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Posted Wed, 24 Jan 2024 07:21:21 GMT by HMRC Admin 25
Hi Ferdie,
Your banks and building societies will automatically inform us of any untaxed interest you earn, as soon as they have finalised their calculations.
There is usually no need to inform us of these amounts yourself.
If you would like to send confirmation, please do so whenever you find it convenient. 
Thank you. 
 
Posted Wed, 24 Jan 2024 10:57:43 GMT by
Hi, I'm a resident in the UK and a full-time employee (so do not complete a self assessment) and have a PSA of 500 pounds per year as a result of my income band. I'll just be over my allowance in this tax year (2022-23) with savings account interest (with a well-known UK savings and investments company). Do I need to tell HMRC or will they adjust my tax code accordingly? Thank you
Posted Wed, 24 Jan 2024 11:04:51 GMT by
Like many others, I’ll be breaching my personal savings allowance for the first time. I now have a good idea how much interest I will have accrued by the end of the year. I definitely won’t need to complete a self assessment form, as my interest is nowhere near the £10,000 mark. I would though, like to build it into my current tax year, if at all possible, rather than waiting for the banks to notify HMRC some time after the end of the tax year. I do make liberal use of my online tax account to keep my pension tax affairs up to date. I’ve just tried to add in my estimated interest too, but I’m not at all convinced I’ve done it right. I’ve put it in as other income (non-coded), but I’m not at all convinced that this is the right route; not least as I haven’t had the chance to declare it anywhere as savings interest. Can you please advise me if I need to retract this adjustment (as fear I may end up paying tax on the whole amount, which I believe would be incorrect). To complicate matters further, I gather it’s possible that HMRC might get in touch about the nature of my new declaration by letter, (but sadly not email), BUT I’m not going to be at home to receive any post until nearly the end of the tax year, therefore any query might go unanswered by me. I could of course try and ring HMRC, but am very aware that it’s a very busy time of year and getting through could well prove to be an issue….. Should I simply remove that other (non-coded) income from my online tax account for now, and await further instruction on how I ought to try and add my interest in to my online account correctly? (It would be good if there were clearer (specific reference to savings interest) instructions in the ‘add missing income’ section in the first place tbh). I have trawled this thread looking for answers on adding savings interest in to a personal tax account with no luck, and I feel that others are also bemused by the lack of clarity in the matter of trying to declare savings interest in a timely fashion too. (That is those who don’t want to wait until the next year to see how savings interest eventually ‘shakes out’). Thank you for your attention.
Posted Thu, 25 Jan 2024 17:10:28 GMT by
Hi, Looking at info from the HMRC site, I believe I've gone beyond my allowance for saving interests for the tax year 2022/2023. I logged in my government gateway profile but I can't find anything related to saving interests and it says that I paid the right amount of tax. I saw that there's only a link to add missing investment income only for the current tax year (2023/2024) or next tax year. I contacted Marcus UK (I have the saving account with them and the interest earned from their account should have gone beyond the allowance) and they told me they shared with you all the relevant info at the end of the 2022/2023 tax year. I wanted to make sure, there's no further action on me. Could you please advise me on that? I tried to contact you by phone but with no luck (the call doesn't get to an agent at all). Thanks and have a good rest of the day!
Posted Wed, 31 Jan 2024 11:11:54 GMT by HMRC Admin 25
Hi Neil Gordon,
We will receive the interest details from your bank/building society after the tax year end and at that time we will update/review your record. 
Thank you. 
Posted Wed, 31 Jan 2024 11:13:46 GMT by HMRC Admin 25
Hi Jack Chase,
Yes, we would remove the other income from your online account.
At present you cannot update your untaxed interest on your personal tax account.
To amend you will need to either phone HMRC with the account details to update your tax code or you can write to HMRC.
In the letter you would need to include the account name, account number and sort code with an estimate for the current tax year to review/update. Income Tax: general enquiries
Thank you. 
Posted Wed, 31 Jan 2024 11:27:39 GMT by HMRC Admin 20
Hi Reuben Lee,
We would need to access your record to check how the underpayment is being collected Income Tax: general enquiries
Thank you.
 
Posted Wed, 31 Jan 2024 11:35:49 GMT by HMRC Admin 25
Hi SunnyW Wong,
Yes, that is correct tax  is not due on your savings and you do not meet the criteria for Self Assessment as interest is less than £10,000. 
Thank you. 
Posted Wed, 31 Jan 2024 12:09:40 GMT by HMRC Admin 25
Hi Luca Del Castillo,
You can send in details of all savings interest (not ISA) for 22/23 in writing to:
HMRC, PAYE & Self Assessment  BX9 1AS:
To have this reviewed.
Thank you. 
Posted Sat, 24 Feb 2024 19:48:35 GMT by Steve72
A few days ago the nationwide confirmed to my wife and I that they no longer forward savings interest to hmrc. Today we made a phone call to nationwide customer service and they also confirmed that they no longer forward savings interest to hmrc. They are adamant that it is the responsibility of the customer. Could hmrc clarify exactly what people should do who have saving interest to declare. Saving interest is over £1000 but under £10000. Early threads by hmrc are saying the banks send it. Could we have some clarification on this please so we can do the right thing.
Posted Sun, 25 Feb 2024 13:34:38 GMT by NSilva
Hi, I'm going to be over (in +-£150) my Personal Savings Allowance for the current tax year (23/24), I contacted my bank (Chase) and they said it needs to be me reporting to HMRC the interest I've earned with them. I'm an employee and I don't complete a self assessment. So how do I do to declare my savings earnings? Do I need to do a self assessment? (The value does not exceed the 10k) Thank you.
Posted Wed, 28 Feb 2024 07:33:36 GMT by HMRC Admin 25
Hi Steve72,
Your banks and building societies will inform us of the amounts of savings and dividends interest you have received, so that we can then organise with you how best to collect any tax due.
It's usually collected automatically through your tax code.
We adjust your code with the information received from your accounts.
The tax is then effectively collected through your wage.
A Self Assessment return is necessary to collect tax on savings and investment income over £10,000.
Thank you. 
Posted Wed, 28 Feb 2024 08:27:58 GMT by HMRC Admin 25
Hi NSilva,
If the interest is less than £10,000 then you do not need to submit a Self Assessment for your savings interest.
At the tax year end the bank/building societies will submit the interest details to HMRC and we will review the tax year.
If underpaid we will issue a calculation, P800, to you. 
Thank you. 
Posted Sat, 02 Mar 2024 13:00:14 GMT by Bikerblue2024 Head
Can I pay any tax due over the £1000 saving interest allowance to HMRC direct instead of them altering my tax code. Reason being am concerned that the altered tax code will carry on and I won’t be earning the same interest in the following tax year so will have to apply for a rebate.
Posted Wed, 06 Mar 2024 08:36:36 GMT by HMRC Admin 25
Hi Bikerblue2024 Head,
If you receive a calculation advising you have underpaid your tax and you do not want to be collected in your future tax code please contact HMRC for options of how to make the payment:
Income Tax: general enquiries
Thank you. 

 
Posted Wed, 06 Mar 2024 10:53:25 GMT by Bongo
I'm probably going to earn more than my tax-free allowance of £1,000 in interest for the 24/25 tax year and I've spoken to my savings bank (Tandem) who say they don't automatically inform HMRC of my interest earnings. They do, however, issue their customers Certificates of Interest at the end of each tax year and say it's for the individual to pass these on to HMRC. What is the means by which I inform HMRC using one of these certificates so they can collect the correct tax? Thanks.
Posted Fri, 08 Mar 2024 11:40:56 GMT by HMRC Admin 20
Hi Bongo,
The bank should send the details of untaxed interest to HMRC at the tax year end.
If not reported then you can contact HMRC with the details Income Tax: general enquiries
Thank you.
Posted Sat, 09 Mar 2024 13:01:24 GMT by riclhy
Dear HMRC, In a scenario that someone is living aboard and having income in that foreign country. And that person has interest income in uk bank account (say less than £12,000). Does he need to fill in self-assessment tax return form? Thank you
Posted Tue, 12 Mar 2024 15:09:33 GMT by HMRC Admin 32
Hi,

If you are not UK resident but have income from UK savings and investments, chargeable events or PPI interest of £10000 or more, then a tax return is required. As there are other sources of UK income that mean a tax return is required, you should check your personal circumstances by completing the self assessment criteria tool at:

Check if you need to send a Self Assessment tax return

Thank you.
Posted Tue, 12 Mar 2024 15:28:52 GMT by Snookie12cat
I had a new tax code notice to say £421 will be reduced from my allowance for income on savings. I earn under £12k a year and so do not pay tax so not only have the £1k personal savings allowance but also £5k starting rate of tax. There is no way I have or will exceed this in the next tax year so why is my personal allowance being reduced to tax my savings? Can you explain how I can get this amended or what will happen if I pay tax on my savings when I do not need to? Can I get it back?

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