Income from property and saving interests

Dear Sir I would like to clarify the above subjected matters. Assuming rental income and saving interests are my only income sources and I have to fill in self-assessment tax return every year. This year, I have got 45K rental income and saving interest income reaches 10K. Is my calculation below correct: Taxable income = 45000 - 12570 (personal tax allowance) + 9K (10K - 1K saving interest allowance) = 41430 Tax payable is: 7540 (20% of 37700) + 1492(40% of 3730) = 9032 or I can only have 500 saving interest allowance and for the amount that falls under 40% rate should be 4230 and I have to pay 1692+7540 = 9232? Your advice and guidance will be much appreciated.

Hi 

You will be a higher rate taxpayer, so your interest tax free threshold would be £500.00, with the rest taxed at 40%, as shown in your calculation.  

Thank you