Tax on Savings interest

Hi, I’ve unfortunately inherited some money and I’ll have a good amount left over even after maxing out my ISA. Inevitably the interest earned in other savings accounts is going to push my income over the 40% tax bracket. I am aware that the bank will inform HMRC but I was wondering if I was able to pay the tax I owe come next April in a one off lump sum, rather than have HMRC messing with my tax code? Is this a possibility and how would I go about it please? I don’t want my wages affected month to month but equally I’m aware I will have taxes to pay. Thank you Jay

Hi jay Lockwood,
If you do not complete a Self Assessment tax return then once HMRC review the tax year if underpaid we will send a calculation and normally the balance will be collected in a later tax code.
If you want to pay as a one off payment if you contact HMRC once the calculation is received we can go through your options:
Income Tax: general enquiries
Thank you. 

Hello. My income is non taxabale, I am a pro gambler. This being said, how does tax on my interest work? Personal savings allowances only apply to people who are in employment, correct? Technically I am unemployed but earning money, so just wondering how this would work for me, thanks!

Hi,

Please refer to:

Tax on savings interest

Thank you.

Hi. I read that the starting rate for savings is £5,000. However, if other income exceeds £17,570, then you are not eligible for this. My question is, does income from gambling, which is not taxable, count toward this 'other income'? Since I am not technically earning a wage, but I am earning above £17,570 per year from gambling, does this mean that I can have the starting rate for savings? Thanks !

Hi Biggie11 Biggo,
Gambling income would not count as "other income" when reviewing whether your total other income exceeds £17,500 - you would therefore still qualify
for the £5000 starting rate for savings - Tax on savings interest
Thank you.