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Posted Mon, 09 Oct 2023 17:01:25 GMT by
I am trying to complete a Self Assessment as I have been doing some part time self employed work, in addition to paid employment, and have gone over the £1000 trading allowance by approx £90. Working through the online form it asks about interest on savings,I have some savings that have accrued interest of about £350 in total, do I need to add details of these into the self assessment? I pay basic rate tax and therefore have a £1000 saving allowance that I have not reached. I also have also paid pension contributions through 2 employers but have no private pension, do I need to include the amounts paid through my employers? Doesn't the HMRC already have info about this? It is a lot detail and time consuming work for what is less than £20 tax owed through self employment so I just want to check before I go to all the effort. I will make sure I do not exceed the trading allowance next year as it is not work the time and effort.
Posted Mon, 16 Oct 2023 14:24:32 GMT by HMRC Admin 32

Yes, you need to declare your world-wide income in your tax return. Self assessment will appropriate rates for interest, based on the information you include. If no tax is payable on the interest, it will reflect this in the tax calculation.

Thank you.

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