Investment & Investing

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bobble in reply to @Big_Rouleur7

how do they factor in how much interest you earned into your personal allowance if you don't do a tax return?

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Big_Rouleur7 in reply to @bobble

The banks have to report to HRMC all the interest paid and then they work it out. It was in the financial year 2022/2023 that I went over the limits, this tax year my personal allowance was adjusted and the form stated the reason was for the interest I earned.

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bobble in reply to @Big_Rouleur7

oh, nice one. So if you don't need to do a tax rtn for any reason other than interest earned over the allowance, you still don't need to do one?

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