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bigduckontax, Accountant
Category: Tax
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A query relating to my Income Tax deductions Some 5 or 6

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A query relating to my Income Tax deductions
Some 5 or 6 years ago I made a statement to the tax office that I had an additional income of £625 being interest from Building Society savings account.I think now I misunderstood the question as that income already had tax deducted but this declared figure is being offset against my code being classed as taxable income and has been for the last 5/6 years.I have realised this on reading through the new system whereby you have to declare this interest figure as it is no longer taxed at source,Can you confirm if I therefore would have been paying tax twice on this amount and do I have a recourse option with the Tax Office to adjust my codes for the last 6 years with reimbursement?Regards Alan
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.

Hello Alan, I am Keith, one of the experts on Just Answer, and pleased to be bale to help you with your question.

For the time indicated in your question it was normal for deposit taking organisations to deduct Income Tax (IT) at the basic rate from depositors unless advised to the contrary. If this was indeed the case you should contact your tax office with a view to your amending your returns which were incorrectly calculated and ask for a refund of over paid IT. If tax were not deducted at source then HMRC would normally collect the tax due by reducing your tax coding to achieve this. Of course from the 16/17 tax year the first 5K of deposit interest income is free of tax and it is not being deducted at all by interest payers.

I do hope that you have found my reply of assistance.

Customer: replied 1 year ago.
Thank you that confirms what I thought I will now contact the tax office and seek a refund. Alan
Expert:  bigduckontax replied 1 year ago.

These days it usually takes about 6 weeks before the average office even gets around to reading your letter.

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Expert:  bigduckontax replied 1 year ago.

Thank you for your support.

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