Savings interest

If I had earned £100 in interest on my savings account and no at source tax had been taken. Will I need to add this to my tax return as it is below the £1000/£500 savings allowance?

Hi

Yes, all interest outside of an ISA should be declared.

Thank you

Can anyone tell me if me and my wife have a joint savings account with £20000 in it at 4.5% we don’t need to pay tax on the intrest of around £900 as it’s split I believe and if so if we put it up to £30000 we will earn say about £1500 intrest in the tax year but is it right that we still wouldn’t pay tax on that yearly intrest as we have a joint account and our PSA allowance is split so that this would mean £750 each per annum which is still under the £1000 PSA for one person.

Hi Dan Campbell,
The interest in the joint account would be split 50/50 between you and your wife.
If your share of the untaxed interest is below £1000 then you would not pay tax on this as long as you are not a higher rate tax payer.
Tax on savings interest
Thank you.