HMRC. When do I have to contact them?

Hereford_Wolf

I am retired and pay some tax on a private pension of £10k per annum. My wife is also retired and her pension is aprox £5k per annum. I claim State Pension, she won’t for another eight years.
For the first time we have some money in savings accounts (Have maxed out ISA’s and Premium Bonds). It is in a couple of building societies and mainly in NS&I monthly income.
Do I have to contact the HMRC if my interest is above £10k? What is the easiest and most pain free way to deal with this?

Dazed_and_C0nfused

Hereford_Wolf said:

I am retired and pay some tax on a private pension of £10k per annum. My wife is also retired and her pension is aprox £5k per annum. I claim State Pension, she won’t for another eight years.
For the first time we have some money in savings accounts (Have maxed out ISA’s and Premium Bonds). It is in a couple of building societies and mainly in NS&I monthly income.
Do I have to contact the HMRC if my interest is above £10k? What is the easiest and most pain free way to deal with this?

Yes.

If your interested is above £10k in any tax year you should register for Self Assessment and complete a tax return.

Same would apply to your wife if her interest was above £10k.  HMRC expect her to do this even if there is no tax to actually pay.

https://www.gov.uk/register-for-self-assessment

If interest is less than £10k then you don't need to do anything other than check any assessment/calculation HMRC send you (banks report the interest to HMRC each year).