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Posted Wed, 22 Jan 2025 12:35:01 GMT by HMRC Admin 20 Response
Hi Alh63762 Heath,
You need to register for Self-Assessment if your income from savings and investments is over £10,000 in the financial year.  
You can find further information here:  
Check if you need to send a Self Assessment tax return
Tax on savings interest
Thank you.
Posted Fri, 24 Jan 2025 08:56:10 GMT by HMRC Admin 25 Response
Hi lf 1963,
If your wife completes a Self Assessment then she will declare the untaxed interest on her tax return and any tax due will be calculated.
Once the untaxed interest details are noted on the record the tax code will be updated for the following tax year using the previous years untaxed interest figures as an estimate.
If you complete a Self Assessment tax return and do not want the untaxed interest collected in the code then the code can be updated and any tax due on the untaxed interest collected at the tax year end through the Self Assessment tax return. 
Thank you

 

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