Beaconsfield Together January and February 2024
A local #community magazine containing community, business and charitable editorial in the Beaconsfield, Knotty Green, Seer Green and Forty Green area. 8,300 copies printed and hand delivered by Royal Mail to residences and businesses in the HP9 -1 and HP9 -2 businesses in these areas. Copies available at Waitrose Supermarket in Beaconsfield
A local #community magazine containing community, business and charitable editorial in the Beaconsfield, Knotty Green, Seer Green and Forty Green area. 8,300 copies printed and hand delivered by Royal Mail to residences and businesses in the HP9 -1 and HP9 -2 businesses in these areas. Copies available at Waitrose Supermarket in Beaconsfield
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FINANCIAL NEWS<br />
Do savers need<br />
to complete a<br />
tax return?<br />
For most savers the answer to this is now, yes.<br />
Interest accruing on deposit accounts is now paid<br />
with no deduction for tax.<br />
If the total interest received in a tax year exceeds<br />
£1,000 for a basic rate payer, or £500 for a higher<br />
payer, these amounts need to be declared on a tax<br />
return <strong>and</strong> a liability is likely to arise. Super high<br />
earners paying the top 45% tax rate, get no allowance<br />
at all.<br />
When interest rates were around 0.50% (as they were<br />
for over a decade), many savers were not affected<br />
as the interest was minimal <strong>and</strong> a basic rate taxpayer<br />
would need deposit savings of around £200,000 saved<br />
to trigger any tax.<br />
Nowadays with some bank accounts paying upwards<br />
of 5%, just a £10,000 savings account might now push<br />
a higher rate taxpayer to the brink of their allowance!<br />
The reality is a significant number of people who<br />
previously did not need to complete tax return,<br />
might now find that position has changed with the<br />
recent surge in interest rates. HMRC’s chief executive<br />
Jim Harra, told MPs recently that the tax authority<br />
was preparing to deal with growing dem<strong>and</strong> from<br />
taxpayers after concerns it would be swamped by calls<br />
from unsuspecting savers. Figures released by HMRC<br />
this year, suggested an extra one million individuals<br />
would pay tax on savings <strong>and</strong> Harra later commented<br />
‘we do not have increasing resources to deal with that<br />
level of contact’.<br />
Fortunately, here at fmifa, we do have the resources to<br />
answer any questions you might have.<br />
Philip Harper, Financial Planner<br />
phil@fmifa.com | 01494 817151<br />
www.fmifa.com<br />
fm<br />
30<br />
YEARS<br />
What should<br />
you consider as<br />
the tax year end<br />
approaches?<br />
n ISAs<br />
n Pensions<br />
n Capital Gains Tax<br />
n Annual Gifts<br />
n Income Tax<br />
n Interest from Savings<br />
“Life’s better now we have a plan”<br />
Contact us: 01494 817151<br />
advice@fmifa.com | www.fmifa.co.uk<br />
Penn Barn, By the Pond, Elm Road,<br />
Penn, Bucks HP10 8LB<br />
Financial Management is a trading title of Philip Harper LLP which<br />
is authorised <strong>and</strong> regulated by the Financial Conduct Authority<br />
8 <strong>Beaconsfield</strong> <strong>Together</strong> is part of Community <strong>Together</strong>
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