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Posted Thu, 05 Dec 2024 14:24:09 GMT by john500
I have been paying tax on savings interest through PAYE. The amount is now over 10000 for 23/24 (about half is in ISA savings account so not taxed). I have registered for self assessment for the first time however the government gateway says I will pay the amount owed through PAYE after April 25 or I can make a one off payment. When I do the self assessment will I end up paying twice ?
Posted Tue, 10 Dec 2024 12:14:09 GMT by HMRC Admin 21 Response
Hi,
You will only need to complete a Self Assessment if the untaxed interest from your savings is over £10K.
You would not include ISA's in this figure.
If you do need to file a Self Assessment then you will either pay the balance due as a one off payment to your Self Assessment account or it will be collected in the next full tax years tax code. You will not pay the balance twice.
Thank you. 

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