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Posted Sat, 20 Apr 2024 03:43:38 GMT by jay Lockwood
Hi, I’ve unfortunately inherited some money and I’ll have a good amount left over even after maxing out my ISA. Inevitably the interest earned in other savings accounts is going to push my income over the 40% tax bracket. I am aware that the bank will inform HMRC but I was wondering if I was able to pay the tax I owe come next April in a one off lump sum, rather than have HMRC messing with my tax code? Is this a possibility and how would I go about it please? I don’t want my wages affected month to month but equally I’m aware I will have taxes to pay. Thank you Jay
Posted Wed, 01 May 2024 08:09:39 GMT by HMRC Admin 25
Hi jay Lockwood,
If you do not complete a Self Assessment tax return then once HMRC review the tax year if underpaid we will send a calculation and normally the balance will be collected in a later tax code.
If you want to pay as a one off payment if you contact HMRC once the calculation is received we can go through your options:
Income Tax: general enquiries
Thank you. 

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