Jimmy Chu
Joined: 9/21/2023
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RE: Reporting savings interest
Hi Admin, Sorry for typo mistake. It was $10,000 not £100,000, -
RE: Reporting savings interest
Hi Admin, I completed Self Assessment for saving interest income and got a tax calculation but I have yet to submit it. The tax calculation shows me I have 2 transactions of payment on account due on 31 Jan 2025 and 31 July 2025. I'm wondering and feeling frustrated why I'm treated as self-employed and then need to pay advanced payment for 24/25. Could I remove these 2 payment on account because I just need to declare my UK interest earned over £100,000 through 23/24 tax year from bank's saving account. One more question, If I don't submit Self Assessment for interest income, would HRMC use the interest detail from the finance institution to calculate how much tax on interest I owe automatically then I could pay directly. Thank you. -
How to pay tax on interest.
Hi, If I got a saving interest between £1000 and £9999 from 2022/2023, how do I pay tax on it. And are my tax code would be changed based on it?