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Declaring interest to HMRC
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Morning, HMRC can indeed roll forward estimated figures. If you are on TikTok, we have recently done an explainer video with an example: https://www.tiktok.com/@litrgtax/video/7515086649332600086. I hope you might also find our static guidance on the taxation of savings income helpful; https://www.litrg.org.uk/savings-property/tax-savings-and-investments/tax-savings-income#4“Official Company Representative
I am an official representative of LITRG (Low Incomes Tax Reform Group) part of the Chartered Institute of Taxation who are an educational charity. We are not part of MSE or HMRC. MSE has given permission for me to post on the Forum but this does NOT imply any form of approval of my organisation or its products by MSE. We can’t give individual advice, but if you require further help, we recommend that you contact a tax adviser, HMRC or one of the tax charities where relevant. You can find more information about where to get help with tax here. If you believe I am posting inappropriately please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"1 -
My 2022/23 interest on HMRC site is complete nonsense something like £43 which is well below what I think it is, albeit I am well under £1000 limit
24/25 is still under consideration but I will definitely be under for that by a good few hundred
25/26 my estimates are that I will actually have to pay tax on it but better I get more interest and a bit of tax vs less income and paying no tax, be nice to carry forward the allowance
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Would u have not of been informed though this late on with it being August soon. Although I know what you saying some people had tax code changes at the beginning of tax yearLITRG said:Morning, HMRC can indeed roll forward estimated figures. If you are on TikTok, we have recently done an explainer video with an example: https://www.tiktok.com/@litrgtax/video/7515086649332600086. I hope you might also find our static guidance on the taxation of savings income helpful; https://www.litrg.org.uk/savings-property/tax-savings-and-investments/tax-savings-income#40
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