Annual tax summary 2017-2018

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loulou41
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

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  • BoGoF
    BoGoF Posts: 7,099 Forumite
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    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%.
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