WITH RISING INTEREST RATES AND HIGHER INCOME FROM SAVINGS YOU NEED TO REMEMBER TO ADD INTEREST RECEIVED ON YOUR TAX RETURN

Published 22 April 2024

People with larger amounts of savings and dividend income may have a higher tax bill.  This is even more likely as tax allowances are being cut or frozen at the same time as banks/ building societies giving higher interest rates.

You need to take this into account when pulling all your information together for your current years tax return - 5 April 2024.  It is becoming clearer that if you have had savings before,  HMRC will estimate your savings income in the current year based on what you received in the previous year,  so it is important that you are clear on the amount received and record this.

On the gov.uk website HMRC suggests you register for self-assessment if your income from savings and investments is over £10,000.

By recording your savings accurately and reporting this income through self-assessment, you are complying with tax regulations and are contributing your share of taxes based on your savings earnings.

If you are unsure what you need to report when providing your tax return information please give us a call to discuss this.

For further information please contact us
​Mayes Accountants
Tel:  01254 300050
Email:  [email protected]