Gemma

Hi We need to do our online self assesment for the tax year 2023-2024. We claimed child benefit and we also earned interest on some savings. Is the tax free allowance £500 for the 40% tax bracket for that tax year? Will the self assessment ask separately about interest on savings. Or would we need to do this separately. Will it be a case of paying back 100% of child benefit( as the interest pushes us over 60k) plus paying back the interest? Ie the two will be added together to make 1 lump sum ? Many thanks

[Display name amended - Admin]

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

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