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Posted Tue, 02 Jul 2024 11:39:03 GMT by Francis Shields
Hi. I’m not required to complete a tax return but I need to pay tax on savings interest I received in the 2023/24 tax year. However, I’d prefer not to have my 2024/25 tax code adjusted. Please advise: a) Can I pay the tax due as a one-off payment? b) When can I expect your calculation of the tax due for 2023/24? c) Will I receive your calculation in writing with details of how to pay? Many thanks
Posted Wed, 10 Jul 2024 11:15:16 GMT by HMRC Admin 8 Response
Hi,
Banks and Building Societies do provide HMRC with some information later in the year.
This can be around September/October time and sometime following that you would expect be issued with a calculation confirming any underpayment of tax that might have occured due to savings interest received.We are unable to confirm the date.
If you are happy the calculation includes the correct interest amounts and the underpaid tax is correct you can make a voluntary direct payment for the tax due if you wish so that the underpaid tax for 2023/24 is not collected through your tax code.
Thankyou.
Posted Wed, 10 Jul 2024 12:08:57 GMT by Francis Shields
Thanks for your response HMRC Admin 8 - appreciate it 👍

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