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Self assessment

Hello.  I wanted to clarify.  I have always been paye. However due to my earnings I have always been asked to complete a self assessment.  Due to loss of employment my earnings for 2022/2023 will be considerably below £100,000.  I’ve completed the HMRC online form and it says I do not have to complete a self assessment but it did not ask about savings.  I will have about 1800£ of bank interest. Would this push me into having to complete a SA.  I seem to recall there was a threshold on bank interest but it didn’t seem to ask about this. 

Comments

  • ET100 said:
    Hello.  I wanted to clarify.  I have always been paye. However due to my earnings I have always been asked to complete a self assessment.  Due to loss of employment my earnings for 2022/2023 will be considerably below £100,000.  I’ve completed the HMRC online form and it says I do not have to complete a self assessment but it did not ask about savings.  I will have about 1800£ of bank interest. Would this push me into having to complete a SA.  I seem to recall there was a threshold on bank interest but it didn’t seem to ask about this. 
    Not unless it pushed you into being liable to HICBC or took your taxable income above £100k.

    Also, this is an odd comment.  Surely you know your actual earnings for 2022-23?  Have you got your tax years mixed up?

    Due to loss of employment my earnings for 2022/2023 will be considerably below £100,000.
  • ET100
    ET100 Posts: 17 Forumite
    Third Anniversary 10 Posts
    That makes sense thank you. I do know my salary / earnings for the last tax year. It was just the bank interest I wasn’t sure about. 
  • Ayr_Rage
    Ayr_Rage Posts: 2,882 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    If your tax code has been adjusted to take into account savings interest that would have been declared to HMRC automatically then completing a SA return may be in your own interest.

    Check your tax code !
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