Should I declare LISA interest on my SA?

se2020

Hi,
Just watching the Martin Lewis show and he mentioned something about only being able to earn £1000 a year interest on savings before paying tax on it.

I am self employed,  the only interest I get is about 10p a year from my bank account but I also have been paying £4k a year into a LISA so I receive a £1k bonus a year plus about £25 interest on the overall balance.

Does the £1k need to be declared on my self assessment return? In which should I also be declaring the other £26 or so which would then put me over the £1000 limit?

Dazed_and_C0nfused

You can have £18,570 year in taxable interest before paying tax on it.

But if your non savings income (wages, pension, self employment etc) is more than £17,570 that is reduced to £1,000.

Unless you are a higher rate taxpayer when it drops to £500.

If you are keeping within the LISA rules then you do not include any information about it on your Self Assessment return.

The £1,000 is a bonus, not interest.