Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Sat, 21 Dec 2024 14:40:39 GMT by MCJ88
Hello I am looking for a little advice. Like many people I have recently received a tax bill on savings interest from HMRC. I am a little concerned that this may change my tax code for next year as I am about to put a deposit on a property therefore my savings balance will Considerably reduce. If I pay the tax due direct will my tax code remain the same and when would the payment of tax need to be made by? Thanks for any help
Posted Mon, 06 Jan 2025 12:31:46 GMT by HMRC Admin 1 Response
Please refer to:
Tax on savings interest
Thank you. 
Posted Mon, 06 Jan 2025 13:05:03 GMT by MCJ88
Hello thank you for your response. I have read the link but cannot see any information regarding the matter of if I pay my tax due direct in one sum will my tax code remain the same? It would be preferable if possible if my tax code remained the same if possible as my savings will reduce when a deposit is put on a property, therefore reducing my savings earnings this year.
Posted Tue, 28 Jan 2025 10:10:54 GMT by HMRC Admin 8 Response
Hi,
If you pay the tax due direct in a lump sum then your tax code will be adjusted accordingly.  
If, however, the tax due is already included in your PAYE code then no further action is required:
Tax overpayments and underpayments
Thank you.

You must be signed in to post in this forum.