Thank you for your reply, so I can confirm now that I don't need to fill in a self assessment, since I won't over £10,000 in the interest investment.
In the future, if I do go over the £10,000 and need to fill in a self assessment, do you know when I should fill one in and send to to HMRC?
Also do you have a link that direct me to the form?
If HMRC will collect the remaining tax in the future, do you know approximately when? Does that also mean I don't need to do anything else, since HMRC will handle the tax collection part.
If I decide to pay in full, how do I pay? Can you provide some details please?
Thank and Regards
Thank you for your help, so the way it is done is not through tax code change to collect further tax through my employment wage, but rather I will receive a p800 or tax calculation letter to pay off the remaining tax is that correct?
Apologies, I may have interpret this wrong, so I still have to complete a self assessment form if the total interest is over £1000 is that correct, because when I used the following website, it says that I don't need to do one?
So would I receive a self assessment form alongside the p800 or I have to do one online?
I believe I'm going to go over my personal allowance of £1000, therefore have lots of questions for it, therefore posting here to ask for some help please.
I have been told that I will be going over my £1000 allowance, as it is calculated not by the total interest I got for the each one year, but by the total amount of interest I obtained for the 2 year period that my account is fixed for, is that correct?
Do I need to report to HMRC about it or the banks/building societies will report it, because I hear conflicting info around these forums and other websites that I come across?
When and how will i be taxed?
I heard that tax will be done through a tax code change and the tax will be obtained through my employment wage instead of my interests that are paid to my account, is that correct?
Will I receive any letter/notification from HMRC in regards to being taxed or that my tax code has changed?
If my investment/interest/savings don't go over £10,000, then I don't need to do a self assessment form is that correct?
I currently in the basic rate basic tax rate 20% and was told I will go into the Higher tax rate 40% band if my total income including my salary including interests/investments made from my bank/building societies accounts go beyond £37,700, is that correct?
Thank you for your help.