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Posted Thu, 12 Dec 2024 23:14:02 GMT by Phxn96
I have a savings account that has recently generated £2500 in interest. Because of this, do I have to a Self Assessment? I am also employed, and have a salary of approximately £24600 per annum.
Posted Mon, 16 Dec 2024 12:03:10 GMT by HMRC Admin 21 Response
Hi, 
You do not need to register for Self Assessment if you have savings and investment income of below £10,000 a year, but if you are already in Self Assessment, you would have to report and pay that way.  
If you have a PAYE tax code, HMRC will deduct any tax due using this.  
If you owe Income Tax that cannot automatically be taken out of your income; or you owe £3,000 or more, HMRC may send you a Simple Assessment, setting out what is owed. 
Pay your Simple Assessment tax bill.
Thankyou.
 

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