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Posted Tue, 23 Jul 2024 21:00:58 GMT by Craig
Last tax year was first year I've owned a rental property. That year I earnt 44k in salary income. 5k from rental property, so minus 1k allowance that means 4k. Total 48k. In the year I was saving for a new car and also had some savings in my name which are for me children. I earnt £630 in gross interest via Chase Bank Account. Should I have declared this bank account interest to pay further tax on? I have done, but now am wondering if this was an error on my part. Please advise.

[Display name amended - Admin]
Posted Thu, 25 Jul 2024 14:38:33 GMT by HMRC Admin 5 Response
Hi

As you have income from property, you meet the criteria for completing a self assesment tax return.  
You can register for self assessment at Check how to register for Self Assessment, if you have not done so.  
The tax return is for you to declare all of your world-wide income and capital gains.  This includes the interest from your bank.  
The self assessment calculation will allow up to £1000 of interest tax free, if your are a basice rate taxpayer or £500 if you are a higher rate taxpayer.  
Whether there is tax to pay on the interest will depend on what is declared on the tax return.

Thank you

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