Tax on Savings – how long to pay amount

I’ve noticed a higher tax amount this month compared to normal, could this be due to HMRC changing my tax code to pay tax on my savings?  if so, any idea how long it takes?  I cant imagine its going to be for the whole tax year as it would mean more in tax than was earned through the savings?

No

You don’t actually say if your tax code has changed. Have a look on the last few payslips as it should be shown on all of them. If it has changed has the number gone up or down? Check the HMRC site for more details.

Do you *think* you need to pay more (or less) tax ?

HMRC have been a bunch of incompetent morons as far as my dealings with them for the past 4 or 5 years.  So treat what ever they send with scepticism and question everything until the can prove what they have done is right. Because often it’d bollox.

Last tax year I had 4 or 5 different tax codes,  with multiple errors on how determined- even after hours and hours wasted waiting on phone lines.

Oh and 4 different tax calculations,  with variations between them owning me several £k, to me owing several £k. And others in-between.  They’ve still been incapable of showing me where they get their income figures from for me and why they are different to those in my 2x P60s. (My tax  life should be simple – 1x full time job with no overtime or allowances, and 1x  fixed company pension). Nothing else.

They even blamed me for having done an unnecessary self assessment. Despite them having emailed me several times to remind me I had to do one.

Tossers of the highest order.

HMRC have been a bunch of incompetent morons

I’ll agree to that.

Every year HRMC tell me I’m going to earn £260k and adjust my tax code accordingly.  Every year I log on and adjust it myself to avoid a Zero for my next wage payment, and call them to complain.

Every

Bloody

Year.

HMRC have been a bunch of incompetent morons

I’ll agree to that.

+1

as Kryton says, login to the HMRC website and view and alter it there.

I’ve noticed a higher tax amount this month compared to normal, could this be due to HMRC changing my tax code to pay tax on my savings?  if so, any idea how long it takes?  I cant imagine its going to be for the whole tax year as it would mean more in tax than was earned through the savings?

What option did you choose to pay when completing your self assessment?  If a small amount owed you can put it through Tax code but it over a certain amount that is not an option and just have to pay it.

i’ve never completed a self assessment form, logging onto the gov site, i can see the amount it think i need to pay for the savings interest.

Used up your ISA allowance? Lesson for this year [edit] if not.
I’d expect HMRC won’t know what interest you have earned unless you tell them.

IDK, for anyone who has finances more complicated than ‘earn money, PAYE, spend money’ I’d recommend self-assessment. Even then there is the possibility there’s under or over payment. For higher rate and additional rate tax payers self-assessment is essential to avoid under or over payment. Even then it is … not always right.

‘How long do you have to pay the amount’.

if I remember correctly by the end of January following the tax year in which it was owed. Interest earned in 2022/23, self assessment due by and january 2024, tax to be paid by January 2025? IANATA so it might be end January 2024

Yes, it needs to be paid by near to the end of January.  If you have not completed a self assessment, how do HMRC know what interest you have earned?  (asking for a friend, no really)

Edit – just answered my own question – the banks inform HMRC.  Better tell my friend to get some of the money back into Premium bonds

banks now have to inform hmrc of interest earned, didnt really matter till rates went up last year.

i noticed monzo asked me for my NI number last year, long after registering.

+1 for hmrc arent great.. messed up SIPP contributions and under repaid £600, no letter to say our mistake..