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Personal Savings Allowance on bank interest, tax return question

superlative · 2018-10-11 11:26:54

The new Personal Savings Allowance means I shouldn't have to pay any tax on interest under £1k, right? The general advice out there seems to be that you still need declare it on your tax return, but that you won't be taxed on it. However I've just done this, added my approx £250 of interest under untaxed interest. The…

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polymaff Posts: 3,950 Forumite

15 October 2018 at 5:35PM edited 15 October 2018 at 5:39PM

Yeah - providing it is not the wrong sort of sub-£1,000 trading income. How many filling in self-assessment will read the direct implication that less than £1,000 means you don't need to report it and leave it at that?

In terms of tax-payer and "expert" misunderstandings this could be the new Marriage Allowance Transfer

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Personal Savings Allowance on bank interest, tax return question

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