savings income Archives | Taxfile https://www.taxfile.co.uk/category/savings-income/ Tax advice & accounting services for South London businesses & SMEs Sun, 31 Oct 2021 20:39:51 +0000 en-GB hourly 1 The Chancellor’s Budget, March 2014 https://www.taxfile.co.uk/2014/03/budget-march-2014/ Thu, 20 Mar 2014 15:04:45 +0000 http://www.taxfile.co.uk/blog/?p=680 The Chancellor, George Osborne, has now presented his March 2014 Budget to Parliament. There was lots of talk about the economy, growth forecasts, supporting UK businesses and employment – as well as some obvious political spin bearing in mind the European and General Elections are just around the corner – however we thought we’d concentrate […]

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]]> Autumn Statement by the Chancellor of the Exchequer https://www.taxfile.co.uk/2013/12/chancellors-autumn-statement/ Mon, 09 Dec 2013 18:27:37 +0000 http://www.taxfile.co.uk/blog/?p=600 On 5 December 2013 George Osborne, Chancellor of the Exchequer, gave his Autumn Statement in Parliament. Key announcements included: A rise for the Personal Allowance, as was long-anticipated, to £10,000 in 2014/15; the higher 40% tax rate threshold also increasing to £41,865; A new, transferable, tax allowance of £1,000 for married couples and those in […]

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]]> Savings Income and Tax https://www.taxfile.co.uk/2008/06/savings-income-and-tax/ Sun, 22 Jun 2008 16:40:00 +0000 http://www.taxfile.co.uk/new-Taxfile-WP-blog/?p=5 Savings income is added to your other income and taxed . Banks and building societies are required by law to deduct income tax at 20% from interest before they pay it to you. They pay this to HM Revenue & Customs. This is confirmed by the entry ‘net interest’ on your bank or building society […]

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