KSDZ91

Hello, Happy New Year. I am wondering if you could advise on what happens/what the best practice is for someone who owes tax on savings interest and is in both employment and self-employment. My concern would be that I proactively declare my interest in my next self assessment tax return and then learn that my PAYE tax code has also been automatically adjusted by HMRC following a report on my interest from the bank(s). Is there a way to ensure that I do not end up getting taxed on both ends? Does one route take precedence over the other for people in this situation or do I need to contact HMRC in advance to state my preference? I understand that any overpayment would eventually be refunded but it would be a comfort to know for a certainty how tax on savings interest will work in these circumstances and what, if any, reporting obligations are expected of me as a person both employed and self-employed. Thank you for your time.

Hello, I submitted my 2023/24 tax return at the end of April and have already paid both 2023/24 Payments on Account. I am now waiting for the figure for the first 2024/25 Payment on Account, as well as any balancing payment, to be updated for the January 31st, 2025 deadline. At present, my current statement still shows "you have nothing to pay." From what I understand, HMRC usually updates the January balance between June and October. Since it is now October 21st, I was wondering if the process is still in progress or if I should get in touch for further clarification? Many thanks

Hi there, Will everything (NIC 2, NIC 4, Student Loans) ultimately be listed as an expected payment within the 'Current Position' section of the SA page once the return has been fully processed by HMRC? As there seems to be some differing advice on what is and isn't part of the Balancing Payment (e.g. Admin 19 has said that Student Loans are part of this), the main thing of which I'd like to be sure is that one way or another I will definitely be prompted to pay everything that is expected from me -- I'm assuming 'Current Position', which is presently only displaying the forthcoming July Payment on Account as due, will be updated accordingly to include everything else ahead of January 31st 2025? Many thanks

Hi there, Thanks for your reply. Once both of my payments on account (January 2024 has been paid and July is forthcoming) have been paid, my 2023-24 balancing payment will be £367 which I believe accounts for the tax margin to be bridged between this and last year's returns. However, the student loans figure included as part of the full calcuation in this latest return is £2146 but does not appear to be reflected in the balancing payment leftover figure (post-payments on account) which I would have taken to be 367 + 2146 for a total of £2513. I'm unsure if I'm misunderstanding the calculation breakdown or if there is a discrepancy here. Will the balancing payment figure update and become available for paying once I have paid the second 2023-24 POA this summer? Currently I am only being prompted to pay the July 2024 sum. Thanks again

Hello, As part of very first tax return, 2022/23, the Student Loans Company (SLC) received the necessary calculated amount directly from HMRC on January 31st 2024 as confirmed on the online statement that I have checked on my SLC account. However, it's my understanding that Student Loans are not included in the now ongoing Payments on Account of future tax returns -- but I'm also unsure if they are instead included in subsequent Balancing Payments expected at the end of each January. If not, then I'm confused as to how or where they fit into the picture at all despite seemingly being part of the total calculation presented to me upon submission of my latest return. Fictional example: My two payments on account will total 12000. This latest return's expected total is 14000. So I would owe 2000 as a balancing payment to bridge that difference in terms of tax at least. However, my student loans amount owed is 3000. My question then is: Are Student Loans eventually also factored into the Balancing Payment due by Jan 31st, bringing the total owed to 5000 (tax difference + student loans) or would I be expected to login to my SLC account and send them the above amount of 3000 as a proactive, separate payment? Thanks for your assistance.