Interests on Monzo deposit

Giorgio

Hi,
I opened a Monzo deposit and I get interest monthly. I was wondering if I need to pay taxes on those.
Thank you!

Katie

Hi Giorgio,

If you’re a Sole Trader you’ll need to declare any interest received on your Self Assessment.

How much interest you receive and your total income will determine if you need to pay tax on this. HMRC has an article on their website which explains your allowances: “Tax on Savings Interest”

Hope this helps
Katie

Giorgio

Thank you so much!

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