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Tax Allowance
Ent_2
Posts: 1 Newbie
in Cutting tax
I currently work a few hours a week so do not qualify to pay tax. As I have some savings I am considering finishing work and claiming tax free savings. Is there a limit on the amount I can claim?
0
Comments
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If your taxable income i.e. salary plus gross interest plus pensions is less than 5225 then you do not pay any tax.
on the next 2230 you pay 10% tax.
How much do you earn and how much are your savings?0 -
In general you can have up to £5225 a year income (which includes interest on savings) before becoming liable to tax.
If you are not earning much you may already be eligible for gross interest on your savings.
It's not clear what you are going to live on though......0
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