HMRC has provided guidance on some of its rules regarding tax on savings. A taxpayer reached out to the tax authority via social media to ask what happens if uses up their allowances and needs to pay tax on their interest earnings. They asked specifically whether a person with a tax bill to pay needs to notify HMRC and fill out a tax return, or if your tax code gets adjusted automatically.

The tax authority said in its initial response: "If your income from savings is more than £10,000, it will need to be declared in self assessment, and if it is less than that, you will need to declare it in PAYE." The person then enquired about cases where the amount to pay is below £10,000, asking how this should be declared and when.

HMRC said in response: "You can use your personal allowance to earn

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