Tax and savings

ArcticUK

I am just after a little clarity if anyone is able to assist me please?

I am looking to take a part time job and my salary will be c. £21000.

I have some savings which are likely to attract around £4200 interest per annum in addition to interest paid on an ISA.

Will I be paying tax on the interest above £1000 on the non ISA accounts?

Very grateful for any assistance. Hope I have provided enough info.

ColdIron

If you start your job in a week or so, your earned income for 2023/24 will be about 7/12ths of £21,000 so say £12,250. Depending on any other income you may have about £4,680 Starting Rate for Savings available to you in addition to the £1,000 Personal Savings Allowance

Next year will be a different matter

https://www.gov.uk/apply-tax-free-interest-on-savings

Dazed_and_C0nfused

ColdIron said:

If you start your job in a week or so, your earned income for 2023/24 will be about 7/12ths of £21,000 so say £12,250. Depending on any other income you may have about £4,680 Starting Rate for Savings available to you in addition to the £1,000 Personal Savings Allowance

Next year will be a different matter

https://www.gov.uk/apply-tax-free-interest-on-savings

Wouldn't it be spare Personal Allowance of £320?

Then the full £5,000 savings starter rate and finally the £1,000 savings nil rate band?

All of which is dependent on whether the op had any non savings non dividend income earlier in the year and if they have the standard (£12,570) or reduced (£11,310) Personal Allowance.

ColdIron

Yup, pesky minus signs

ArcticUK

Thank you both!