Recent data from HM Revenue and Customs (HMRC) shows that people are probably not doing enough to avoid paying tax on their savings interest. For the 2023/24 tax year the amount of Income Tax collected from UK savers was around £6.6billion. This is nearly double the...
For years you have probably not really had to worry about paying tax on your savings. Interest rates on cash savings have been virtually zero for over 12 years. The last time the Bank of England base rate was over 1% was back in 2009. In recent months interest...
Did you know it is possible to generate a tax free income in retirement from your savings of £47,600 per annum just by using some of the tax allowances available to you? You’ve worked hard all your life, saved and paid your taxes. Don’t make the mistake of paying even...
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