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Posted Thu, 06 Jun 2024 16:00:29 GMT by Laura Moody
I received a letter today from my bank about my 'Gross Interest Paid (No tax deducted)' as I've gone slightly over my personal savings allowance due to my interest. 1) It says I need to contact HMRC about this - what is the best way to do this? 2) I've only gone slightly over the £1,000 and know it wont happen again this year (I had a house deposit I wont have anymore) so I would much rather pay out of pocket than have my tax code changed. Is this possible? Thank you
Posted Mon, 10 Jun 2024 13:03:23 GMT by HMRC Admin 5 Response
Hi

The bank will submit the details of the untaxed interest at the tax year end to HMRC.
Once received by HMRC your record will be reviewed and if you have underpaid your tax a calculation will be issued.
If you want to pay this as a one of payment if you contact HMRC once the calculation has been received we can advise. 

Thank you

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