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Posted Tue, 25 Jun 2024 13:55:17 GMT by andrewmaclachlan
Hi there I'm a academic at a UK institution and a higher rate tax payer. All of my income is taxed at source except for three minor sources: In the tax year 23/24 1. In I received a payment of £79.66 from the AUTHORS' LICENSING AND COLLECTING SOCIETY for re-use of my published work 2. I received around £150 from loaning out equipment on a peer to peer website 3. I received just over £500 in bank interest. For point 2 I am under the £1,000 trading allowance so don't need to declare this. For point 3 HMRC should change my tax code automatically. However, for point 1 I assume this means I now must complete a self assessment tax return to declare this as income and as such also declare income from points 2 and 3. Is there a specific section where I need to declare this on the form. Thanks
Posted Fri, 28 Jun 2024 11:26:18 GMT by HMRC Admin 21
Hi andrewmaclachlan,
As you state you are a higher rate taxpayer, the savings allowance is only £500. the peer to peer lending is declared on the additional information page SA101 at box 3.  Bank interest is declared on the main return under untaxed interest. For the £79.66 received, if this is actually royalties then this needs to be declared as other earned income.
Thank you.

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