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Posted Tue, 24 Sep 2024 20:51:26 GMT by PolinaI
Hi, Please could you help me confirm if I need to complete Self-Assessment form. I am in full time employment, I do not have anything declare apart from one thing: I have gained over 1000£ on savings interest in the previous tax year. I have never previously registered or completed SA form, and I`m trying to understand if I even need to do one. I have read somewhere that unless I have other things to declare (like self-employment, gains from property, capital gains etc) I do not need to do a SA tax return form and that my bank will notify HMRC about my interest and my tax code will be adjusted automatically. Is this the case? Also, part of my interest was generated on an investment account (Vanguard), would they be able to notify HMRC about my interest automatically as well? I would really appreciate clarification on that.
Posted Mon, 30 Sep 2024 14:27:07 GMT by HMRC Admin 18 Response
Hi,

You need to register for Self-Assessment if your income from savings and investments is over £10,000 in the financial year.  

You can find further information here:  

Tax on savings interest

Tax on savings interest: How much tax you pay - GOV.UK (www.gov.uk) 

Thank you.

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