Enq2023

Thank you very much for your advice. Am i understand it right, for self assessment purpose, the tier for interest (i.e: earned on savings) is £10,000 but not that same as the personal allowance as £12,750? So, that's how you have kindly stated, if the interest is £10,000 or more, you will need to register for self assessment and complete a tax return. And, if the savings' interest will only due/mature in end March next year, when should I register for self assessment and complete a tax return (ie: if the interest is £10,000 or more) ? Appreciate to receive your advice. Thanks.

I have just newly moved in to UK in early Jan this year. And because of some body health issues,  I cannot work any more and I have therefore, proceeded an early retirement. I do not have any income at all. If i would like to open a bank savings account, use the interest being earned, eg. around £10,000 to support my living, will I be taxed ? Even if i am not working, am I eligible to use the Personal Tax Allowance (eg. £12,750) to exempt the tax that might possibly imposed on my savings' interest. As the savings' interest is the only income source that can support my forthcoming living, i would appreciate to hear your advice. And, do I need to file/register a self tax assessment, as a proper way for HMRC to examine my profile so as to confirm the situation, in this regards? Appreciate any advice.