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Do I need to tell the bank I am now a tax payer?

Maureen43
Maureen43 Posts: 518 Forumite
Part of the Furniture 100 Posts
in Savings & investments
Morning

I now have a new job which means I am a tax payer.

Do I need to tell my banks/building societies about this or is this not necessary as everyone now gets a tax free savings allowance of £1000?

Or do they get the information from HMRC anyway?

I'd be grateful for some advice!

Thanks
M.
«1

Comments

  • glider3560
    glider3560 Posts: 4,115 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Tax is no longer deducted from savings at source. Instead, you have to tell HMRC if you exceed the £1,000 (or £500) limit. They will arrange for the payment to be made directly or through your tax code.
  • newatc
    newatc Posts: 905 Forumite
    Eighth Anniversary 500 Posts Name Dropper
    edited 5 January 2018 at 9:43PM
    Maureen43 wrote: »
    Morning

    Or do they get the information from HMRC anyway?

    I'd be grateful for some advice!

    Thanks
    M.

    HMRC get the information from the Banks etc. Theoretically (and practically for the vast majority) you have to tell HMRC nothing though ultimately it is your responsibility to ensure all tax is paid.
  • greenglide
    greenglide Posts: 3,301 Forumite
    Part of the Furniture Combo Breaker Hung up my suit!
    They get the information from HMRC.
    No they don't!

    Banks and building societies have no interest in your tax situation for normal savings accounts, especially with the new savings allowance.
  • ColdIron
    ColdIron Posts: 10,325 Forumite
    Part of the Furniture 10,000 Posts Hung up my suit! Name Dropper
    IanManc wrote: »
    Banks and building societies will give HMRC the information they need to do this.
    Correct, HMRC will get the information from the banks, but the point under discussion is
    Or do they get the information from HMRC anyway?
    OP, there is no need to inform your bank of your tax status
  • 18cc
    18cc Posts: 2,120 Forumite
    Assuming of course this is a job where you are resident in the UK for tax purposes!
  • ivormonee
    ivormonee Posts: 484 Forumite
    Eighth Anniversary 100 Posts Name Dropper
    You also have the starting rate of 0% on £5,000 of interest subject to what's available from your personal allowance after your employment income is taken into account.
  • roxy28
    roxy28 Posts: 670 Forumite
    Ninth Anniversary
    ivormonee wrote: »
    You also have the starting rate of 0% on £5,000 of interest subject to what's available from your personal allowance after your employment income is taken into account.
    Can you give a example for say someone on £10,000 per year with a PA of £11,500

    And
    Someone on £13,000 with a PA of £11,500.
    :T
  • soulsaver
    soulsaver Posts: 6,908 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Maureen43 wrote: »
    Morning

    I now have a new job which means I am a tax payer.

    M.
    Not sure this is appropriate...but congratulations :beer:
    Top Easy Access acs Ranked by rate: Top of The Pots - **No Chat** — MoneySavingExpert Forum
  • Maureen43
    Maureen43 Posts: 518 Forumite
    Part of the Furniture 100 Posts
    18cc wrote: »
    Assuming of course this is a job where you are resident in the UK for tax purposes!

    Yes I am. Thanks
  • Maureen43
    Maureen43 Posts: 518 Forumite
    Part of the Furniture 100 Posts
    ivormonee wrote: »
    You also have the starting rate of 0% on £5,000 of interest subject to what's available from your personal allowance after your employment income is taken into account.

    Sorry, please could you explain this a bit more?
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