Wing Man

Hi. I have paid the tax that I owe. They have received it. However my tax code is still remain at 1055MX but not the original 1383M. Is this normal? I still try to figure out why is this happening. Does it means I need to pay more tax and also pay tax again at the end of the financial year for my saving income? Wing

Hi Team, At the financial year 23-24 I have some interest income from saving accounts ( local and oversea accounts). The total saving account income is around 4800Pounds this financial year and I have reported all of them. I also work as well. After I did the self assessment and I need to pay 562 in tax. However my tax code have changed from 1383MX to 1055MX for financial year 24-25. I have not pay that 562 tax yet. I do not understand why is it my tax-free amount is reduced for the coming year just because I had interest income at the previous financial year. I have not been in the UK the very long and I would like to know why is it calculated this way. I already need to pay tax for this income, and have my tax free amount reduced for another 3000 next year, It looks like I have being taxed twice for the same income. Is it because I have filled the self assessment form wrong? Wing