Querying HMRC savings interest and money owed from previous years

Dazed_and_C0nfused

https://forums.moneysavingexpert.com/discussion/comment/81890528#Comment_81890528

It's certainly an unusual choice for someone posting on this website, to want to pay their tax liability literally years sooner than you really need to!

Annemos

The thing is… I worked for 35 years in US Tax and in a way, I think I overthink UK tax. I try to anticipate what I should be doing and intercept things in advance.

I really do prefer to keep each year complete and as accurate as possible, as we go along. I really do not like the one-year roll-over of tax owed, that seems to happen in the UK through Notice of Coding adjustments and tax clawbacks. A mixing of years.

Maybe I am indeed the only one trying to report Interest Income in advance! I am mentally scarred by the US Tax System!

(In Belgium one doesn't mix years either! I have to do one of their returns, too, each year.)

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/81890564#Comment_81890564

Sounds to me you are candidate for self assessment if HMRC ever offers you the option.

You seem to prefer ( as I do) to have your tax compliance within your own control, rather than to be at the mercy of HMRC's systems and practices.

If you have worked all those years within the American IRS tax system, you should be able to transition into UK self assessment relatively smoothly.

dales1

Quote from Dazed: "And you should notify HMRC of the actual income (even if estimated), not knock off £1,000".

Please remember this, because knocking off has been scattered over a few recent threads, and wrongly so.

Annemos

Thank you dales1. I have gone back into my Notice of Coding for 26-27 and taken out the additional income. So the code is now back as it was before I did this.

I am not going to bother with it anymore.

I have just been looking at our deceased Mother's Simple Assessments. Like Mum, I will just leave them to catch up with me at some stage and ask for tax due.

(For the life of me, I still cannot understand why… if they send out a message for us to check out 2026-2027 Notice of Coding, why an input line for "Interest Income" was not already included.)

Best I can hope for with my confusions, is that other people now know what NOT to do.

SiliconChip

This is what's shown on my account under the heading Other income, allowances, employment benefits and deductions:

As you can see that's where the "add investment income" page is accessed, are you saying those options do not appear in your tax account? I have to admit to not having used it to make any changes myself, HMRC's interest calculation for 2024/5 appears to be correct and while the previous year was wrong I resolved it on a call to them where they went through the individual taxable interest items and I was able to tell them what was incorrect from my own records.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81897985#Comment_81897985

But I don't believe that leads to an option for 2026/27, just the current and previous years?

SiliconChip

https://forums.moneysavingexpert.com/discussion/comment/81898734#Comment_81898734

That's true, but aren't the tax codes that have been issued for the next tax year based on the data they hold for the current year, so if the current year's interest is wrong then correcting that will lead to another tax code being issued, and if the interest is right but is going to be different next year then you'd have to wait until April to be able to make that amendment?

Dazed_and_C0nfused

https://forums.moneysavingexpert.com/discussion/comment/81899277#Comment_81899277

No, for most people it's likely to be the interest reported by banks and building societies for 2024/25.

They won't be reporting the interest for this tax year (2025/26) for a few months yet.