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Current tax code indicates underpaid tax - do I need to add it to my SA?

17/01/2019 15:24:17
My current tax code (K318X) means that there is untaxed income which is more than my tax-free amount and has been added to your pay or pension so the extra tax can be collected). Do I need to add this amount from my current tax code into the 'Underpaid tax and other debts' of my tax return OR this will be taken into account anyway as it has already been reflected in my current tax code and there is no need to add it myself?
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Re:Current tax code indicates underpaid tax - do I need to add it to my SA?

17/01/2019 15:40:21
Hi,

No individual items in the tax code and not included on the Self Assessment return unless they are listed as 'Underpaid Tax' or 'Oustanding debt'. Things like untaxed interest included on the tax code must be included in their own individual sections on the self assessment return. In this case you would include it with the UK Interest section. You can get this section by answering 'Yes' to the first question on Page 2 of 3 of Tailor Your Return.
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Current tax code indicates underpaid tax - do I need to add it to my SA?

17/01/2019 15:52:49
Thank you for the prompt answer. Is there somewhere I can find untaxed interest for year 2017-18? My HRMC personal tax account indicates untaxed interest estimate for year 2018-2019 which I am able to update - is this the same amount of untaxed interest for year 2017-18? Also, if I declare ALL the interest I have received during 2017-18 from all my bank accounts in the relevant section of the SA, do I also need to add it into the 'Underpaid tax and other debts' section as well?
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Re:Current tax code indicates underpaid tax - do I need to add it to my SA?

17/01/2019 16:41:43
Hi,

To find out how much untaxed interest you have? You would need to speak to all the banks you hold accounts with to check. On how to declare untaxed interest: On page 2 of 3 of 'Tailor Your Return' Select 'Yes' for the first question on the page Uk Interest, select 'save and continue'.

Then go to '3. Fill in your Return' and select 'Enter UK interest etc' which is under UK Interest. Regarding Underpaid Tax and other debts, these sections will usually be pre-populated with information.

If it shows a £0.00 figure I would accept it and submit the return. To clarify you do not need to list untaxed interest in the Underpaid tax sections at all.

If it shows something different it will likely be for another years debt, in which case I would accept the debt then clarify with HMRC on the Sa helpline 03002003310.