Self-assessment unpaid tax question

Annie1612

I am having to do a self-assessment tax return for the first time because my savings interest has exceeded 10k this year due to selling my house and there being a long break before buying a new one.

I am unsure about the question regarding any unpaid tax. I am 99% certain I have no unpaid tax… but I am not sure where in my online account I would be looking for that. I have been through all the PAYE stuff in my account and cannot find any reference to any tax unpaid. All I can find is my tax code and how it has been worked out. What should I be looking for? Does it just concern money earned from employment (in which case I will not owe any tax because I have only earned far less than my personal allowance for the past 3 years.)

Bit confused and getting a bit anxious with it in case I answer wrongly.

pramsay13

Unpaid tax question is regarding previous years so answer is £0. 

Annie1612

How would I know if I had unpaid tax from previous years please?

Dazed_and_C0nfused

Annie1612 said:

How would I know if I had unpaid tax from previous years please?

The Self Assessment return is only interested in tax owed that was included in your tax code (the code for the tax year you are completing the return for).

So if your tax code didn't include tax underpaid then the answer to that question would be to enter £0.00.

Annie1612

Thank you, but how do I found out if my tax code for 24/25 included an amount for underpaid tax?

Annie1612

Sorry, I am still trying to work out what info I need for this.

So 23/24 my account says I paid the right amount of tax and owe 0.

24/25 it says they haven’t worked out my tax yet.

25/26 tax coding includes a deduction for £973 for untaxed interest on savings and investments. Is this unpaid tax for 24/25? Is this relevant at all? 

That’s all the information I have and I still don’t know what I’m doing 😅

Dazed_and_C0nfused

Annie1612 said:

Sorry, I am still trying to work out what info I need for this.

So 23/24 my account says I paid the right amount of tax and owe 0.

24/25 it says they haven’t worked out my tax yet.

25/26 tax coding includes a deduction for £973 for untaxed interest on savings and investments. Is this unpaid tax for 24/25? Is this relevant at all? 

That’s all the information I have and I still don’t know what I’m doing 😅

No, that is a deduction to collect tax on untaxed interest, not unpaid tax.

Tax usually works on a 3 year cycle so your 2024-25 tax code would have probably included unpaid tax from 2022-2£ (if it included any unpaid tax).

What was your final tax code for 2024-25?

Annie1612

I think it says 1033N. It includes a reduction for marriage allowance transfer but doesn’t say if there are any other deductions.

25/26 tax code is also 1033N and includes the 973 deduction for untaxed savings interest.

 My income for 23/24 from employment was £4900 for that year then I had savings interest (not sure how much) but it was definitely less than 10k.

Dazed_and_C0nfused

Annie1612 said:

I think it says 1033N. It includes a reduction for marriage allowance transfer but doesn’t say if there are any other deductions.

Could it be this,

12570 (Personal Allowance) less 1260 (Marriage Allowance transfer) less 973 untaxed interest = tax code allowances 10337 = tax code 1033N?

Annie1612

Dazed_and_C0nfused said:

Annie1612 said:

I think it says 1033N. It includes a reduction for marriage allowance transfer but doesn’t say if there are any other deductions.

Could it be this,

12570 (Personal Allowance) less 1260 (Marriage Allowance transfer) less 973 untaxed interest = tax code allowances 10337 = tax code 1033N?

Yes - that’s seems right. Is this telling me anything about unpaid tax?

Dazed_and_C0nfused

Annie1612 said:

Dazed_and_C0nfused said:

Annie1612 said:

I think it says 1033N. It includes a reduction for marriage allowance transfer but doesn’t say if there are any other deductions.

Could it be this,

12570 (Personal Allowance) less 1260 (Marriage Allowance transfer) less 973 untaxed interest = tax code allowances 10337 = tax code 1033N?

Yes - that’s seems right. Is this telling me anything about unpaid tax?

There is none 🤔