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Posted Tue, 02 Jan 2024 13:23:31 GMT by
Hi Filling out self assessment form, UK savings interest totals £2650, do I apply savings allowance of £1000 and just declare £1650 on tax form,or the total amount of £2650 as the Tax Calculation is not giving me a £1000 allowance for savings? Thx
Posted Wed, 10 Jan 2024 11:11:43 GMT by HMRC Admin 10
No ,you enter the full interest received and the allowance is applied in the calculation.
Posted Tue, 13 Feb 2024 14:12:54 GMT by
I am a retired teacher aged 65 and receive a teachers pension which is taxed using PAYE scheme. The total interest from savings for the tax year 2023-24 will exceed the value of £10000. It is the first time this has happened( due to higher rates of interest) Am I right in assuming I will have to complete a self assessment form? If so when do I complete my return for the year 2023 -24?
Posted Fri, 16 Feb 2024 11:35:33 GMT by HMRC Admin 5
Hi Keith Bull

That's right - if you receive savings income of £10,000 or over, a Self Assessment return is required.
You can complete your 23/24 return from the 6th of April 2024, with the deadline for paper returns being 31st of October 2024, and online returns due by 31st of January 2025.

Thank you

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