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Posted Tue, 20 May 2025 09:02:23 GMT by Drob
In 24/25 I earnt approx £8k in gross savings interest. My annual salary is £16k. I have no other sources of income. Do i need to register for self-assessment to pay income tax on my savings? If not, how is this taxed?
Posted Wed, 21 May 2025 08:49:38 GMT by HMRC Admin 25 Response
Hi Drob,
Self Assessment is not required
You would only need to complete a return if your savings interest exceeds £10K.
This savings interest will usually be reported to us by your banks and building societies.
If any tax is due after all allowances are applied, we will contact you to confirm payment options.
Tax on savings interest
Thank you. 

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