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Is Tax Automatically Deducted from Saving's Interest?

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ColdIron Posts: 9,802 Forumite

31 January 2024 at 11:41AM edited 31 January 2024 at 11:43AM

If you already self assess you should declare it. Most people don't self assess so using tax coding is the easiest way for HMRC to recoup any tax due. SA has the advantage that you know the figure is correct
When completing your declaration you will get a choice of how you want it to be collected, tax code or simply pay the bill by 31st Jan. So you still have the option to do nothing should you wish but I find paying direct is much cleaner and you know where you stand by drawing a line and starting afresh each year

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Is Tax Automatically Deducted from Saving's Interest?

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