tax on savings interest

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I'm self employed basic rate taxpayer. What can i earn before paying tax on savings interest?

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  • eskbanker
    eskbanker Posts: 31,540 Forumite
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    https://www.moneysavingexpert.com/savings/tax-free-savings/ explains - the standard basic-rate 'allowance' (actually nil-rate band) is £1,000, but if your work earnings are less than £17,570 then you should be able to benefit from some or all of the starter savings rate.  If you only use ISAs, the question is moot....
  • Aidanmc
    Aidanmc Posts: 804 Forumite
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    eskbanker said:
    https://www.moneysavingexpert.com/savings/tax-free-savings/ explains - the standard basic-rate 'allowance' (actually nil-rate band) is £1,000, but if your work earnings are less than £17,570 then you should be able to benefit from some or all of the starter savings rate.  If you only use ISAs, the question is moot....

    Thanks, thats helps me understand it all.
    One thing to clarify though, the £17,570, is that income received or profit after expenses deducted?
  • eskbanker
    eskbanker Posts: 31,540 Forumite
    First Anniversary Name Dropper Photogenic First Post
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    Aidanmc said:
    eskbanker said:
    https://www.moneysavingexpert.com/savings/tax-free-savings/ explains - the standard basic-rate 'allowance' (actually nil-rate band) is £1,000, but if your work earnings are less than £17,570 then you should be able to benefit from some or all of the starter savings rate.  If you only use ISAs, the question is moot....
    Thanks, thats helps me understand it all.
    One thing to clarify though, the £17,570, is that income received or profit after expenses deducted?
    It's the latter that are regarded as your taxable earnings....
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