If you have any savings, you might need to pay the savings tax… HMRC data shows that 4.5 million people are expected to receive a tax bill on the interest they’ve earnt on their savings this tax year. Interest from a normal savings account isn’t always tax-free. Across your accounts, you can generally earn up to £1,000 in interest tax-free if you’re a basic-rate taxpayer, £500 if you’re a higher-rate taxpayer, and £0 if you’re an additional-rate taxpayer. Interest above your allowance is taxed!
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If you have any savings, you might need to pay the savings tax… HMRC data shows that 4.5 million people are expected to receive a tax bill on the interest they’ve earnt on their savings this tax year. Interest from a normal savings account isn’t always tax-free. Across your accounts, you can generally earn up to £1,000 in interest tax-free if you’re a basic-rate taxpayer, £500 if you’re a higher-rate taxpayer, and £0 if you’re an additional-rate taxpayer. Interest above your allowance is taxed!
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