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Posted Sun, 29 Dec 2024 19:36:25 GMT by SloeGin
If the gross interest on my savings is £9,000 in the relevant tax year, do I delare in my SA Tax Return: (a) £9,000 and HMRC will deduct the £1,000 PSA and calculate tax on the balance of £8,000; or (b) £8,000 (having "deducted" the £1k PSA myself first)? I have written twice to HMRC about this and never got a response by post, and can never get through to the HMRC phone line. Many thanks for your guidance.
Posted Tue, 14 Jan 2025 12:36:17 GMT by HMRC Admin 8 Response
Hi,
You would declare the gross interest figure £9000.
On your calculation you will receive the personal savings allowance. 
Thankyou.
Posted Tue, 14 Jan 2025 14:23:08 GMT by SHA
Hi there,
I have a job where my tax is deducted.
I have another gig (delivery driver) for which I need to submit self employment tax return.
I have claimed 45p per mile for my 8412 miles driving throughout the year.
This has left me with a profit of £4900.
Am I eligible to deduct £1,000 as trading allowance?
Many thanks!
Posted Wed, 29 Jan 2025 16:30:38 GMT by HMRC Admin 13 Response

Hi SHA
Please do not post in threads that are not discussing the question that you have. Please use the search option on the Forum to see if a similar post has been made and answer given to your question.
This thread relates to a personal savings allowance to be offset against bank interest. 
For your question guidance is available at Expenses if you're self-employed: Overview in the section “Costs you can claim as an allowable expense”.
The vertical column at the bottom of allowable expenses states “You cannot claim expenses if you use your Tax-free allowances on property and trading income”.
Please ensure you complete an Employment page showing the employment you had also. 
Thank you

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