Not exactly cutting tax..

Imelda

Hi all,

I'm not sure if this is in the right place....

I have recently received a pay rise and bonus which takes me up to an annual income of £47,000. I was previously a 22% income tax payer. How do I go about getting the higher rate tax deducted on the interest gained on my savings at source? Is there a form I can fill in or will it have to be declared on my tax return?

paulb567

I believe this will be declared on your tax return.

Bordera

2 Options available to you.

Complete a tax return and send it in.

OR

Phone your tax office, tell them and ask for the interest to be taxed via your PAYE code. If there are not huge amounts involved then you should be able to complete a simple form each year instead of a full tax return.

Imelda

Thanks Paul and Bordera,

The amounts will be relatively small so if I can fill in a simple form instead of the full return that will be good.