Taxdummy
Joined: 8/7/2024
-
RE: Self Assessment for Savings income
Any advice please ? -
Self Assessment for Savings income
Hi, I need some help as unsure what I need to do. Over the last few years I have always paid my taxes via PAYE, I have now stopped working and last years income was just £20 from my employer, I dont get a pension yet. With rising interest rates my savings have last year (23/24) generated more savings interes than my personal allowance in, will my banks and NS& I inform HMRC of this or do I need to do this? Will HMRC notify me if I need to file a self-assessment or do I need to set something up myself? I am completely confused but don't want to get fined. Grateful for any advice, thanks.