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
Sorry but I am not clear..may I clarify my doubt:
The money I now have in my UK bank account is partly from my salary i receive every month working in the UK from my UK employer and partly the amount I got transferred from my Indian account after I relocated to the UK. The amount I got transferred from my Indian account is my savings after getting taxed in India from my salary i received while working in India.
I do not get any foreign income into my UK bank account. This is my UK salary account
Now if I put part of this amount from my UK salary account into a UK easy access savings bank account, i understand I need to pay tax on the interest I may earn.
However my question is how can I pay this amount?
Will the bank notify HMRC and any additional tax due will be collected automatically in my tax code to be paid from your salary?
Do I have to declare and pay tax by myself?
Thanks in Advance
Dear Team, If I put some amount into a Savings account and if that generates an interest amount more than my personal savings allowance - how should I pay the tax on the additional amount? Will my tax code change and the tax will be paid automatically by my employer before releasing my salary or do I need to pay tax on the interest I earn by myself? Thank you
I moved to the UK in skilled worker visa and started working In a permanent job under my sponsor employer in the UK from October 2022.
Before moving to the UK, I was working in India and I have some savings in my Indian bank account. These are savings after the taxes I paid in India and income source was salary from my Indian employer while I was working in India before moving to the UK.
Could you please tell me if I transfer my savings from my Indian salary I have now in my Indian account to my UK bank account that I opened after moving to the UK, do I need to pay tax again on the transferred amount here in the UK.
I would like to transfer my savings for my and my family’s living expenses in the UK and also for paying the deposit in future for buying a home here in the UK.