Tax code change

gt94sss2

You always have the option to submit a voluntary tax return. From the sounds of it, you know all the figures so it should not take you long.

Islandgirl11

Thank you for that.  Just want to get the details first to compare to my figures as it seems so far out. But glad to know I have that option if needed.

Islandgirl11

Thank you everyone for your help. This was my first post and I am very grateful for the information you have all given me.

Albermarle

gt94sss2 said:

You always have the option to submit a voluntary tax return. From the sounds of it, you know all the figures so it should not take you long.

Although it might well have to be a paper one ( the ability to self assess online is blocked to some people) and there might be some long delays in processing it.

Islandgirl11

Have phoned HMRC and was pleasantly surprised with how helpful they were. Got all the info I needed so I'm glad I called them. It seems I forgot about an account that is now closed. Thanks all for your help.

eskbanker

Islandgirl11 said:

Have phoned HMRC and was pleasantly surprised with how helpful they were. Got all the info I needed so I'm glad I called them. It seems I forgot about an account that is now closed. Thanks all for your help.

So they were right for 2024/25, but not for 2025/26, now that the account is closed?

Islandgirl11

They were right for 2024/25, not had anything yet for the next FY,  hopefully will be much less. I'll check my bank accounts first this time! 

molerat

eskbanker said:

Islandgirl11 said:

Have phoned HMRC and was pleasantly surprised with how helpful they were. Got all the info I needed so I'm glad I called them. It seems I forgot about an account that is now closed. Thanks all for your help.

So they were right for 2024/25, but not for 2025/26, now that the account is closed?

This.  If the amount they are suggesting for 25-26 is too high then you can change it in your on line tax account.  Tax on interest is a pretty new thing for many so you need to keep on top of it.  I have been keeping a spreadsheet with this year's prediction and it hasn't changed much over the year and next year's is all made up and ready to go and shows a massive reduction in taxable interest so will straight away be able to counter any high charge HMRC decide on based on this year.

eskbanker

Islandgirl11 said:

They were right for 2024/25, not had anything yet for the next FY,  hopefully will be much less. I'll check my bank accounts first this time! 

But if you're confident that 2025/26 interest will be much less than 2024/25 then you can advise them of a more realistic estimate than the one they've used to adjust your tax code, rather than waiting until this time next year to sort it all out in arrears?

Islandgirl11

eskbanker said:

Islandgirl11 said:

They were right for 2024/25, not had anything yet for the next FY,  hopefully will be much less. I'll check my bank accounts first this time! 

But if you're confident that 2025/26 interest will be much less than 2024/25 then you can advise them of a more realistic estimate than the one they've used to adjust your tax code, rather than waiting until this time next year to sort it all out in arrears?

The figures used for 2024/25 were actuals and not estimates, but I will definitely consider your suggestion for advising them of a more realistic estimate for 2025/26. Thank you