JithinJose2409

Hi HMRC Admin, May I know how will HRMC issue me the calculation of the underpaid tax? Will it be through email or post? My question is referring to the below response I received from the HMRC team: At the tax year end the bank and building societies will submit the untaxed interest details to HMRC. Your tax records will then be reviewed and if you have underpaid your tax a calculation will be issued to you. Normally the tax would be collected as a deduction in a future tax code. If you want to make a direct payment you can contact HMRC for advise once the calculation has been received

Hi HMRC Admin, Referring to your reply, may I know how to declare the interest to HMRC in writing? Kindly correct me if I’m wrong, I’ve read in this form that bank would notify HMRC and thereafter HMRC would cut the tax. Is my understanding wrong? Also, my bank has not provided the statement for interest yet to me. I am anticipating that the interest would exceed my personal allowance. Being a PAYE employee, in my 1.5 years of stay in the UK, I have never had need to fill the self assessment tax return and my interest would NOT exceed £10000. Kindly let me know thank you

Hello Sir, I brought my savings from india to UK after moving to the UK on skilled visa. The money I brought was my savings while working in India and already taxed as per Indian taxation. I put that amount in a UK saving bank and is now giving me an interest above my personal allowance. Therefore do I understand right the I need to pay tax on interest earned on the amount exceeding my personal allowance? If yes? May I know how to pay the tax? I’m PAYE employee and would HMRC change my tax code and get the taxable amount as part of my future salaries or whether HMRC will contact me letting me know the amount I need to pay? How can I pay the tax? And when will I be notified? Thank you.

Dear Team, After moving to the UK on skilled work visa, I had brought my savings from india which was taxed in India. After bringing that money in the uk, I have put the money in savings account that has generated interest above my personal allowance. In this case how can I pay the tax on the earned income? As I am a PAYE employee, will the tax be cut as part of my salary by changing my tax code? Thanks.

Dear Team, I am a high rate tax payer in full time employment. My savings interest will exceed £500. I have never needed to complete a self assessment form in the past. Please can you let me know if I need to notify HMRC of the interest and if YES, please let me know how I should do this? Could you also please confirm whether the tax on interest will be automatically collected by HMRC from my salary (by changing my tax code ) once my bank informs HMRC? Please let me know. Thanks in Advance. Jithin