Taking the trouble out of Tax

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£5000 Interest – Tax-Free allowance

coffee_cup_and_beans_2From  6th April 2015, savers on low incomes will be able to earn £5000 interest etc without being taxed.

If you’re on a low income and have savings with a bank or building society you could be paying tax on your interest when you don’t need to. If this is the case, you can register to have the interest paid tax-free. You can also claim a refund of any tax you’ve overpaid.

Banks and building societies usually deduct 20 per cent tax from the interest they pay on most types of savings account. But if your total taxable income is less than your tax-free Personal Allowance (and any Blind Person’s Allowance if you receive this) then you can:

  • register to get savings interest paid tax-free
  • claim back any tax you’ve paid

Contact Phillip Corbin to take advantage of these and other Tax allowance changes of which you might not be aware!