The recent improvements to interest rates mean we can all make more cash on our savings. The only issue is for those with larger sums stashed away is that you may be liable to pay tax on some of those earnings.
If that happens to you, here’s what you need to do.
00:00 Why you might pay tax on savings interest
01:02 If you don't currently complete a self assessment tax return
06:37 If you already fill in a self assessment form
08:10 What interest you need to declare
10:01 What happens if you earn less interest next year
Further Reading:
How to pay tax on your savings interest
https://becleverwithyourcash.com/how-to-pay-tax-on-savings/?utm_source=Organic_Youtube&utm_medium=social&utm_campaign=Banking_savings&utm_content=jan24_link_in_YT_description
Tax on savings explained
https://becleverwithyourcash.com/tax-on-savings-explained/?utm_source=Organic_Youtube&utm_medium=social&utm_campaign=Banking_savings&utm_content=jan24_link_in_YT_description
#savings #interest #tax
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A B O U T A N D Y
Andy Webb is a money blogger and journalist. He runs the award-winning website Be Clever With Your Cash, hosts the Cash Chats podcast, presented Channel 5’s Shop Smart Save Money and writes every month for Reader's Digest. Andy also founded the community ukmoneybloggers.com.
DISCLAIMER
Content in these videos does not constitute regulated financial advice. Any offers mentioned were correct at the time of filming.