round to it hence the post about how I can change this.

We’re trying to explain that there isn’t anything to sort. You are liable to pay tax on your savings interest in excess of the personal savings allowance. You exceeded the psa last tax year so your notice of coding has been amended, based on an assumption you’ll receive a similar amount this year. You won’t actually pay tax though, in any year, unless your income increases.

If you think the estimated amount of untaxed interest is incorrect you can ask for that to be amended. HMRC won’t know how much interest you actually received in 2024/25 until the end of June when banks and building societies submit their returns.

eskbanker

crashedandcool said:

TheSpectator said:

crashedandcool said:

Sarahspangles said:

crashedandcool said:

Dazed_and_C0nfused said:

crashedandcool said:

I've had a look at other similar posts on this, but think I still need to ask. I got a tax code change letter for 24/25 due to untaxed interest in 23/24. Only my total income for 23/24 including interest is under the £12570 personal allowance so I should not owe any tax. I'm getting that people are saying HMRC will work it out eventually, but I don't have such faith in them and it seems like they will always be "recalculating". They didn't even have all my income sources in either.

Basically how to I get this changed? I phoned HMRC and got a load of waffle about the system passing it to the next tax year and that I owed no tax, but would this year. When I demanded to know how this gets progressed or dealt with they offered a call back from a customer response agent. Here's me thinking I could phone up and go I'd like to recalcute a year please.

If you explain what has actually happened and what your tax code details and expected income is it will be a lot easier for people to help you.

I thought I had. My tax code was changed due to untaxed interest when my overall income was under the threshold. I don't see why expected income should come into it when I know what I actually earnt.

As you know you’re not going to incur tax, you can ignore the adjustment to your code.

I'm looking to sort this now though, not have it trickle through once HMRC get round to it hence the post about how I can change this.

You are going to have to explain what you want changed. You didn't pay tax before the change, you won't be tax after the change.

If it concerns you so much then provide HMRC with your estimate of your 24/25 interest in your Personal Tax Account. The fact remains it makea zero difference to your non taxpayer status.

I'd like my tax code changed back so I'm not being taxed now for tax I don't owe.

Are you sure that the revised tax code will definitely result in tax being deducted from your non-savings income via PAYE?  Even if this is the case, it's far from certain that you'd be able to avoid this given the end of the 2024/25 tax year in two weeks time....

TheSpectator

crashedandcool said:

TheSpectator said:

crashedandcool said:

Sarahspangles said:

crashedandcool said:

Dazed_and_C0nfused said:

crashedandcool said:

I've had a look at other similar posts on this, but think I still need to ask. I got a tax code change letter for 24/25 due to untaxed interest in 23/24. Only my total income for 23/24 including interest is under the £12570 personal allowance so I should not owe any tax. I'm getting that people are saying HMRC will work it out eventually, but I don't have such faith in them and it seems like they will always be "recalculating". They didn't even have all my income sources in either.

Basically how to I get this changed? I phoned HMRC and got a load of waffle about the system passing it to the next tax year and that I owed no tax, but would this year. When I demanded to know how this gets progressed or dealt with they offered a call back from a customer response agent. Here's me thinking I could phone up and go I'd like to recalcute a year please.

If you explain what has actually happened and what your tax code details and expected income is it will be a lot easier for people to help you.

I thought I had. My tax code was changed due to untaxed interest when my overall income was under the threshold. I don't see why expected income should come into it when I know what I actually earnt.

As you know you’re not going to incur tax, you can ignore the adjustment to your code.

I'm looking to sort this now though, not have it trickle through once HMRC get round to it hence the post about how I can change this.

You are going to have to explain what you want changed. You didn't pay tax before the change, you won't be tax after the change.

If it concerns you so much then provide HMRC with your estimate of your 24/25 interest in your Personal Tax Account. The fact remains it makea zero difference to your non taxpayer status.

I'd like my tax code changed back so I'm not being taxed now for tax I don't owe.

As asked numerous times, are you actually paying tax following the reduced tax code?