Declaring savings interest over £1000

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

Hi
No ,you enter the full interest received and the allowance is applied in the calculation.

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?

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

my £1000 PSA is not being taken off automatically on my self assessment return, do I enter it in the tax already taken off box or deduct it myself

Hi,
Please see guidance notes here (page 5):
Income Interest and dividends from UK banks and building societies
Thank you.

I know which box to put my interest in, but when I do my £1000 PSA is not being taken off the final amount due, as an experiment I declared no interest checked the amount due and then put £1000 in box 2, and the amount due went up by £200, when I think it should have stayed the same

ignore my last post, I've now sorted it out

For 23/24 I had £1026 of interests, how can I avoid having to do a self assessment? can my tax code be amended for the £26 above the allowance? thank you

Hi Shades of Blue,
Your banks and building societies will automatically inform HMRC of any untaxed interest received after the end of the tax year.
If you earn interest over your allowance but under £10,000 and are employed or receive a pension, HMRC will change your tax code so you pay the automatically.
The code for the current year will be based on how much interest you had in the previous year.
Further information can be found here:
Tax on savings interest
Thank you

hello, I am self-employed with earnings less than £12,570. My saving interest total is £230 (below £1000). For the question "Did you receive any interest", shall I tick No, as I'm below my PSA OR tick Yes and then declare the £230? Will this be deducted automatically as it is bellow my PSA?

I completed Self Assessment for 2023-2024 back in July and sent and already paid the first payment. However, I just found out I had over declared because one of the accounts is in joint name. How can I rectify it? The next payment is due July 2025

Hi,
You are able to amend a tax return after you have filed it - you can find out more information on how to do this here:
Self Assessment tax returns: If you need to change your return
Thank you

Hi Orange,
If you know how much interest you have received, click 'Yes' and enter the amount.
As you are below the Pesonal Savings Allowance of £1000, you will not pay tax on this interest.
Thank you.

Hi, I have earned interest from a savings account that ended in October. I am employed PAYE. I do not want my tax code amended and would rather pay the amount owed on this interest. I owe approx £2500 in tax, Do I have to fill out a self assessment form? Or can I do anything else. Also when do I have to send this form by? Thanks

Hi 
Your allowances for earning interest before you have to pay tax on it include: 
your Personal Allowance 
starting rate for savings 
Personal Savings Allowance 
Please see the guidance at: 
Tax on savings interest for more information. Your options if you exceed your allowances are also covered here.