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Posted 11 days ago by the_phet
I work in a university, permanent contract, so I guess I have a PAYE contract. I also have a savings account in TSB (I also have ISAS but these are tax free). My understanding is that there's nothing to do with this because the bank will automatically send the information to HMRC. Yesterday I received a 99 pounds payment from ALCS. These are sort of royalties. My understanding is that I need to make the self assessment tax report based on this 99 pounds. Although when I clicked through the options in the gov website it said no. But if I do it, do I also need to include the savings account now that I do a self assessment tax report?

[External link removed - HMRC Admin]
Posted 3 days ago by HMRC Admin 25 Response
Hi the_phet,
While you would have to declare any received untaxed interest on your tax return if you file one, your royalties will fall under the Trading Allowance of £1000, and in this case a return would not need to be filed.
If you would like more advice, contact us by webchat or phone here:
Self Assessment: general enquiries.
Find more information on the Trading Allowance here
Tax-free allowances on property and trading income
Thank you. 

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