Tax on savings - PAYE codes

Deg123

Hi Forum. I trust this topic is okay but I have recently had my PAYE tax code amended to pay for past interest on savings. This is not a rant about tax on savings but I am interested in how HMRC arrive at the figures they use. I understand the tax thresholds etc but is there a way to check what accounts have been affected, the amounts involved and whether the PAYE code adjustment is correct? I guess I can contact HMRC but is there another alternative?

Ayr_Rage

Add up all the interest you have been paid in the last couple of tax years is a good place to start.

eskbanker

Deg123 said:

Hi Forum. I trust this topic is okay but I have recently had my PAYE tax code amended to pay for past interest on savings. This is not a rant about tax on savings but I am interested in how HMRC arrive at the figures they use. I understand the tax thresholds etc but is there a way to check what accounts have been affected, the amounts involved and whether the PAYE code adjustment is correct? I guess I can contact HMRC but is there another alternative?

You can access your personal online tax account to review the way your PAYE coding has been calculated (as shown on a paper coding notice), but if you wish to verify the interest by institution then you need to phone them or write.