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Posted Thu, 10 Aug 2023 22:33:22 GMT by HALE
Hi, I have some savings in an online bank (They are entirely online and don't have a branch but are very popular and trustworthy in the UK). I notice that with the increase in saving interest, my saving amount will exceed £1000 limit in a tax year. I'm just wondering whether I will need to fill in a self-assessment tax return form or will HMRC will be automatically notified by the bank? If there is anything that needs to be done on my part, please also advise me. Thank you
Posted Tue, 15 Aug 2023 14:00:51 GMT by HMRC Admin 17 Response

Hi,
 
HMRC will be notified of the amount following the end of the tax year.

The requirement to file a Self Assessment for Interest is for Intererest above £10,000 in a year.

You can view our criteria checker here :


Check if you need to send a Self Assessment tax return   .

Thank you.

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