Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Thu, 30 May 2024 08:39:47 GMT by DiCanio564gf Day
I’ve earned £1125 in interest from a savings account in tax year 23-24, therefore I owe tax on £125. I work for a company, therefore I’m not self-employed, so do not typically complete an annual tax self-assessment. I have 2 questions: 1. Will the bank holding the savings account automatically inform HMRC that I owe tax? Or do I need contact HMRC/ complete a self-assessment? 2. If the bank inform HMRC, is the tax paid via a change in my tax code? If so when will this change happen please?
Posted Wed, 05 Jun 2024 06:20:50 GMT by HMRC Admin 25 Response
Hi DiCanio564gf Day,
Your bank will inform of us of this interest automatically, after the end of the tax year.
If any tax is due, we will confirm this by sending you a calculation.
This will include details on the different ways you can pay the tax, including through your code, or by making payments online.
Thank you. 
 

You must be signed in to post in this forum.