mattscats08 clarke
Joined: 5/28/2024
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Early retiree, not claiming pension, tax on saving
For the tax year 2023/24 I will have made around 16k in interest, it was my understanding I`d pay 20% tax on any amount over my personnel allowance of £12570, however on parts of this forum people are saying there is an additional saving allowance of 5k making a total of £17570 before tax is due is this correct? Additionally do I need to make a self assessment with hmrc or will they contact me once they have received various statements from banks etc where I hold accounts and let me know if i need to pay tax? thanks ,