Self-Assessment for saving interest.

Dear HMRC, I have a questions about Self-Assessment , would you help me please ? My spouse and me are BNO holder, we arrived in United Kingdom on July 2023, we are retired. My only income income is from my savings : 1. my saving interest in local Bank (UK Bank) around GBP300.00 2. untaxed interest on overseas saving (Hong Kong's Bank) is below GBP600.00 Do I need to file the Self-Assessment Tax Return for 2023-2024 ? If yes, which tax return form(s) and which page do I need to use for the interest on local saving and overseas saving? As my spouse , he only has the income from his overseas saving interest (in HK's Bank) around GBP100.00 . Does he need to file Self-Assessment? Many thanks,

Hi Pik yu Chiang,
Please refer to:
Check if you need to send a Self Assessment tax return
Thank you. 

Dear HMRC, According to the link which you provided, is it the interest for saving from local Bank (UK Bank) and foreign Bank (outside Bank) are treated as " income from saving " and we need to send a tax return? If yes, can we put both interest in SA100 and no need to fill up SA106? Best regatrds

Hi Pik yu Chiang,
If you have foreign interest over £2000 then you need to complete the SA106 foreign income page.
If not you can include it on the SA100. There are separate boxes to show UK interest and foreign interest.
Thank you.

Sorry but I cannot see how to post anymore. I just want to know whether the Starting Rate for Savings is going to be the same in the tax year 2024-2025 (as it is for 2023-2024)?

Hi,
Please refer to the following guidance:
Annex A: rates and allowances
Thank you
 

Hi, For tax year 23-24 I just used the 'Check if you need to send a Self Assessment tax return' and it informed me that I did not need to. However, I am doubting it and would like to double check. My situation: P60 - £45,500 Medical/health benefit from employment - £1,000 Savings Interest - £5,000 Additionally I also receive Child Benefit for two children (around £2,000 annually) As i understand it the interest from savings puts me above the £50k threshold for child benefit allowance, so therefore I should complete a self assessment. However, as I said, the HMRC checker suggested I didn't need to. Any guidance please? It would be appreciated. Thank you

Hi Last tax year I was part-time PAYE employed but also did a small amount of freelance work (total earnings £1400) between jobs. I have also earned interest on savings in a joint account with my partner (not married or in a civil partnership). I believe I need to fill in a self assessment for £1400 self-employment earnings? Do I declare savings interest on my self assessment form? Or will it be noted with HMRC directly as I was also PAYE? If I declare on self assessment form, would I declare 50% of interest earnings as it's a joint account?

Hi, For the case of untaxed foreign interest under 2000, I can fill in Box 3 in SA100 instead of completing SA106. However, I am told to fill in details in Box 19. May I know what information should I fill in? And should I fill in every transaction or just a lump sum? Thanks.

Hi Sara Bennett,
Yes, you will need to complete a Self Assessment tax return.
On the tax return you will need to enter the 50% of your share of the joint savings. 
Thank you. 

 

Hi TGK,
Based on the details provided you will need to complete a 2023/24 Self Assessment tax return.
It depends on what details you enter in the checker as to the guidance given. 
Thank you. 

Hi 
If no tax deducted, you can lump them all together on the SA100.
Thank you.

Hi, So, do you mean if I have untaxed foreign interest under £2000, I just need to fill the lump sum in Box 3 in SA100 and not required to provide details of these untaxed foreign interest in Box 19? Thank you.

Hi,
Provided your foreign interest is untaxed, you can use box 3 for interest of £2000 or lower.
The alternative is the interest section of the foreign page, SA106, or online return.  
Thank you.