My wife will earn over £10,000 next year in savings interest due to an inheritance. According to HMRC she will therefore need to complete a self assessment to pay tax on the interest.
She is employed PAYE part time.
She has never completed a self assessment before.
The following year, 2025, we intend to clear our mortgage using the inheritance, therefore there will be no savings interest going forward from 2025 onwards.
My question is does my wife need to REGISTER for self assessment next year, pay the savings interest tax, then UN-REGISTER the following year?? And if so, how do you unregister for self assessment?
As with all HMRC guidance, information is conflicting.