Ivan Fesani

Hello, I am employed and my employer normally takes care of reporting my income to HMRC, so I am not registered for self assessment. During the fiscal year 2022/2023, I had some additional income from bank savings account that exceeded my personal allowance of 500 pounds per year (I'm in the 40% tax bracket). HMRC has recently changed my tax code in order to collect the correct amount of taxes without me having to report anything. In the fiscal year 2023/2024 I will also have another additional income from investment dividends and capital gains. It is still unclear to me if this will also be automatically reported to HMRC or if I am responsible to report it. In general, after talking to an accountant and calling HMRC a few times, I haven't understood what are the conditions that make a self assessment necessary and when I can instead count on HMRC being notified and adjusting the tax code automatically. Thank you and have a good day.