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Carolcly CC

Carolcly CC

Joined: 9/11/2023

  • Option using PAYE tax code to collect tax

    Mon, 11 Sep 2023 13:24:16 GMT – Option using PAYE tax code to collect tax
    Hi there, I am unemployed now and currently my only income is saving interest from non-UK banks (Below £330 in 2022/23). I will start working as an employee from Sep 2023. When I am filing self-assessment online, I encountered a question "Do you want us to use your 6 April 2023 to 5 April 2024 PAYE tax code to collect that tax during the year”. I don't understand what it means. Should I tick it given that my income in 2023/24 will probably be my salary from employment plus overseas saving interest only. Does it mean that any tax on the interest will be deducted directly from my salary payment based on the estimation from 2022/23? Thanks in advance.

  • Saving interest

    Mon, 11 Sep 2023 12:56:56 GMT – Saving interest
    My only income for 2022/23 is saving interest (below £350) from non-UK banks (Foreign income). Do I need to file self-assessment for this year? If not, do I need to notify the HMRC on this matter?