Simple SA tax return question re savings interest
Discussion
Sorry really basic one but google is not my friend it seems - not used to earning interest for a decade+ so out of practice lol
PAYE employee, so annual self-assessment a simple one.
Keep the maths easy:
Personal Savings Allowance: £500
Gross interest earned: £600
HMRC guidance on Tax on savings interest: If you go over your allowance you pay tax on any interest over your allowance at your usual rate of Income Tax.
On the SA form, UK interest section: Untaxed UK interest (amounts which have not been taxed). Enter total amount: (optional)
Do I put the amount as £600 or £100?
Above is an example, but the numbers are are not huge - just want my annual SA to be as accurate as poss.
Any advice appreciated
(I acknowledge that I'm fully responsible for my declarations, any replies are merely 'free inexpert advice', I should pay an accountant if in doubt etc).
PAYE employee, so annual self-assessment a simple one.
Keep the maths easy:
Personal Savings Allowance: £500
Gross interest earned: £600
HMRC guidance on Tax on savings interest: If you go over your allowance you pay tax on any interest over your allowance at your usual rate of Income Tax.
On the SA form, UK interest section: Untaxed UK interest (amounts which have not been taxed). Enter total amount: (optional)
Do I put the amount as £600 or £100?
Above is an example, but the numbers are are not huge - just want my annual SA to be as accurate as poss.
Any advice appreciated
(I acknowledge that I'm fully responsible for my declarations, any replies are merely 'free inexpert advice', I should pay an accountant if in doubt etc).
Edited by The spinner of plates on Friday 7th April 12:46
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