Tax Returns

[Eeyore]

No, not the intentional bouncing of a 20 years old thread. Just looking for one with a close title.

Anyway.

In December I received a bill from the tax office for monies owned on investment interest for 23/24. The amount was correct by my calculations so I paid it off. The intention being to budget for it and pay it off when the bill arrives each year. Which appears to be one of the options offered.

But as you would only expect, the buggers are playing around.

They have now adjusted my tax code to reflect the tax on interest they estimate will be owed in future years. Except that interest will go down and there is a high chance my savings will too. This means they will end up owing me money that I will have to wait for.

It's really annoyed me. I know how much I owe for the financial year about to end and am happy to pay them off on April 6th each year. I just don't need the annoying little numpties to start pissing around with my tax code.

Has anyone else had this problem, and is it possible to tell them to put things back as they should be and they will get their money on time each year ?

 

[Weststander]

No, not the intentional bouncing of a 20 years old thread. Just looking for one with a close title.

Anyway.

In December I received a bill from the tax office for monies owned on investment interest for 23/24. The amount was correct by my calculations so I paid it off. The intention being to budget for it and pay it off when the bill arrives each year. Which appears to be one of the options offered.

But as you would only expect, the buggers are playing around.

They have now adjusted my tax code to reflect the tax on interest they estimate will be owed in future years. Except that interest will go down and there is a high chance my savings will too. This means they will end up owing me money that I will have to wait for.

It's really annoyed me. I know how much I owe for the financial year about to end and am happy to pay them off on April 6th each year. I just don't need the annoying little numpties to start pissing around with my tax code.

Has anyone else had this problem, and is it possible to tell them to put things back as they should be and they will get their money on time each year ?

That’s normal and long established. A polite phone call to HMRC to the number on the demand, explaining the likely interest in 2024/25 and 2025/26, and asking for your tax coding to take that into account instead will get it sorted.

But should they agree to your idea, the due date is 31 January following the tax year.

 

[South Stand Bonfire]

No, not the intentional bouncing of a 20 years old thread. Just looking for one with a close title.

Anyway.

In December I received a bill from the tax office for monies owned on investment interest for 23/24. The amount was correct by my calculations so I paid it off. The intention being to budget for it and pay it off when the bill arrives each year. Which appears to be one of the options offered.

But as you would only expect, the buggers are playing around.

They have now adjusted my tax code to reflect the tax on interest they estimate will be owed in future years. Except that interest will go down and there is a high chance my savings will too. This means they will end up owing me money that I will have to wait for.

It's really annoyed me. I know how much I owe for the financial year about to end and am happy to pay them off on April 6th each year. I just don't need the annoying little numpties to start pissing around with my tax code.

Has anyone else had this problem, and is it possible to tell them to put things back as they should be and they will get their money on time each year ?

You can go on line and adjust your tax code or alternatively, if you can get through, talk though the changes with HMRC staff over the phone.

 

[Eeyore]

That’s normal and long established. A polite phone call to HMRC to the number on the demand, explaining the likely interest in 2024/25 and 2025/26, and asking for your tax coding to take that into account instead will get it sorted.

But should they agree to your idea, the due date is 31 January following the tax year.

Thanks. It's really annoyed me, especially as the online pages said they could adjust the code but also gave me option to pay it off. I just want to pay it off at the start of each year having held the money ready for them. It's far easier to budget rather than messing around with calculations.

 

[Eeyore]

You can go on line and adjust your tax code or alternatively, if you can get through, talk though the changes with HMRC staff over the phone.

Doesn't look like I can adjust the code. The payment options clearly state I can pay it off or have the tax code adjusted. So I don't know why, having paid it off, they have adjusted the code anyway.

 

[Weststander]

Thanks. It's really annoyed me, especially as the online pages said they could adjust the code but also gave me option to pay it off. I just want to pay it off at the start of each year having held the money ready for them. It's far easier to budget rather than messing around with calculations.

I understand. Ask HMRC to pay the 2024/25 now based on your calculation even if they cannot confirm on evidence not yet with them, then if you’re happy to pay your 2025/26 estimate through your tax coding.

 

[PascalGroß Tips]

You can go on line and adjust your tax code or alternatively, if you can get through, talk though the changes with HMRC staff over the phone.

How do you adjust your tax code online? I have access to HMRC - including the app - but can’t see how to do that.

I manage my pension income and investment income very carefully to make sure I know where I am from a tax point of view … making the most of the allowances on Martin Lewis’ website.

https://www.moneysavingexpert.com/savings/tax-free-savings/#what

This tax year I don’t have to pay any tax on savings - and the same for next year as most of my savings will be in an ISA and Premium Bonds … and yet once again good old HMRC have reduced my tax code for 25/26 for savings interest. It’s a relatively small amount - makes me wonder how they came up with the number - that I’m not sure I can be bothered to phone them again to go through the interrogation. So if there’s an easy way online - that would be marvellous

 

[chrisg]

Doesn't look like I can adjust the code. The payment options clearly state I can pay it off or have the tax code adjusted. So I don't know why, having paid it off, they have adjusted the code anyway.

Exactly same thing happened to me. Paid it in January immediately and then 2 months later they put taX code up.

 

[Weststander]

How do you adjust your tax code online? I have access to HMRC - including the app - but can’t see how to do that.

I manage my pension income and investment income very carefully to make sure I know where I am from a tax point of view … making the most of the allowances on Martin Lewis’ website.

https://www.moneysavingexpert.com/savings/tax-free-savings/#what

This tax year I don’t have to pay any tax on savings - and the same for next year as most of my savings will be in an ISA and Premium Bonds … and yet once again good old HMRC have reduced my tax code for 25/26 for savings interest. It’s a relatively small amount - makes me wonder how they came up with the number - that I’m not sure I can be bothered to phone them again to go through the interrogation. So if there’s an easy way online - that would be marvellous

Past info … the banks inform them. Then they estimate for the current or coming tax year.

 

[PascalGroß Tips]

Past info … the banks inform them. Then they estimate for the current or coming tax year.

Yep … I get they do that and I’ve phoned them every year for last few years and given them all info they need and they’ve adjusted code accordingly. I know I won’t have to pay any tax on savings interest for this tax year or next year but they’ve adjusted my code by a small amount assuming I will owe them.

I know I can call them again - but it’s a ball ache. If it’s possible to do it online like someone has suggested, I’d prefer to do that.

 

[Weststander]

Yep … I get they do that and I’ve phoned them every year for last few years and given them all info they need and they’ve adjusted code accordingly. I know I won’t have to pay any tax on savings interest for this tax year or next year but they’ve adjusted my code by a small amount assuming I will owe them.

I know I can call them again - but it’s a ball ache. If it’s possible to do it online like someone has suggested, I’d prefer to do that.

I had to make two calls to HMRC this week for clients, one a 75 minute wait.

 

[Cotton Socks]

Sorry to crash this thread @Eeyore but does anyone know if it's possible to change someones UTR if they're self employed & are staying self employed?

 

[Weststander]

Sorry to crash this thread @Eeyore but does anyone know if it's possible to change someones UTR if they're self employed & are staying self employed?

Looking online, you cannot change your UTR.

But in extreme cases eg fraudsters obtained a UTR I wonder if HMRC have allowed a change?

 

[Cotton Socks]

Looking online, you cannot change your UTR.

But in extreme cases eg fraudsters obtained a UTR I wonder if HMRC have allowed a change?

No I didn't think it was possible. My friend is just getting the wrong advice from a 'company' re tax. I've read an email from the company that said he should change his UTR to separate tax years. I've said the clue is in the name it's a 'Unique' tax payers reference & it can not be changed.
I'm trying to help him out but I am at a loss as to how changing your UTR can possibly separate tax years. It's an IVA thing & somehow they've told him he's not liable for tax in the past couple of years even though his SA says he clearly is. I don't understand how the IVA company are saying he isn't liable for any tax in the couple of years after he did his IVA. HMRC don't just say 'don't worry about it for a couple of years' even if you've earnt millions (earning millions hasn't happened). Needless to say his tax bill is wracking up by the day with interest etc. I don't even know where to start working it out for him.

 

[Weststander]

No I didn't think it was possible. My friend is just getting the wrong advice from a 'company' re tax. I've read an email from the company that said he should change his UTR to separate tax years. I've said the clue is in the name it's a 'Unique' tax payers reference & it can not be changed.
I'm trying to help him out but I am at a loss as to how changing your UTR can possibly separate tax years. It's an IVA thing & somehow they've told him he's not liable for tax in the past couple of years even though his SA says he clearly is. I don't understand how the IVA company are saying he isn't liable for any tax in the couple of years after he did his IVA. HMRC don't just say 'don't worry about it for a couple of years' even if you've earnt millions (earning millions hasn't happened). Needless to say his tax bill is wracking up by the day with interest etc. I don't even know where to start working it out for him.

That’s complicated, is he tied to that company (they’re managing the IVA)?

 

[Cotton Socks]

That’s complicated, is he tied to that company (they’re managing the IVA)?

I assume so. He was just persuaded by some idiots about 3 years ago to go for an IVA and that was the only company that would 'help'. The company have literally told him that he's only liable for his 23/24 tax return so unsurprisingly he has paid nothing for the last 3 years. Also unsurprisingly HMRC are saying 'er no, you still have to pay the tax owed since your IVA'. It just seems like a complete mess to me, that makes no sense and the debt is building everyday.

 

[Shropshire Seagull]

UTR AKA unique taxpayer reference is more unique than your NI Number and is the ref that HMRC prefer to work off. It will never change unless you become an HMRC secure case ie a new identity eg witness protection scheme etc.

You can influence you future tax code. HMRC use past income figures to predict future income tax liabilities because they know that taking it via PAYE is more reliable / sucessful than expecting everyone to set money aside to settle their tax bill as a lump sum.

Log on to .gov.uk gateway and go to PAYE. Look for current or next tax year and it will / should show all your various incomes and these will be based on previous actuals. You can amend these as you wish, the result will be a revised PAYE coding notice in the post a few weeks later. They also send a copy of this to your employer(s) so they can adjust their payroll data settings on your record.

Been a few years since I worked for HMRC on the CESA system but that's how it used to work.

 

[South Stand Bonfire]

How do you adjust your tax code online? I have access to HMRC - including the app - but can’t see how to do that.

I manage my pension income and investment income very carefully to make sure I know where I am from a tax point of view … making the most of the allowances on Martin Lewis’ website.

https://www.moneysavingexpert.com/savings/tax-free-savings/#what

This tax year I don’t have to pay any tax on savings - and the same for next year as most of my savings will be in an ISA and Premium Bonds … and yet once again good old HMRC have reduced my tax code for 25/26 for savings interest. It’s a relatively small amount - makes me wonder how they came up with the number - that I’m not sure I can be bothered to phone them again to go through the interrogation. So if there’s an easy way online - that would be marvellous

I do it on a computer as I find it easier. You may have to have registered with them as self assessment and then when you go through the self assessment part of HMRC‘s website there is an option to review/ change your tax code. It is a bit clunky and once you have changed the figures, there is a few weeks delay whilst they confirm it back to you. I only know because on the odd occasion that I’ve done a lump sum pension contribution I have had to adjust my subsequent years tax code. You also used to be able to phone them up and talk to them and I always found them very helpful, albeit they are more difficult to get through to now.

 

[sparkie]

No need for the debt to build every day.

HMRC let you set up a monthly payment plan ( maximum 2 years ) which will stop any late payment fines ( but will include interest on the outstanding debt ). Providing you owe less than £30K tax.

 

[BrightonCottager]

I too have had a HMRC letter about my mum, reducing her tax code because of projected savings interest. Thing is, she's in a care home and is burning through her savings to pay for it. Coupled with reducing interest rates, there's no way she'll be getting similar interest in 24/5 or 25/6.

Does anyone know if I have to register a separate UTR in her name (I have Power of Attorney) and go online to change the tax code?