GeneralAsk an accountant All videos
Savings Interest
Savings interest is increasingly creating unexpected tax-code changes and assessments.
Key points
- UK banks and building societies report interest figures to HMRC after the tax year. Where the interest exceeds the taxpayer’s available tax-free allowances, HMRC may collect the liability through PAYE or issue a tax calculation or Simple Assessment.
- The Personal Savings Allowance is currently:
- £1,000 for basic-rate taxpayers;
- £500 for higher-rate taxpayers; and
- £0 for additional-rate taxpayers.
Does this apply to you?
Get advice that fits your situation from our Guildford team.