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  • RE: Self Assessment and Personal Savings Allowance

    Ok - I see that. The amount is displayed as £0.00 tax liability. Savings interest from banks or building societies, securities etc. Higher rate band at nil rate £90.00 x 0% £0.00 However, the amount I'm expected to pay back is increased. HICBC is higher because it's pushing up the 'Total income received' amount and therefore the 'Total income on which tax is due' value is higher. So for example, £90 interest will push up my 'Total income received' amount and 'Total income on which tax is due' by £90. In turn, this means I'm expected to pay £19 extra on the HICBC. So even though it should be tax free as I have £500 allowance, I'm still having to pay back more. Is this really correct?
  • Self Assessment and Personal Savings Allowance

    I've filled out my latest Self Assessment and I'm a little confused with regards Interest paid from UK Banks/BSs, I was my assumption that tax payers on the Higher rate tax band receive a personal savings allowance of £500, however, I don't think this is being taken into account when creating the SA calculation. I created one without entering any interest values and the calculation returned with a tax repayment per my own calculations. I then amended the original by adding in interest received (lower than £200 so under £500 allowance), however, the calculation result suggested I owed more money. How can this be? What am I missing?