Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Thu, 06 Jul 2023 11:13:03 GMT by Gemma
Hi We need to do our online self assesment for the tax year 2022-2023. I have a few questions on earning interest on any savings account. Do we include the interest earned on the one self assesment for paying the high income child benefit charge. Ie they will ask about interest on savings? Or do we need to do this separately? If we receive a fixed interest which is paid after one year (October time 23) do I include this amount in next year's tax return (24/25) as its not received until the end of this year? Many thanks
Posted Thu, 13 Jul 2023 11:02:10 GMT by HMRC Admin 10 Response
Hi
If the interest in the account is split, you declare only your share on the return.
You declare the interest in the year its credited.
Thankyou.
Posted Thu, 13 Jul 2023 11:08:33 GMT by
Thanks great
Posted Thu, 13 Jul 2023 11:17:26 GMT by Gemma
Hi thank you for the reply. Can I just confirm we would need to declare the interest credited in October 2023 on the 2023-2024 self assesment? Ie next year's tax return and not the 2022-2023 self assesment. In regards to the first question when we do the self assesment to pay back the high benefit charge. Is there a part to answer on how much interest earned on savings? I'm just making sure we don't do 2 separate self assessments ? Thank you
Posted Thu, 20 Jul 2023 09:58:22 GMT by HMRC Admin 25 Response
Hi Gemma Fulcher,
It would be in 23-24 tax year.
When you are completing the return there is a question which asks if you received UK interest.
Thank you. 

 

You must be signed in to post in this forum.