As a Pension Transfer Specialist I Help Professionals & Soon To Be Retired Plan Their Future Using, Straightforward Financial Planning, Specialist In Lifetime Allowance Protection, and Complex Scenarios.
We will see a huge spike in the number of people paying tax on savings in 2024. This article explains how much tax you could pay and what you can do to reduce your HMRC bill.
We will see a huge spike in the number of people paying tax on savings in 2024. This article explains how much tax you could pay and what you can do to reduce your HMRC bill.
We will see a huge spike in the number of people paying tax on savings in 2024. This article explains how much tax you could pay and what you can do to reduce your HMRC bill.
Founder and MD of Fidenti Financial Planning. Offering a full range of Financial and Protection Services.
We will see a huge spike in the number of people paying tax on savings in 2024. This article explains how much tax you could pay and what you can do to reduce your HMRC bill.
💰 Declare Interest Earned on Savings: What You Need to Know! 💰 Rising interest rates are great for savers, but do you need to pay tax on your interest? Many people don’t know the rules. In fact, 71% of people were unaware that savings interest could be taxed. With HMRC expecting an extra 1 million taxpayers to be liable in 2023, some might face an unexpected bill. Find out what you need to know about tax on savings here 👉 https://lnkd.in/e9BmiGR9 #TaxTips #Savings #InterestRates #Finance #HMRC
Financial Consultant at Fortura Financial Partners Ltd - Partner Practice of St. James’s Place Wealth Management
Tax hazards for savers 🤯 Tax is undoubtedly important, as it pays for essential services in our society such as schools and the NHS. There are, however, useful allowances which can be used to ensure you are not paying more tax than you need to. Unwrapped money outside of an ISA or Pension could be subject to certain taxes. For example, in 2023, ISA's and Pension's saved Brits approximately 23 billion in taxes on their savings and investments. A few years ago, interest rates were far lower than what we are currently experiencing, so you would receive far less interest on cash held in savings accounts. For example, if your bank were offering 0.5% interest in 2021, you would need £200,000 in the account to receive a level of interest that passes your personal savings allowance as a basic rate taxpayer. Higher rate taxpayers would have needed £100,000 📉 This year, we would have seen interest rates at least 10x higher than these figures. This means that even savings of £20,000 and £10,000 would leave basic / higher rate taxpayers susceptible to taxes on their savings 🤕 Additional rate taxpayers don’t even get a personal savings allowance, and the reduced additional rate threshold means more people are going to pay tax on ALL the interest they earn. ISAs will be a suitable solution to this issue, as any interest earned within the wrapper is not susceptible to tax. Using your ISA allowance for this tax year may impact how much of your savings you can 'safeguard' from this tax liability 🔐 #tax #saving #finance
A great post from my colleague Katen, expecially for the risk adverse investors who would rather invest in deposit accounts/bonds/gilts rather than the stock market. If you are using cash investments to reduce risk in your investment portfolio, perhaps for a large upcoming purchase such as a property, Katen raises a few points that are definitely worth considering! 👀 🗞️
Financial Consultant at Fortura Financial Partners Ltd - Partner Practice of St. James’s Place Wealth Management
Tax hazards for savers 🤯 Tax is undoubtedly important, as it pays for essential services in our society such as schools and the NHS. There are, however, useful allowances which can be used to ensure you are not paying more tax than you need to. Unwrapped money outside of an ISA or Pension could be subject to certain taxes. For example, in 2023, ISA's and Pension's saved Brits approximately 23 billion in taxes on their savings and investments. A few years ago, interest rates were far lower than what we are currently experiencing, so you would receive far less interest on cash held in savings accounts. For example, if your bank were offering 0.5% interest in 2021, you would need £200,000 in the account to receive a level of interest that passes your personal savings allowance as a basic rate taxpayer. Higher rate taxpayers would have needed £100,000 📉 This year, we would have seen interest rates at least 10x higher than these figures. This means that even savings of £20,000 and £10,000 would leave basic / higher rate taxpayers susceptible to taxes on their savings 🤕 Additional rate taxpayers don’t even get a personal savings allowance, and the reduced additional rate threshold means more people are going to pay tax on ALL the interest they earn. ISAs will be a suitable solution to this issue, as any interest earned within the wrapper is not susceptible to tax. Using your ISA allowance for this tax year may impact how much of your savings you can 'safeguard' from this tax liability 🔐 #tax #saving #finance
When do you need to declare the interest earned on savings? Interest rates rising have been good news for savers. Yet, it also means you could be liable for tax on the interest you earn. Read our blog, linked below, to find out what allowances you may make use of and how to pay the tax due.
When do you need to declare the interest earned on savings? Interest rates rising have been good news for savers. Yet, it also means you could be liable for tax on the interest you earn. Read our blog, linked below, to find out what allowances you may make use of and how to pay the tax due.
Chartered Financial Planner at Keith Roseburgh Financial. By listening to what you want to achieve I’ll provide tailored independent financial advice to your specific circumstances.
When do you need to declare the interest earned on savings? Interest rates rising have been good news for savers. Yet, it also means you could be liable for tax on the interest you earn. Read our blog, linked below, to find out what allowances you may make use of and how to pay the tax due.
Honorary Doctor of Science - Awarded for having an inspirational career as a disability and rights champion, and social entrepreneur.
“Taxing the super-rich more can help to build a better, stronger UK writes Robert Palmer of Tax Justice UK.” “The Institute for Fiscal Studies has warned that the government needs to find £25bn in tax rises to fix public services and avoid austerity (Report, 10 October). To find this money, the chancellor should draw on the 10 progressive tax reforms identified by Tax Justice UK and Patriotic Millionaires UK, which could raise up to £60bn a year. There is plenty of money out there: the richest 10% of households own 57% of wealth in the UK. At the same time, some of the wealthiest, such as Rishi Sunak, pay very low effective tax rates. Our tax reforms, like a 2% wealth tax on the very richest (only 0.04% of the population), ask those with the broadest shoulders to contribute a fairer share. Taxing the super-rich more can give the UK the tools to build a better, stronger boat for everyone, instead of always looking for the bucket to bail out the water. Key services we all rely on are crying out for funding that enables them to become world-class, rather than hanging on by a thread.”
