Woodside
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Saving interest receipt of interest and settlement and collection date of tax due.
I receive annual untaxed interest on savings from a small number of banks at different dates throughout the year. I never know how much it will be and therefore cannot predict that income with any meaningful accuracy. In the past, when interest wasn't so good, I used to settle, by a single online payment, the tax due before the January following the tax year in which the interest was received. I receive two pensions State and Employment derived pension. HMRC for this 23/24 year are wanting to overestimate the tax due on interest not yet earned and/or received and suggest coding out the due tax for collection from my private pension. This messes my regular income up terribly, as my savings interest is slightly less than £10k but spread around the year. Whereas I need my regular pension payments for my regular bills and food etc. Is there not some possibility to simply continue to settle the tax due on the interest in a single payment around the Sept to December each year following the tax year in which the interest is received, as I have done for the years as long as I can remember?