Tax on savings

greenhiller

If the only tax I need to pay is from a small amount due on going over the £1000/year interest limit (and would only be a few hundred pounds at most maybe) do I still need to go through the long winded process of a Tax Returns Form every year? 
I used to prefer the old method of taxed at source because I was  always PAYE when I worked before retirement.

[Deleted User]

Hi,

have a look at this wee GADGET, might help.

Albermarle

greenhiller said:

If the only tax I need to pay is from a small amount due on going over the £1000/year interest limit (and would only be a few hundred pounds at most maybe) do I still need to go through the long winded process of a Tax Returns Form every year? 
I used to prefer the old method of taxed at source because I was  always PAYE when I worked before retirement.

No you do not have to do anything, the savings provider will inform HMRC.

If you are not actually currently a taxpayer, you can earn a lot more than £1000 in interest tax free.
Tax-free savings: check if you're eligible - Money Saving Expert