Self Assessment for Property Income - Savings Tax and Tax Code

Hi, I am an employee taxed through PAYE and also submit a self assessment to pay tax on rental property income. I have 2 questions about my tax return for 2023/24. 1. During 2023/24 I was put on a different tax code (S1366L) that resulted in me paying roughly £460 less tax than I would have under the standard tax code (S1257L). On completing my self assessment and looking at the final calculation it does not appear that the tax code I was given has been taken into account, and in effect I will be repaying the £460. How can I resolve this? 2. During 2023/24 I earned sufficient interest on my savings to incur some tax. As I am also an employee I am unsure if I should include this interest on my self assessment tax return and pay it now, or if I should wait for my tax code to be adjusted and pay the tax on this savings interest that way? Appreciate any advice on these points. Kind regards

Hi,

1. You would need to include the expense or allowance that was included in your tax code on the Self Assessment. For example it the amount in your code was for job expenses then you would need to include the job expenses when completing the tax return.
2. You would include the untaxed interest figure on the Self Assessment to calculate any tax due. 

Thank you.