Tax Tip: How to Pay Less Tax on Your Savings

Tax Tip: How to Pay Less Tax on Your Savings

The new tax year is upon us, so now is the best time to think about how you can save on your tax bill for the upcoming year. Let’s see how you can lower your tax bill for income generated from savings and Pay Less Tax on Your Savings!

Take Advantage of Personal Savings Allowance

For the 2022-2023 tax year, you don’t pay any tax on your first £1,000 of income from savings. Those in the higher rate band can earn £500 of income from savings tax-free. This means you only pay tax on income from savings after you earn over £1,000 or £500.
If you are making income from savings, make sure that you are taking advantage of your savings allowance!

Don’t Forget About ISA Allowance

You can deposit up to £20,000 into an ISA account tax for the upcoming tax year, the same amount from the previous tax year.
Make sure to take advantage of your ISA tax allowance – it can be put into cash ISA, stocks and share ISA, or split between both.

Now you know How to Pay Less Tax on Your Savings

This article has covered some of the ways you can save money via paying fewer taxes on your savings, for more tax-saving methods or someone who can manage the whole process for you so you can focus on what matters, scaling your business, then get in touch with Yorkshire Accountancy today!

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