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Posted Thu, 21 Sep 2023 09:30:52 GMT by Jimmy Chu
Hi, If I got a saving interest between £1000 and £9999 from 2022/2023, how do I pay tax on it. And are my tax code would be changed based on it?
Posted Fri, 29 Sep 2023 16:13:08 GMT by HMRC Admin 20
Hi Jimmy Chu,

If in Self Assessment collected in your tax return.
If no Self Assessment then at the tax year end the bank/building society send the interest details to HMRC and we will then review your
records and issue a calculation if tax is under or overpaid.
Your code would be updated with the interest details going forward as an estimate. 

Thank you.
Posted Mon, 02 Oct 2023 08:24:52 GMT by Nwils
Hi I don’t need to fill the self assessment yet but I believe I will need to in 2025 as I have quite a few bonds due that year. I have two questions: 1. For 3 year bonds, even though I have chosen for interest to be paid monthly, because I cannot have access to that interest, I will have to declare all the interests at the end of the three year term rather than annually? Is my understanding right? 2. If I have to fill a self assessment form (savings over £10000), hypothetically in 2023,but my savings will be under the threshold of £10000 in 2024, do I need to contact HMRC in 2024 again to give an update or do I just leave it as there won’t be any tax to pay? Many thanks
Posted Tue, 03 Oct 2023 12:38:12 GMT by martin2603
Good question, await a reply.
Posted Tue, 10 Oct 2023 09:56:48 GMT by HMRC Admin 19
Hi Nwils,
  1. The interest would be taxed in the tax year it was made available to you.
  2. You can complete the 2023/24 tax return but if you do not meet the criteria for the tax year it can be cancelled in Self Assessment and reviewed through your PAYE records.
Thank you.

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