Skip to main content

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

Posted Thu, 02 Nov 2023 18:08:02 GMT by
Hello - I've seen that if you earn over £1000 interest on savings then your tax code is adjusted accordingly to pay this and then the following year you tax code is based on the interest earned from the previous year. If you earn less interest the following year or no interest at all, is your tax code adjusted accordingly for the lower tax amount or do you have to advise HMRC yourself that the interest is less? Thank you.
Posted Tue, 07 Nov 2023 14:27:07 GMT by HMRC Admin 8
If your income uses up your personal allowance plus starter rate for savings then you will still have the £1000 personal savings allowance if you are a basic rate tax payer. 
Thank you.
Posted Wed, 08 Nov 2023 22:41:05 GMT by
Dear Admins, I understand that banks & building societies will notify HMRC of annual interest received. Do savings marketplaces (in my case "Raisin"; [Admin removed link] also notify you of savings interest? or do I need to keep track of this myself to see if I need to submit a self assessment?
Posted Fri, 10 Nov 2023 11:48:10 GMT by HMRC Admin 25
Hi  rjp 1982,
No, you will need to keep details to tell HMRC at the end of the tax year.
Thank you. 
Posted Mon, 13 Nov 2023 11:33:00 GMT by HMRC Admin 8
When HMRC receive the interest details from your bank or building society then yes  your tax code would be adjusted accordingly.
If you know your interest will be lower you can contact HMRC with an estimate to adjust your tax code:
Income Tax: general enquiries
Thank you.
Posted Thu, 16 Nov 2023 17:32:52 GMT by
Hi I am employed by a company and earn over the personal allowance. I pay the basic tax 20%. It is the first time I will need to pay tax on my savings. The gross interest earned will be just over £4,000. The one year fixed bond matures in November 2024. My bank should supply HMRC with all the information will this be in November when the account matures or the end of the tax year 5th April 2025. How Will HMRC Contact me to let me know I owe tax? Will they send me a letter in the post to let me know I need to pay tax? I don't want to change my tax code and want to settle the bill by cheque. Will this be possible? Thanks
Posted Fri, 17 Nov 2023 10:19:12 GMT by
Hi - I do self assessment and was trying to find out how to get the data that hmrc gets about my bank interest. As I understand, for basic rate tax payers, hmrc automatically calculates the interest charges and adds to the tax code etc but for high rate tax payers we have to fill it in manually. Given hmrc has this data, is there a way for me to get the total interest or have it pre-filled - as it will save me loads of effort in tracking down every current &savings bank account I have and working it out myself?
Posted Sat, 18 Nov 2023 09:16:48 GMT by
Can I add predicted savings interest to the details in my Personal Tax Account so that this can then be taken in count when calculating Tax Notice. The Personal Tax Account has Non-Coding Income but no direct reference to Savings interest. Information on the PTA is actual to understand.
Posted Mon, 20 Nov 2023 15:43:48 GMT by HMRC Admin 5
Hi Pay what i will owe Mary

HMRC will issue a calculation to show the additional tax due. Once you have that, you can pay direct, via your personal tax account, so that it doesn't get collected in your code.
Please see  - Personal tax account: sign in or set up

Thank you
Posted Thu, 23 Nov 2023 09:28:36 GMT by HMRC Admin 20
Hi fizio,
HMRC would receive the bank interest figures after the tax year end.
If you want to check on what HMRC received you can contact HMRC for the details.
The details would be the same information submitted to yourself by the banks.
Income Tax: general enquiries
Thank you.
Posted Thu, 23 Nov 2023 10:08:08 GMT by HMRC Admin 25
Hi calcotti,
If your bank interest has changed then yes you can add estimated figures to amend your tax code and then at the tax year end will be reviewed once actual figures received. 
Thank you. 

Posted Wed, 29 Nov 2023 16:26:36 GMT by
How can I find out where HMRC have received my savings interest from? I calculate it to be less than HMRC say it is
Posted Fri, 01 Dec 2023 08:26:55 GMT by HMRC Admin 25

Hi hmrpie,
We receive the figures for your untaxed savings interest directly from your banks and buidling societies. If you'd like to clarify these figures, please contact whoever holds your accounts.
Thank you. 
Posted Sat, 16 Dec 2023 14:21:03 GMT by
My tax code for 23-24 has been changed to reflect the interests I received in 22-23. Do I therefore still need to declare this in my 22-23 Self Assessment? If I do, am I not being taxed twice for it? Thank you.
Posted Mon, 18 Dec 2023 09:21:46 GMT by
Hi, I was employed in a permanent job until October of the current tax year, but am currently unemployed. I am not planning on working again until the next tax year, 24/25. I will exceed £1000 on my savings for the current tax year 23/24. Do I need to complete a self-assessment tax return for the current tax year 23/24 to report my savings interest and pay accordingly? Or will I be able to pay this in full via my personal tax account, or via my tax code in 24/25 when I am employed once again? Thanks.
Posted Wed, 20 Dec 2023 08:20:46 GMT by
How do I find out the exact amount of tax has been deducted for the amount of saving interests that I receive annually based on changed of my tax code by HMRC ? I am a higher rate tax band so everything above £500 will be taxed I am assuming . Thank you
Posted Wed, 20 Dec 2023 15:48:34 GMT by HMRC Admin 5
Hi lordray

Yes you need to include it on the 22/23 tax return.
You are not being tax twice as the system assumes you will have the same amount this year and are paying in advance.
Any differneces in amount received is confirmed upon the submission of your return.

Thank you
Posted Thu, 21 Dec 2023 15:56:39 GMT by HMRC Admin 25
Hi Tim,
As long as your savings interest is less than £10,000 then this is not criteria for Self Assessment and you would not need to file a tax return.
When the tax year ends your banks /building societies will submit the interest figues and HMRC will then review the tax year and send a calculation showing any tax due. 
Thank you. 
Posted Wed, 27 Dec 2023 11:50:30 GMT by HMRC Admin 21
Hi song kae,
All your UK interest should be reported on your return as untaxed interest as the tax is not taken at source. If there is a deduction in your tax code for this, the extra tax is accounted for in your P60 information.
Thank you.
Posted Tue, 02 Jan 2024 08:15:36 GMT by
Hi, My income (employee pension & savings interest) will be under 18,570 in the current tax year. Does this mean I wouldn’t need to complete a self assessment if the savings income is over 10k as my total income is covered by personal allowance, starting rate for savings and personal savings allowance? Thank you

You must be signed in to post in this forum.