Savings Interest and Tax Code change

SpeedSouth

My tax code has been changed this month.  Looking at it there is an assumed amount of interest they have figured for me, which is way off at £2,500.  It will be much closer to £1,000.

They wrongly assumed £2,500 which puts me into the 40% bracket which reduces my PSA of course.

Do I call HMRC this year/now or does this generally shake out, when they get the actual amounts?  The only notable interest this year so far is a single payment of £833 in July, so no idea how they got £2,500.

eskbanker

They use last year's figure as an estimate for this year's - it will eventually come out in the wash, or you can update them of the more accurate figure sooner, via your online personal tax account:

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

SpeedSouth

Thanks, Was looking on there and couldn't find a way to amend, but assume I have to go through other income from investments part.

It's not like the salary bit you can just update and change

eskbanker

SpeedSouth said:

Thanks, Was looking on there and couldn't find a way to amend, but assume I have to go through other income from investments part.

It's not like the salary bit you can just update and change

Yes, it's confusingly within the 'add missing investment income' option that you can amend interest income.