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Posted Fri, 28 Apr 2023 16:09:33 GMT by HMRC Admin 10
Hi Sarah Buckingham
You would only meet Self Assessment criteria for this if the sacings interest is over £10,000.
You can contact us to give an estimate of the interest now or wait for HMRC to be notified after the tax year by the financial institution and HMRC will automatically issue a calculation if any additional tax is due.
Posted Thu, 04 May 2023 14:47:24 GMT by HMRC Admin 5
Hi Bobert E,

You should declare any interest that is not in an ISA on the return.

Thank you.
Posted Fri, 05 May 2023 08:34:44 GMT by Wini
Hi. Thank you for replying and good to know I can make a one off payment of tax due on savings interest rather than change income tax code, I don’t complete self assessments. Can you provide a link to info on how I can do this please. I can’t find anything other than access for self assessment, employer etc. A lot of savers have found ourselves in this situation for the first time but information is thin on the ground. We don’t all want our income tax codes consuming our income. Thanks
Posted Fri, 05 May 2023 09:36:54 GMT by HMRC Admin 25
Hi Parry,
Yes, you still need to report this.
Thank you. 
Posted Fri, 05 May 2023 10:54:56 GMT by HMRC Admin 25
Hi KatDub888,
If your income during the  tax year is less than the Personal Allowance, the Personal Allowance is used before the Personal Savings Allowance or Starting Rate for savings is applied.

Thank you. 
Posted Wed, 10 May 2023 17:15:41 GMT by HMRC Admin 25
Hi Wini,
Banks/buildingsocieties will notify HMRC of the interest received for a calculation to be issued.
Once you have this, you can make payment through your personal tax account or online:
Personal tax account: sign in or set up
Thank you. 
Posted Wed, 17 May 2023 14:25:26 GMT by lucyt
Hi, I am a basic rate tax payer and have several savings accounts spread over different banks. Individually none of the accounts earn enough to take me over my personal savings allowance, but when combined the interest earned does take me over the PSA. In this instance I am not clear on whether the banks would actually notify you of the interest earned. I have tried asking a couple of the banks but they have not answered the question directly, they have just offered to send me the certificates of interest. Can you help please?
Posted Fri, 19 May 2023 10:20:52 GMT by Georgi
Hi. I've been employed last tax year and a basic rate tax payer (20%). I earned £770.88 interest from a saving account. It should be tax-free as my tax-free allowance is £1,000. However, my question is should I declare these earnings to HMRC?
Posted Fri, 19 May 2023 22:28:06 GMT by KatDub888
Hi in response to your answer about personal allowance, for two of the years I was earning less than £25k so above the personal allowance and was paying the standard 20% paye. Over those 2 years the interest earned was only £25 in total. I had no other income, yet my tax code was lower than the standard code. Why?
Posted Wed, 24 May 2023 08:27:32 GMT by HMRC Admin 19
Hi lucyt,

The banks will inform HMRC of the amount of interest earned.

Thank you.
Posted Thu, 25 May 2023 08:57:18 GMT by HMRC Admin 20
Hi Georgi,

This amount will be declared to HMRC by the financial institution.
You only need to declare this yourself if you are already going to be completing a Self-Assessment tax return for the year.

Thank you.

Posted Thu, 25 May 2023 10:38:25 GMT by HMRC Admin 5
Hi KatDub888,

We can't be sure as we are unable to access your record to view your tax code.

Thank you.
Posted Fri, 26 May 2023 14:27:58 GMT by cheungkk Cheung
Hi, I have interest earn from overseas bank of about £2000 in 2022-2023. The total income including saving interest is less than the personal allowance. Do I need to report the income of saving to HMRC?
Posted Mon, 29 May 2023 07:11:22 GMT by Rabbit53
I have several savings accounts spread across different institutions. The interest earned is above my PSA of £1000. I am a little confused to when this interest is liable to tax. Most of these accounts earn interest monthly and is also added to my account monthly. However the interest earned is not available to me until the account matures at the end of the 12 month fixed rate period. So if I have a 1 year fixed rate account that started in July it will run over two tax years before I can access the interest. So do I pay the tax on maturity when the interest becomes accessible or on the amount it earns in each individual tax year? I found some information on the HMRC website they said that tax was liable when the interest becomes available. Looking at my tax calculation the institutions report interest income on an tax year end basis and not maturity so am I paying tax on income that I have not actually received or have access to?
Posted Wed, 31 May 2023 06:20:13 GMT by HMRC Admin 25
Hi cheungkk Cheung,

Yes, as this is foreign income:
Tax on foreign income
Thank you. 
Posted Thu, 01 Jun 2023 05:11:29 GMT by HMRC Admin 25
Hi Rabbit53,
As you cannot access the interest until it matures, the interest should be declared in the 23/24 tax year as the account will mature in July 23.
Any accounts that you can access the interest will be reported in the year they arise.
Thank you. 

Posted Fri, 02 Jun 2023 05:05:23 GMT by kec
Hi ... I am a foreigner (retired and non uk tax resident) with bank accounts in UK bank therefore some interest. I'm new to this forum. I understand (from bank or building society will tell HMRC how much interest one received at the end of the year and HMRC will tell one if one needs to pay tax and how to pay it. Of course, bank gets all my details and contact (i.e. HMRC can get them). Does it mean there is NO need for me to do self assessment tax return and I'll be notified by HRMC if I need to pay any tax (on saving interest). Please kindly correct me if my understanding is wrong.
Posted Fri, 02 Jun 2023 13:56:07 GMT by HMRC Admin 10
Hi kec
There will be no need to do a tax return if the interest is under £10,000.
This doesnt include ISA as this does not need to be reported.
Posted Fri, 02 Jun 2023 14:37:28 GMT by kec
Hi HMRC Admin 10 Thx for your reply. Meanwhile I just would like to clarify whether it's one's responsibility to keep check saving interest over or under GBP10K then to do a tax return (when interest over GBP10K) or it is HMRC to notify the person his/her need to pay tax (because bank will tell HMRC) and how to pay it. Furthermore foreigner should not be able to have ISA. Please kindly advise.
Posted Tue, 06 Jun 2023 16:58:50 GMT by HMRC Admin 8
Yes it is your responsilbilty to check your savings amount each tax year to see if you meet self assessment criteria.
If you are not UK resident then you cannot have an ISA.
Thank you.

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