I earn over £42k, the limit for higher rate tax. See here.
This means I have to pay higher tax on my savings accounts. See Here.
Higher or additional rate taxpayers
You must pay extra tax on your savings and investment interest if you pay Income Tax at the higher or additional rate.
But I don't have to fill in an Self-assessment tax return. See Here.
So how does this extra tax get paid? What (if anything?) do I have to do, or do I just sit-tight and wait for HMRC to contact me?
- I'm aware that in 2016 (supposedly, no doubt election-dependant) this will all go away when savings income become tax-free up to £1,000.
- I'm also aware that ISAs are tax-free: I'm thinking about the portion of my savings that are not in ISAs.
- Obviously this is going to be completely UK-dependant. Please take into consideration that I am in UK.