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Income Tax – £5,000 savings zero rate band

Income Tax – £5,000 savings zero rate band

For the 2023-24 tax year, no tax on interest if income is under £17,570. Tapered relief for income between £12,570 and £17,570. Personal Savings Allowance (PSA) offers tax-free limits. Taxpayers overpaying on savings interest can reclaim within four years, with a deadline of 5 April 2024 for 2019-20 claims.

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Taxable and tax-free State Benefits

Taxable and tax-free State Benefits

Whilst there are a large number of state benefits available, it is not clear which of these benefits are taxable and which are tax-free.

HMRC’s guidance provides the following list of the most common state benefits that are taxable

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Miscellaneous income

Miscellaneous income

There are special rules known as the miscellaneous income sweep-up provisions that seek to charge tax on certain income. This unusual provision, which is broad in scope, catches income that would not otherwise be charged under specific provisions

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Income Tax

Income Tax

This factsheet covers the types of income that is taxable, Income Tax bands across all four nations, Income Tax allowances, reducing your Income Tax liabilities, dividend income, married couples allowance, High Income Child Benefit Charge, the marginal rate of Income Tax, self-assessment and Making Tax Digital.

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Reporting grants received to HMRC

Reporting grants received to HMRC

Most COVID support grants are treated as taxable income in the same way as other taxable receipts and need to be reported to HMRC. The grants are treated as income where the business is within the scope of either Income Tax or Corporation Tax.

This

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Tax on savings interest

Tax on savings interest

The UK’s 2023-24 tax relief measures include the Register of Overseas Entities and Personal Savings Allowance. These initiatives enhance transparency, encourage savings, and provide opportunities for taxpayers to rectify over payments, demonstrating the government’s commitment to fairness in the tax system.

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Do you need to register for self-assessment?

Do you need to register for self-assessment?

Register for a self-assessment tax return if self-employed, a director, or with income over £150,000. Notify HMRC by October 5 after the tax year ends. Check eligibility with HMRC’s online tool. File if self-employed, a partner, income over £1,000, or untaxed income.

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Loss of personal tax allowance

Loss of personal tax allowance

High earners in the UK face a reduced personal allowance starting at £100,000, with a 60% effective marginal tax rate. Strategies like charitable giving or pension contributions can help mitigate the impact.

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