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Posted Fri, 22 Sep 2023 22:52:16 GMT by Eva
I am writing to seek guidance on the following matters regarding the upcoming tax period 2023/2024: I have earned over £1000 from a side hustle during the 2023/2024 tax period, and I am aware that I need to register for and complete a self-assessment. During this period, I fall under the category of a basic rate taxpayer (20%), and my bank interest is expected to be less than £1,000. Could you please assist me in addressing these questions: Self-Assessment Registration: 1)Should I register for self-assessment between 6th October 2023 and 5th October 2024 if I qualify for the 2023/2024 tax year? Reporting Bank Interest: 2)Even though my bank interest is expected to be below the bank interest allowance, do I still need to include this information when filling out my tax return? I am aware that individuals paid through PAYE typically do not need to complete a self-assessment if their bank interest is below the allowance. However, in the case of taxpayers like myself who are already required to complete a self-assessment, is it necessary to report bank interest below the allowance? Am I allowed to leave it blank when it asks about bank interest? I greatly appreciate your assistance and guidance in clarifying these matters Thank you for your time .
Posted Mon, 02 Oct 2023 13:07:56 GMT by HMRC Admin 32

Yes, as an individual in receipt of self-employed income, you should complete a 2023 to 2024 Self Assessment tax return in due course. And yes, as you will be within Self Assessment, you should report all income received, including bank interest.                                                                    

Check if you need to send a Self Assessment tax return

Thank you.

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