HMRC explains what people with more than £10,000 in savings need to do for tax

HMRC has explained some of its regulations regarding tax on savings. A taxpayer contacted the tax authority via social media enquiring about what occurs if someone is required to pay tax on their interest earnings.

They asked specifically whether you need to notify HMRC and complete a tax return, or if your tax code will be adjusted automatically.

The tax authority replied by stating: "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 individual then asked how this should be declared and when, in cases where the total is less than £10,000.

HMRC offered additional guidance in their response. The organisation stated: "You can use your personal allowance to earn tax-free