HMRC warning to Brits if they have morethan £11,600 in bank account


Watchmore

HMRC is warning British savers about potential tax implications for savings over certain thresholds. Key Details:

  • The personal savings allowance is currently £1,000 for basic rate taxpayers
  • This allowance drops to £500 for higher-rate taxpayers
  • Over 6.1 million accounts are projected to breach the personal savings allowance in 2025
  • Those earning over £17,570 may face reduced or zero personal savings allowance
Tax Implications:

  • Savers with over £1,000 in interest may need to pay tax
  • Higher interest rates are pushing more people into taxable savings brackets
  • Self-Assessment return is required for savings income of £10,000 or more
Recommended Actions:
  • Consider using ISA accounts for tax-free savings
  • Track total interest earned across different accounts
  • Be prepared for potential tax bills from HMRC

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