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Posted Sat, 14 Sep 2024 19:18:34 GMT by WK Cheng
Hi, For year 2023-24, my taxable income from employment is 13947.57 Personal allowance is 12570.00 Interest earned from savings account is 9805.83 Current tax calculated by HMRC has not taken into account of the interest earned (i.e. 9805.83) I’m thinking of report the interest by Self Assessment but the guidelines said Self Assessment is required only for interest earned more than £10000. Should I report the Interest earned to HMRC ? If yes, how to report? Thanks.
Posted Tue, 24 Sep 2024 11:37:29 GMT by HMRC Admin 19 Response
Hi,
As your untaxed savings income is below £10000 you do not need to submit a Self Assessment tax return.
At the tax year end the banks and building societies will submit the untaxed savings details to HMRC. Once received, your record will be reviewed and a calculation will be issued with any underpayment due. 
Thank you.

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