We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
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
-
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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.8K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards