self assessment and savings interest

Hi I am new to self assessment, I am self employed with an occupational pension (under state pension age) I have added up the savings interest I received last year, do I enter the amount or ignore if it below the PSA If its above do i add only the the amount that takes me over PSA or the whole amount Thank you

Hi,

You would declare the full amount of untaxed savings income received on your Self Assessment return. The PSA will be taken into account in the calculation. 

Thank you.

The problem is that it isn't. I'm doing exactly this, except when I enter £220 of interest, my amount owed in the final calculation increases by £40. I'm a higher tax payer and under the PSA threshold. Something is not working.

To clarify, I can see that it's the 'High Income Child Benefit Charge' that increases by £40 when I add the interest. Please could you explain why this could be the case?

I’ve added a small amount (£60) of savings interest to my account and should be well under allowance but the SA system has still added tax on that . Why is this. I’m not a high earner

Hi,
Your savings income is part of your taxable income so will be included in the adjusted net income to calculate the income used in the High Income Child Benefit Charge. You can see guidance here:
Personal Allowances: adjusted net income
Thank you.

Hi Jago68,
The savings allowance will be taken into account in the calculation. If you need to query the calculation then you will need to contact us as we would need to access your record.
Self Assessment: general enquiries
Thank you.