HMRC Warns of Unexpected Tax Bills for Savings Over £3,500

Attention savers! With the new tax year, HMRC is sending out letters urging self-assessment registration and issuing tax bills for savings interest. The Personal Savings Allowance rules state that you can earn up to one thousand pounds per year in savings interest without being taxed, but this only applies to those earning less than fifty thousand two hundred seventy pounds. Even with an easy-access account, larger savings can trigger a tax bill. Be aware of your interest earnings and potential tax implications. DNN | The Daily News Now! The world’s first global local news network. Every city. Every story. AI powered. Hosted on Acast. See acast.com/privacy for more information.