How to calculate interest on Savings Account | IDFC FIRST Bank
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How to calculate interest on Savings Account | IDFC FIRST Bank
1K views3 weeks ago
YouTubeIDFC FIRST Bank
If you have any savings, you might need to pay the savings tax… HMRC data shows that 4.5 million people are expected to receive a tax bill on the interest they’ve earnt on their savings this tax year. Interest from a normal savings account isn’t always tax-free. Across your accounts, you can generally earn up to £1,000 in interest tax-free if you’re a basic-rate taxpayer, £500 if you’re a higher-rate taxpayer, and £0 if you’re an additional-rate taxpayer. Interest above your allowance is taxed!
1:05
If you have any savings, you might need to pay the savings tax… HMRC data shows that 4.5 million people are expected to receive a tax bill on the interest they’ve earnt on their savings this tax year. Interest from a normal savings account isn’t always tax-free. Across your accounts, you can generally earn up to £1,000 in interest tax-free if you’re a basic-rate taxpayer, £500 if you’re a higher-rate taxpayer, and £0 if you’re an additional-rate taxpayer. Interest above your allowance is taxed!
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