Increased savings income

[seasider1b]

I was a basic rate taxpayer 1023-24 but only just.

It looks like in 24-25 my savings income will be much higher due to having 3 fixed rate bonds of varying duration all mature in this tax year; bad planning i know!

This will push me into higher rate tax despite my charitable donations.

Am I obligated to tell HMRC as soon as I know my savings income will exceed the previous year, or can I wait and complete my self assessment return in the usual way? If I wait, is there any likelihood of being charged penalty interest on the amount of tax being higher than they expected?

I have scoured the Hmrc site but cant find anything relevant to my case. Any help appreciated.

[pawncob]

Just complete a tax return as normal, but watch out for code number reduction or increased P.O.A. next year.