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Posted Tue, 20 Jun 2023 19:47:02 GMT by
I am self employed in a limited company and a director. I earn less than £12,570. Can I benefit from the £5000 starting saving allowance on top of my £1000 personal savings allowance. If so do I need to inform my accountant and add it to my self assessment tax return or will HMRC do it when the bank contacts them. I want to take out a fixed rate savings account, do I have £6000 on interest before I pay tax.
Posted Fri, 23 Jun 2023 15:21:14 GMT by HMRC Admin 25
Hi shaun freeman,
Please have a look at the guidance on savings interest here: 
Tax on savings interest 
Self Assessment will apply the correct rate, when your income and interest are declared on the tax return.
Thank you. 

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