How to report saving interest income to HRMC if no self-assessment is required

As checked on HRMC website, no self-assessment is required for my case. I am employed and have PAYE record. 1) My questions is, how to report the saving interest income to HRMC if no self-assessment is required. If by writing, what is the address and what information I have to provide? 2) Understanding the bank will inform HRMC for the interest. When will we receive the tax calculation on saving interest income after each tax year end? Thanks!

Hi,

You can do this in writing by sending a letter to:

HMRC,
PAYE & Self Assessment,
BX9 1AS

Please ensure your National Insurance number is on the letter.

You can also do this in your personal tax account:

Personal tax account: sign in or set up

Thank you.

Same situation for me. Have an online tax personal account. Entirely unclear how exactly to add estimated interest for the current tax year to my online account! Can you tell us exact steps and (or) how to exactly. classify this addition as there is no obvious category for savings interest that can be set against a personal savings allowance. Thank you.

Found out how to add savings interest in, finally; but only by going to the website directly. Turns out, the section on adding investments in wasn’t available via the HMRC app on my device…. No wonder I have been struggling!

Hi Jack Chase,
You can send details for 22/23 in writing to:
HMRC PAYE & Self Assessment BX9 1AS.
Thank you. 

I understand that banks give HMRC details of untaxed interest every year, and that tax due is then reviewed and recalculated. The correct amount of unearned income (£501 - in my case entirely savings interest) was stated on my Tax Code Notice for 2020-21. However, in all subsequent Tax Code Notices , the same figure of £501 has been repeated, even though actual amounts of interest received have varied from year to year, because of changing interest rates, level of savings, etc. HMRC must know the correct amounts, from the banks' information. But should I also inform them? It's not possible to amend unearned income figures for past years via my personal tax account. It's only possible to enter a figure for 2024-25 - but I can't guess in advance what that amount will be. The banks must have How long does it take HMRC to recalculate? On my tax code notices, every year HMRC keep repeating a certain (wrong) figure for unearned income - which in my case is all interest on savings. In 2022 I contacted them to tell them the correct figure, but subsequent tax code notices still give the old, wrong (too low) untaxed income figure. I don't want to be hit with a large accumulated tax bill in several years time. Should I contact them every year with the correct figure, even though in theory I shouldn't have to?

My HMRC app digital assistant guided me to the webpage about HMRC tax on savings interest, stating that my bank would inform HMRC how much interest I received at the end of the year. HMRC will then tell me if I need to pay tax and how to pay it. Should I write to HMRC PAYE and Self Assessment as mentioned above, or should I wait for HMRC?

Hi Atwork,
If you do not complete a Self Assessment then you will wait for HMRC to receive the untaxed savings interest and review your record. Once reviewed if underpaid in tax a calculation will be issued to you by post. 
Thank you.

 

Hi, The time it takes to assess the interest fig for the last tax year it is dependant on when we receive the information from your banks which can vary from bank to bank, so it maybe we still are coding based on previous years information till received. You can check the current information we have using  : Personal tax account: sign in or set up  , but if you believe the code we have in operation is incorrect you should contact hmrc : Income Tax: general enquiries and we can make the changes you need . Thank you .

Hello. I will need to do Self-Assessment for 2023-2024 period. I had multiple monthly saving accounts which matured in that year. I since closed those and opened other saving accounts and ISAs to get better rates. I am struggling to trace back what is the total interest earned across all accounts to report it during Self-Assessment. Can I find total interest earned anywhere as banks are reporting it to HMRC? Or can I report my best guess and HMRC will inform me if I underpaid tax on interest? Thank you in advance!

Forgot to mention that I am employed and have PAYE record, but will need to do Self Assessment to report rental income.