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Posted Mon, 22 Jan 2024 16:03:51 GMT by
Hi, On checking my tax code for 2023/2024 my tax code has been adjusted for professional subscriptions which is correct but it has also been reduced by £181 in the box that says 'Untaxed interest on savings and investments'. I have just submitted my self assessment for 2022/2023 where I was employed by an umbrella company earning only a few thousand pounds and also as a sole trader which brought my total annual income over the personal allowance. On my 2022/2023 tax return I declared £406 of bank savings interest which as it is under £1000 should not be taxed.but even if it was would not total this amount. I have no pension or investments. I am strugglling to find where this figure has come from. Any advice would be greatly appreciated. Thank you very much.
Posted Mon, 29 Jan 2024 08:01:57 GMT by HMRC Admin 19 Response
Hi,

Untaxed interest figures in your current year code are usually based on the previous year's untaxed interest amount, an amount which is confirmed directly by your banks and building societies.

If you would like us to check the amount going through your code,  or the figures received from your accounts, you will need to contact our Income Tax team.

Income Tax: general enquiries

Thank you.

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