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Posted Tue, 03 Sep 2024 17:53:54 GMT by Oakley
For the first time earnt over £1,000 in savings interest in 2023/24. I am a basic rate tax payer so I will need to pay tax on it. I understand that HMRC will contact me by October with the amount of tax I owe, but I haven't received a letter yet. I am employed full time and paid via PAYE and also do a small amount of freelance work so i have a self assessment account. I won't earn over £1000 in savings in interest in 2024/25 so I would prefer to pay this tax through self assessment than PAYE so I avoid paying too much in estimated tax next year. If I pay the tax via self assessment now, will HMRC still change my tax code for next year anyway? And can I ask for it to be changed back?
Posted Fri, 13 Sep 2024 06:21:36 GMT by HMRC Admin 25
Hi Oakley,
You can pay any tax due on your 23/24 untaxed interest online, as well as through your code.
However, if you would still prefer to pay this tax via Self Assessment, contact us here:
Self Assessment: general enquiries
To allow us to register you to file a 23/24 return.
If you've already submitted a 23/24 return, you can amend this return with your untaxed interest figures via your Personal Tax Account.
The untaxed interest figures in your 24/25 code are estimates, based on your confirmed amounts from the previous year.
If you would like us to update these figures, contact us here:
Income Tax: general enquiries
Thank you. 
 

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