How to get an adjusted tax code for savings interest?

caeler

I’m just doing my tax return 24/25 and declaring £4K of savings interest. I’m expecting to continue earning that amount and hopefully with a modest year on year increase. Rather than each year having to pay what I owe in a lump, is there a way to get my tax code adjusted so I may more tax throughout the year?  

I anticipated the bill so I’ve already put aside what I owe and will continue to do that if sorting via tax code isn’t possible. 

Hoenir

Log onto to your Personal Tax Account. There you can amend the estimated figures at will. 

https://www.gov.uk/personal-tax-account

caeler

thanks @hoenir
and if I update the number it’ll change my tax code? 

Ayr_Rage

Just don't put an X in the relevant box on your return.

Hoenir

caeler said:

thanks @hoenir
and if I update the number it’ll change my tax code? 

Yes. I make a diary note and revise mine three times during the tax year. 

caeler

Now I understand the correlation between those two things, I’d been ticking the box on my tax return saying don’t collect through tax code! 🤣🤣 no idea how I missed that. 

Dazed_and_C0nfused

caeler said:

Now I understand the correlation between those two things, I’d been ticking the box on my tax return saying don’t collect through tax code! 🤣🤣 no idea how I missed that. 

Well paying tax a year or two earlier than you have to isn't very MSE to be honest!

caeler

You know what you make a good point. Maybe I should keep putting it aside, earning interest before I hand it over? I was more focused on just being straight as I don’t like to owe money! 

Hoenir

Dazed_and_C0nfused said:

caeler said:

Now I understand the correlation between those two things, I’d been ticking the box on my tax return saying don’t collect through tax code! 🤣🤣 no idea how I missed that. 

Well paying tax a year or two earlier than you have to isn't very MSE to be honest!

The more efficient HMRC become the cheaper it will be to run. MSE is renowned for causing huge amounts of people's working time to be wasted performing non productive tasks. At a cost that ultimately falls on all of us.