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Paying Tax On Interest Earned Over £1000

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Karamia | 19:03 Sat 09th Sep 2023 | Business & Finance
4 Answers
Does HMRC automatically sort this payment out via tax code following year or am I expected to complete a form?
I do not receive state pension but do get personal pension and pay 20% tax. Realise I should have put money into isa but messed up and too late to alter now.
Just hoping this gets sorted somehow automatically via NI number?
Can anyone advise?
Many thanks in advance.
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Information gets sent to tax office, they usually alter my code to recoup the tax, only a couple of times in the last 15 years have they sent me a bill. I remember the 'old days' when a member of staff in the bank had to sit down and fill in a return by hand and send it off . Thank goodness for computers.
19:27 Sat 09th Sep 2023
See "If you go over your allowance", here:
https://www.gov.uk/apply-tax-free-interest-on-savings
Question Author
Yes by end of this tax year 5th April 2024 I will have gone over allowance. But do I need to act on this? Or does the information get sent to HMRC who work out the payment of tax?
Information gets sent to tax office, they usually alter my code to recoup the tax, only a couple of times in the last 15 years have they sent me a bill.
I remember the 'old days' when a member of staff in the bank had to sit down and fill in a return by hand and send it off . Thank goodness for computers.
Question Author
Thank you, Buen, for the useful link.

Thank you, Ubasses, that is a relief and just what I wanted to hear. Have been worried about what I need to do. Grateful to hear tax office sort whether via tax code or payment.

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