Fred Splunge
Joined: 5/23/2023
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Payment options for tax on interest earnt
I am employed and also receive a widow's pension. I pay PAYE on each. For the 2022/23 tax year I have earned interest on savings over my personal allowance. If I understand correctly, the establishments who I have accounts with will report interest paid to HMRC. Somewhere around July - September HMRC will contact me to advise on the amount of tax owed on the interest. Do I have any option regarding how to pay it? I believe my tax code can be amended so that it can be collected via PAYE. Do I have the option to just pay what I owe directly instead? Thank you.