To declare interest received from savings

I opened a savings account with a bank in the tax year 2022-2023 yielding me a small amount of interest (around £100) which I think is within the personal interest allowance. Do I still need to declare it in the self assessment tax return? If so, how? I’ve noticed there’s an « untaxed U.K. interest » option under « U.K. interest and dividends » in the tax return, is that the place? And what is the interest allowance now? My annual income is around £20,000. Thank you very much!

Still awaiting your reply, thanks!

Hi,

You should declare all interest for income not in an ISA on the return.

This interest is usually untaxed however you should check with your bank if you are unsure. More information can be found here-

Tax on savings interest

Thank you.

Hi Thank you very much for your reply. I have another question on charity donations. In the tax year 2022-23, I donated around £600 to a charity. The charity had asked me to fill out a form so that they can get a boost from the government on their funding, something called a gift aid; but I haven’t filled out their form. I made the donation via bank transfer. My question is: should I declare this donation in my 2022-23 self assessment tax return? Can I get any tax exemption from it? And if I declare it in my tax return but haven’t informed that charity, would there be a problem? Thanks in advance. 🙏🏻

Hi,

You should only declare the contribution as gift aid if the charity has claimed the 20% back.

Thank you.

Hi I am retired and receiving a pension taxes at basic rate. In the tax year 2022-2023 I earned ~£1500.00 interest on my savings with Nationwide building society and Halifax bank. Do I need to declare the extra £500 I have earned to the HMRC or will this be done automatically by the building society and bank concerned?

Hi jacque_minton@,
HMRC will be informed once the tax year has ended  and we will issue a calculation if any additional tax is due.
Thank you.