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Went over my personal tax allowance

Answer
Clara V
Posted Mon, 15 Apr 2024 16:02:59 GMT by Clara V
Hello, I just noticed I went over my £500 personal tax allowance for the 2023/2024 tax year. Do I need to do my returns somewhere or will HMRC "automatically" withdraw the amount from my paycheck/through the financial institution where I have earned the interest? Thank you!
HMRC Admin 25 Response
Posted Wed, 24 Apr 2024 09:13:44 GMT by HMRC Admin 25 Response
Hi Clara V,
If you do not complete a Self Assessment then the banks/building societies will submit the untaxed interest details to HMRC after the tax year end.
Once received we will review the record and if underpaid a calculation will be issued to you.
Thank you. 

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