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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Annual tax summary 2017-2018
loulou41
Posts: 2,871 Forumite
in Cutting tax
Under this is how we worked out your tax for 2017-2018, Under taxable income. Other income (including interests) £796.00. For that tax year I have received a total of £1241.35 interests from my savings. Am I right to assume other income should have been 241.35 instead of £796.00. I am allowed £1000 tax free interests. Just want to make sure I get it right before contacting HMRC. Thanks
0
Comments
-
It should show £1241 on your statememt, the £796 perhaps relates to an earlier year? The £1000 you refer to is not 'tax free', it is a 0% tax band. The £1241 interest you receive is taxable in fulk but the furst £1000 (£500 if a higher rate taxpayer) is taxed at 0%.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.1K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.5K Work, Benefits & Business
- 602.8K Mortgages, Homes & Bills
- 178K Life & Family
- 260.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards