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Posted Tue, 02 Jan 2024 12:19:47 GMT by Simon Lloyd-Williams
I am a retired person. I have 2 personal pensions which show up on my HMRC PAYE Income Tax summary. However, I have several interest paying savings accounts. Should these be on my PAYE Income Tax summary, and, if so, when will they show up (i.e. after the end of the tax year)? Or do I have to add them? Also, my state pension will start to be paid in April. When will this income show on my PAYE Income Tax summary?
Posted Tue, 02 Jan 2024 23:36:55 GMT by CCHK
Hello, various replies by HMRC on this thread confirm that banks will tell HMRC the interests their customers have earned. However, it is January now and I don't see any info on my Personal Tax Account about the interest I earned in 2022-2023, and the deadline to do self-assessment is approaching. I'm not sure if that's because I'm a new immigrant. I've asked my bank and from their staff and from their online information, I see that I should inform HMRC myself of the interest received. What should I do and how can I see what interest amounts have been reported to HMRC, to facilitate my cross-checking? Another thing I'd like to ask is that I have one foreign time deposit from Apr to June 2022 (2-month deposit), It matured on June 28, 2022 but I immigrated to the UK on June 26, 2022. Should I report the whole of the interest received for the 2-month deposit, or calculate three days' interest on a pro-rata basis, for June 26-28? Similarly for my accounts that pay monthly interests at the end of the month, should I declare the whole of June's interest or only the interest from June 26, my 1st day in the UK? I would appreciate your answers. Thank you very much.
Posted Wed, 03 Jan 2024 09:24:28 GMT by
Hi, I am a basic 20% tax rate band payer, I need to do 22/23 tax return as I am renting out my property. In 22/23 I have earned 686 pounds of bank interest which is below £1000 PSA. However when I put this amount in the tax return under the ‘untaxed interest’ part, the calculation shows me that I need pay 20%tax for this entire interest. What part should I have entered this amount? Or since it is under £1000 should I leave it out of the tax return? Many thanks.
Posted Thu, 04 Jan 2024 17:45:24 GMT by
I may become a higher tax band earner this year, and would have interest greater than the PSA for this band (£500). On a trading platform, interest on cash is received after a withholding tax of 20%. Meaning another 20% is required. After speaking with this trading platform they informed me they don’t report interest, and I am not registered for self assessment. How would I pay the remaining tax if applicable? Thanks
Posted Thu, 04 Jan 2024 18:18:32 GMT by
Hi - i believe my tax code has been changed incorrectly - I earned £147 in savings interest in the last tax year - you are allowed to earn £1000 before paying tax on any interest if you are a basic rate tax payer - my tax code has been changed from 1257L to 1242L - how do i get this corrected ?
Posted Fri, 05 Jan 2024 01:06:22 GMT by
I am on benefits and over 4 years I have saved £2.000 in coins - I am under the £4.600 threshold and the £2,000 won't take me over it.Will HMRC be on my case?
Posted Wed, 10 Jan 2024 10:08:12 GMT by HMRC Admin 5
Hi Pensioner1 Davies

No, if savings ar eover 10k, you still need to complete a tax return.

Thank you
Posted Wed, 10 Jan 2024 11:36:05 GMT by HMRC Admin 10
Hi Simon Lloyd-Williams
If the interest on your savings is less than £1000 then the interest will not show as a deduction in your tax code. If it will be above this then you would need to contact HMRC to amend your record with an estimate of the interest figures. The department for works and pensions will contact HMRC with details of the state pension starting and we will then amend your tax code to include this income. Details of how to contact HMRC at Income Tax: general enquiries
Posted Wed, 10 Jan 2024 11:56:13 GMT by HMRC Admin 32
Hi CCHK,

You will report what UK interest you received and we can then check if it matches what we hold. For the foreing interest, as it was paid to you after you arrived it would be the full amount you declare if you actually remit it to the UK and are claiming the remittance basis.

Paying tax on the remittance basis (Self Assessment helpsheet HS264)

Thank you.
Posted Wed, 10 Jan 2024 12:13:38 GMT by HMRC Admin 19
Hi Dan G,

You still need to declare the interest of £686 on your tax return. Self Assessment will calculate which is the appropriate threshold for interest, based on the entries in your tax return. If you are entitled to £1000 of interest tax free, the calculation will show something like Interest £686.00 * 0% = £0.00, which shows the interest in the calculation and that no tax is deducted from it.

Thank you.
Posted Thu, 11 Jan 2024 09:42:26 GMT by HMRC Admin 25
Hi Lewis,
The trading platform and witholding tax would indicate selling of shares and receiving foreign income and as such you meet critiera for Self Assessment and completing a tax return.
You can check using this guidance here:
Check if you need to send a Self Assessment tax return
Thank you. 
 
Posted Thu, 11 Jan 2024 10:11:13 GMT by
Hello I need to fill my tax form for 2022-2023 and I've received saving interests from my french bank account in january 2023. Where do I need to report that ? I need to fill a self-employment form. Thanks a lot
Posted Thu, 11 Jan 2024 10:32:47 GMT by HMRC Admin 25
Hi Seekinginfo,
Its not clear what threshold you are refering to, but as you mention benefits, you may want to check with DWP.
Thank you. 
Posted Thu, 11 Jan 2024 18:08:04 GMT by
Hi, I had a savings account with a UK Building Society (Newcastle) which I opened 29/9/2022 and closed 3/11/2023. On contacting HMRC yesterday on another matter it transpired that no interest for that account was submitted to HMRC for the tax year 22/23, indeed they are completely unaware of the existence of that account. After a little research on the gov.uk/guidance website I found the following statement; "HMRC requires UK banks and building societies to submit information annually about interest paid or credited to ‘reportable persons’." As an individual residing in the UK I believe I am a 'reportable person' and as such the building society should have submitted the information to HMRC, am I correct in this assumption? When I contacted Newcastle Building Society to query this I was told it was my responsibility not theirs to provide HMRC with the details of the account and interest earned on it on my tax return, being on a very low income (state pension plus a very small private pension) it is my understanding that I am not required to submit a tax return. Fortunately the amount of interest involved is not enough, taking into account personal allowance, starter savings rate and personal savings allowance, to cross the threshold over which I would have to pay tax on it for the tax year in question. As someone who tries to maximise the amount of interest I can get on my savings I tend to 'ditch and switch' (to quote Martin Lewis) quite regularly and I have never experienced a situation like this before, all the banks and building societies I have dealt with in the past have always submitted the required details to HMRC, so why hasn't Newcastle Building Society? Thank you.
Posted Fri, 12 Jan 2024 10:07:51 GMT by HMRC Admin 25
Hi Minno123 Minnock,
We would need to access your record to review the tax code.
Details of how to contact Income Tax helpline here:
Income Tax: general enquiries
Thank you. 
Posted Tue, 16 Jan 2024 15:46:24 GMT by HMRC Admin 10
Hi elsa.T
You will show this under the foreign section so you will need to tailor your return at section 3 to include this.
Posted Wed, 17 Jan 2024 08:34:01 GMT by HMRC Admin 20
Hi oap pete,
It is your responsibility to declare the interest you receive.  
You should write to
H.M. Revenue and Customs
Pay As You Earn
BX9 1AS
with details of your savings accounts.  
We can update your records, so that your bank / building society interest can be send directly to your HMRC records.
Thank you.
Posted Wed, 17 Jan 2024 19:53:33 GMT by
Hello - I'm not sure of the deadline for advising you of interest earned on savings for the year April 23-April 24 so could you let me know. I have had all the interest due to me this year from my savings accounts, although I do get about 90p every month added to my bank account. I'm not sure if I should I wait until end of March for the last amount to be added to my bank account and then send the statements to you. Kind regards.
Posted Tue, 23 Jan 2024 22:32:28 GMT by Reuben Lee
Hello there! Back on page 7 of this thread, I asked about being removed from Self Assessment. I followed the advice advice and have received a letter from HMRC stating they agree to my removal. As I'd previously asked, I believe I owe ~£150. Is this being deducted from my wages? If not, how do I go about paying this money to you and how will I know what the correct amount is? Please put my mind at rest! Thank in advance
Posted Wed, 24 Jan 2024 02:05:04 GMT by
If I earn £15000 of wages and get £1800 interest on my bank savings in UK. No other oversea bank savings interest. The starting rate for bank savings is a maximum of £5000. According to my case, my remaining starting rate for savings is £2570 (£17570-15000). And also, I get the personal savings allowance up to £1000 of bank interest because my income tax band is basic rate. Hence, the total allowance for bank savings interest is £3570. This means I will not have to pay tax on my £1800 savings interest. Is it right? And also, my bank savings interest is £1800. The bank will report this to HMRC automatically. I don’t need to do the self assessment for report this savings interest £1800. My view is right, or not?

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