Self assessment

ET100

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. 

Dazed_and_C0nfused

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

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

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 !