2024 - 2025 Tax Not Calculated

himonster

I logged into my HMRC account today and it says it can take up to October to calculate. Is that right? I'm not self employed and have an employer however I started earning interest from savings in 2024 so I'm wondering if that's the reason it's not yet available, or is this normal? 

I'm wanting to prevent being taxed extra on my last year's interest from my salary each month and pay it up front, is that possible? 

Thanks

masonic

Banks and building societies have a few months to report the data to HMRC, so the calculation cannot be done until after that. If you have all of the data and want to submit a voluntary tax return and pay what is owed up front then I believe that is possible.

eskbanker

himonster said:

I logged into my HMRC account today and it says it can take up to October to calculate. Is that right? I'm not self employed and have an employer however I started earning interest from savings in 2024 so I'm wondering if that's the reason it's not yet available, or is this normal? 

It's normal for this to be done by late in the calendar year, but the 2023-24 assessments have only been completed fairly recently, so don't hold your breath!

himonster said:

I'm wanting to prevent being taxed extra on my last year's interest from my salary each month and pay it up front, is that possible?

Any unpaid tax from 2024/25 interest will typically be collected via PAYE deductions in 2026/27 (not 2025/26), but yes, you can decline an interest-free loan from HMRC if you wish, and settle the bill earlier than that....

Hoenir

Deposit takers are unlikely to have submitted all the data yet  to the HMRC. 

himonster

eskbanker said:

himonster said:

I logged into my HMRC account today and it says it can take up to October to calculate. Is that right? I'm not self employed and have an employer however I started earning interest from savings in 2024 so I'm wondering if that's the reason it's not yet available, or is this normal? 

It's normal for this to be done by late in the calendar year, but the 2023-24 assessments have only been completed fairly recently, so don't hold your breath!

himonster said:

I'm wanting to prevent being taxed extra on my last year's interest from my salary each month and pay it up front, is that possible?

Any unpaid tax from 2024/25 interest will typically be collected via PAYE deductions in 2026/27 (not 2025/26), but yes, you can decline an interest-free loan from HMRC if you wish, and settle the bill earlier than that....

How would I do that please to avoid my tax code being changed?

Dazed_and_C0nfused

himonster said:

eskbanker said:

himonster said:

I logged into my HMRC account today and it says it can take up to October to calculate. Is that right? I'm not self employed and have an employer however I started earning interest from savings in 2024 so I'm wondering if that's the reason it's not yet available, or is this normal? 

It's normal for this to be done by late in the calendar year, but the 2023-24 assessments have only been completed fairly recently, so don't hold your breath!

himonster said:

I'm wanting to prevent being taxed extra on my last year's interest from my salary each month and pay it up front, is that possible?

Any unpaid tax from 2024/25 interest will typically be collected via PAYE deductions in 2026/27 (not 2025/26), but yes, you can decline an interest-free loan from HMRC if you wish, and settle the bill earlier than that....

How would I do that please to avoid my tax code being changed?

Once you have received the calculation there should be an option to pay it on your Personal Tax Account.

Just make sure you pay it before the end of the current tax year so it will be removed from the tax code for 2026/27.

Or pay it straight away so it isn't included in the first place.

himonster

Dazed_and_C0nfused said:

himonster said:

eskbanker said:

himonster said:

I logged into my HMRC account today and it says it can take up to October to calculate. Is that right? I'm not self employed and have an employer however I started earning interest from savings in 2024 so I'm wondering if that's the reason it's not yet available, or is this normal? 

It's normal for this to be done by late in the calendar year, but the 2023-24 assessments have only been completed fairly recently, so don't hold your breath!

himonster said:

I'm wanting to prevent being taxed extra on my last year's interest from my salary each month and pay it up front, is that possible?

Any unpaid tax from 2024/25 interest will typically be collected via PAYE deductions in 2026/27 (not 2025/26), but yes, you can decline an interest-free loan from HMRC if you wish, and settle the bill earlier than that....

How would I do that please to avoid my tax code being changed?

Once you have received the calculation there should be an option to pay it on your Personal Tax Account.

Just make sure you pay it before the end of the current tax year so it will be removed from the tax code for 2026/27.

Or pay it straight away so it isn't included in the first place.

Will the option be within my account? I'm not sure when it'll show up to pay though as could be any time between now and October? 

How would I pay it now?

Dazed_and_C0nfused

himonster said:

Dazed_and_C0nfused said:

himonster said:

eskbanker said:

himonster said:

I logged into my HMRC account today and it says it can take up to October to calculate. Is that right? I'm not self employed and have an employer however I started earning interest from savings in 2024 so I'm wondering if that's the reason it's not yet available, or is this normal? 

It's normal for this to be done by late in the calendar year, but the 2023-24 assessments have only been completed fairly recently, so don't hold your breath!

himonster said:

I'm wanting to prevent being taxed extra on my last year's interest from my salary each month and pay it up front, is that possible?

Any unpaid tax from 2024/25 interest will typically be collected via PAYE deductions in 2026/27 (not 2025/26), but yes, you can decline an interest-free loan from HMRC if you wish, and settle the bill earlier than that....

How would I do that please to avoid my tax code being changed?

Once you have received the calculation there should be an option to pay it on your Personal Tax Account.

Just make sure you pay it before the end of the current tax year so it will be removed from the tax code for 2026/27.

Or pay it straight away so it isn't included in the first place.

Will the option be within my account? I'm not sure when it'll show up to pay though as could be any time between now and October? 

How would I pay it now?

You cannot pay it until you get the calculation.

But once you get that you could pay it straight away, there is no need to wait.  But it's more "MSE" to have the money in your bank account for as long as possible 😉