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Posted Tue, 08 Nov 2022 22:58:58 GMT by cross_entropy
Hi, I'm a resident in the UK and have a PSA of 500 pounds per year depending on my income band. I'll probably go over my allowance in this tax year with the savings account (in a well-known UK bank) interests I'll get. I am full-time employed (not self-employed) and did not need to complete a tax return before for any reason. Depending on what I've read on and several other websites, I understand that my bank will tell HMRC the amount of saving interest I've earned in the current tax year and HMRC will update my tax code accordingly. From this, I understand that, I don't need to fill any form or something and I don't need to tell HMRC about this because it'll be already accounted for. Is this right? Help appreciated, Thanks!
Posted Mon, 14 Nov 2022 17:51:55 GMT by HMRC Admin 10
That is correct, we are notified by banks and building societies regarding untaxed interest and we will issue a tax calculation if there is any tax due.

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