I need to pay tax - but how?

ceh209

I just received an annual statement from NS&I for a capital bond where I noticed the interest was received gross, I've spoken to them and it can't be changed to net. This never mattered before as I've never earned enough to pay tax before.

So I've been advised to get in contact with HMRC - but how? and what will this mean? Will I need to ask for self assessment, or just inform them of the circumstances and they will change my tax code?

Sorry if this seems stupid, but I don't want to do a tax return if I don't have to, as once you start you never stop, right?

jem16

Phone up HMRC and say you have some interest that is paid gross but which you should pay tax on. They will probably just adjust your tax code.

Mikeyorks

ceh209 wrote: »

So I've been advised to get in contact with HMRC - but how? and what will this mean?

If this still is the case :-

as I've never earned enough to pay tax before

...... then no need to bother. Otherwise it very much depends how you pay tax? If you're on PAYE (you mention a tax code) but under the threshold then they'll generally do it very informally via a single page return (P810). But if you want to keep it even more simple ...... I'd just write to them. They won't (from my experience with Probates involving NS&I gross products ) be rushing to your door. So I would leave it (if the NS&I interest is in this year) until the end of the year. Then write with your P60 figures + the NS&I interest + any other interest received ...... and the tax deducted from the final aspect.