01142747576 bestadvice@knowleswarwick.com

Tax on savings income

Savings income (which includes all types of interest) is normally paid gross without deduction of income tax. The personal savings allowance provides a nil rate of tax on the first £1,000 of savings income for basic rate taxpayers and £500 for higher rate taxpayers, with none available to additional rate taxpayers. If your only taxable income arises from savings income, or your other income is very small the amount liable to 0% tax may be as high as £5,000.

This content is only available to our registered users.

Please log in or create a free account, to gain access to our extensive business, personal and tax guides.

Happiness is a Positive Cash Flow

Click here for the Quickbooks website Xero Gold Partner Accountants Sage accountants, experts in cloud accounting, Sheffield, South Yorkshire 

ICAEW Chartered Accountants Click here for the ACCA website Connect Yorkshire  Sheffield Chamber of Commerce Click here for the Caunce O'Hara website 

Knowles Warwick Financial Services Limited is authorised and regulated by the Financial Conduct Authority (in respect of regulated investment, insurance and mortgage business). For regulated financial services, the Financial Ombudsman Service is the alternative dispute resolution provider.