Savings tax and self assessment

WelshGlyndwr

In 22/23, i filled out a tax return as I received some foreign income. For 23/24 I told hmrc i did not need to fill in a tax return as i would not receive any foreign income. However, i have just realised i received £3000 in savings income which has not been taxed for 23/24. Have i done the right thing in telling hmrc i did not need to fill in a tax return. As my only income for 23/24 was through paye and savings income?

eskbanker

If HMRC confirmed back to you that you no longer need to self-assess then they'll send you a statement of your 2023/24 income and associated tax liability, plus information on how that'll be collected, probably via PAYE coding adjustment for 2025/26.

Dazed_and_C0nfused

WelshGlyndwr said:

In 22/23, i filled out a tax return as I received some foreign income. For 23/24 I told hmrc i did not need to fill in a tax return as i would not receive any foreign income. However, i have just realised i received £3000 in savings income which has not been taxed for 23/24. Have i done the right thing in telling hmrc i did not need to fill in a tax return. As my only income for 23/24 was through paye and savings income?

Is the £3,000 from UK banks and building societies?

Or is it more foreign income?

WelshGlyndwr

the £3000 savings is from uk bank and buildjng societies

Dazed_and_C0nfused

WelshGlyndwr said:

the £3000 savings is from uk bank and buildjng societies

Then there is nothing you have posted to suggest a tax return is needed.

Depending on how much PAYE income you have some tax might be owed but HMRC will notify you of that in due course.