Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Thu, 31 Aug 2023 09:30:01 GMT by HMRC Admin 25
Hi StevenH17,
You both have individual allowances:
Tax on savings interest
Thank you.

 
Posted Thu, 31 Aug 2023 14:35:58 GMT by HMRC Admin 10
Hi peace Kemp
If your estimated earnings are below the Personal Allowance, this will be used to cover savings interest first.
Posted Sun, 03 Sep 2023 16:13:40 GMT by Angela65 xx
I’ve been trying to contact HMRC for a few weeks now and just can’t get through. What is the best number to contact. There are several,things I need to discuss. Thanks
Posted Wed, 06 Sep 2023 11:53:44 GMT by Adi76
Hi Team, I am a UK citizen living abroad. I am a non-UK tax resident. I am contemplating opening a UK savings account which will generate less than £2,500 interest/year. I do not have any other UK income and I pay my taxes in my country of residence on income generated from the country of residence (EU). Do I have any obligation to pay income tax on UK savings interest? If so do I benefit from the £5,000 allowance and if not, how is such income reported to HMRC (form no, self assessment etc)? Thank you.
Posted Wed, 06 Sep 2023 14:27:48 GMT by HMRC Admin 10
Hi Stephen Shephard
We don't have access to this information to pass on.
Posted Wed, 06 Sep 2023 15:24:12 GMT by HMRC Admin 20
Hi Angela65 xx,

The contact number is listed here Income Tax: general enquiries

Thank you.
Posted Tue, 12 Sep 2023 17:16:32 GMT by kc
I have saving interest from several bank accounts, please advise if I wait for HRMC to send me income declaration or I proactively submit to them. Thanks
Posted Wed, 13 Sep 2023 19:45:25 GMT by ML1981
Hi My wife is self employed. She earns approx £1,000 per annum from this self employment meaning she falls well within the personal allowance. Due to interest rate increases, it is likely she will approx £1,300 in savings interest this tax year. Whilst this exceeds the £1,000 personal savings allowance, as she does not exceed her personal allowance from her self employed income, she doesn’t pay any tax on her savings as she is within the £5,000 starting rate for savings. Is this correct? Whilst she completes a self assessment each year due to being self employed, because she doesn’t pay tax on savings interest (as above), then she doesn’t need to declare it on the self assessment. Is that correct?
Posted Sun, 17 Sep 2023 11:50:37 GMT by Reuben Lee
Hello there! I haven't been following this thread closely so I apologise if my question has been asked already... I am a full time PAYE employee at the basic rate (~£30k gross). In the tax year 2022-2023 I earned ~ £1,700 gross interest on my savings. I have registered for self assessment and have a UTR. However, when I go to check if I need to fill in a tax return, question 5 asks, "Did you get more than £10,000 from dividends or savings and investments?" Of course, I answer no and answer the rest of the questions accordingly only to be told "You do not need to send a Self Assessment tax return". I'm confused as I believe I owe ~£150? Unless this is being taken from me elsewhere? Any advice greatly appreciated!
Posted Sun, 17 Sep 2023 15:15:31 GMT by panditjee
Hi , I am employed and in higher tax band.My saving interest in year 22-23 has gone above 1000. I believe respective bank will notify HMRC about this OR do I explicitly need to tell HMRC about this ? How tax will be deducted on this? Thanks
Posted Tue, 19 Sep 2023 14:11:31 GMT by HMRC Admin 17

Hi,
 
The amounts will be reported to HMRC by the financial institution.

You only need to report them yourself if you meet the criteria for Self-Assessment.

See link :

Tax on savings interest    .

Thank you.
Posted Wed, 20 Sep 2023 06:37:47 GMT by beaky321 Weiss
I pay income tax by PAYE but also complete a self-assessment return for income from a rental property. Can I elect to pay tax on savings interest via self-assessment instead of having my tax code changed?
Posted Thu, 21 Sep 2023 10:52:54 GMT by HMRC Admin 20
Hi ML1981,

The Interest should be declared on the tax return.
The interest would fall within the Personal Allowance before the Starting rate and Personal Savings Allowance are used if required.

Thank you.

 
Posted Fri, 22 Sep 2023 14:02:38 GMT by Jasmin S
Good afternoon HMRC, Apologies I have tried to find a thread but I am new to this community and a find it slightly overwhelming. My question if I may: For the tax year 2022-2023 I was employed and tax was deducted via the payroll. My personal savings interest which I have accrued from bank/NS&I is below the 10K threshold. So based on the questionnaire as my pay/savings were below 50K in total I do not need to complete a self assessment form or do anything? If I need to pay any additional tax HMRC will contact me via my HMRC account as the bank/NS&I advise you of interest. Thank you for assistance and patience. Brgds Jasmin
Posted Sat, 23 Sep 2023 17:03:36 GMT by taxBear
Dear HMRC, 3 Questions: (1) Assume I need to pay tax for earned interest, with the interest amount earned to be reported to HMRC by the financial institution. Will HMRC notify me by post, email or other means? (2) Assume referring to the 2022/2023 tax year, approximately when will the notification from HMRC, if applicable, from (1) above, reach the taxpayer? Believe I might have interest tax to pay but I have not received any notification so far. (3) On financial institutions reporting interest earning to HMRC, may I confirm if entities based in crown dependencies e.g. Jersey or Isle of Man, are included or excluded? If excluded, Should I file a Self Assessment Form to report those interest earnings? If Self Assessment is needed, will it be under the section of "taxable foreign income"? Many thanks for your help.
Posted Tue, 26 Sep 2023 21:05:12 GMT by Tom
I am employed part-time (paid via PAYE) and self-employed as a sole trader part-time (so I am automatically taxed on a portion of my earnings and submit a tax return for the rest). I think I might exceed the £1000 tax-free savings interest allowance this year. Do I need to report this in the self-assessment tax return for my sole trading work, or will it be taken care of automatically through my PAYE account?
Posted Wed, 27 Sep 2023 09:14:16 GMT by HMRC Admin 19
Hi Reuben Lee,

Interest is reported to HMRC by financial institutions after the tax year has ended. As you have correctly stated you do not need to complete a return to report interest unless it is more than £10,000 or you meet other Self Assessment criteria.

If you complete the criteria tool you can send a request to be removed from Self-Assessment if applicable.

Check if you need to send a Self Assessment tax return

Thank you.
Posted Wed, 27 Sep 2023 09:31:10 GMT by HMRC Admin 10
Hi panditjee
If you aren't currently registered to complete a Self Assessment tax return, HMRC will send you a P800 tax calculation advising if there is any additional tax due and confirming how this will be collected.
Posted Wed, 27 Sep 2023 13:15:05 GMT by Nicola
Hi, where on the tax calculations does it show the Personal Savings Allowance? I have checked mine and it doesn't show it anywhere. Do I assume it has been included before the sum of my savings interest is deducted?
Posted Fri, 29 Sep 2023 14:01:49 GMT by HMRC Admin 20
Hi beaky321 Weiss,

You can.
If you contact the Income Tax department we can remove the interest from the code.
Income Tax: general enquiries

​​​​​​​
Thank you.

You must be signed in to post in this forum.