You are reading a single comment by @bobble and its replies.
Click here to read the full conversation.
-
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?
bobble-
Nope, HMRC say on the below post that if you don’t need to do a tax return, then you don’t need to do one for tax on interest earned on savings:
https://community.hmrc.gov.uk/customerforums/pt/f58be9bc-b471-ed11-97b0-00155d9c7b3d
Big_Rouleur7
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.