Beaconsfield Together January and February 2024

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FINANCIAL NEWS Do savers need to complete a tax return? For most savers the answer to this is now, yes. Interest accruing on deposit accounts is now paid with no deduction for tax. If the total interest received in a tax year exceeds £1,000 for a basic rate payer, or £500 for a higher payer, these amounts need to be declared on a tax return and a liability is likely to arise. Super high earners paying the top 45% tax rate, get no allowance at all. When interest rates were around 0.50% (as they were for over a decade), many savers were not affected as the interest was minimal and a basic rate taxpayer would need deposit savings of around £200,000 saved to trigger any tax. Nowadays with some bank accounts paying upwards of 5%, just a £10,000 savings account might now push a higher rate taxpayer to the brink of their allowance! The reality is a significant number of people who previously did not need to complete tax return, might now find that position has changed with the recent surge in interest rates. HMRC’s chief executive Jim Harra, told MPs recently that the tax authority was preparing to deal with growing demand from taxpayers after concerns it would be swamped by calls from unsuspecting savers. Figures released by HMRC this year, suggested an extra one million individuals would pay tax on savings and Harra later commented ‘we do not have increasing resources to deal with that level of contact’. Fortunately, here at fmifa, we do have the resources to answer any questions you might have. Philip Harper, Financial Planner phil@fmifa.com | 01494 817151 www.fmifa.com fm 30 YEARS What should you consider as the tax year end approaches? n ISAs n Pensions n Capital Gains Tax n Annual Gifts n Income Tax n Interest from Savings “Life’s better now we have a plan” Contact us: 01494 817151 advice@fmifa.com | www.fmifa.co.uk Penn Barn, By the Pond, Elm Road, Penn, Bucks HP10 8LB Financial Management is a trading title of Philip Harper LLP which is authorised and regulated by the Financial Conduct Authority 8 Beaconsfield Together is part of Community Together
LAUNCHING SEPTEMBER 2024 It's Your Future It's Our Guidance Thorpe House School is opening a brand new co-educational Sixth Form in the heart of Gerrards Cross, offering young men and women first class teaching with an emphasis on academic achievement, the development of key life skills, leadership and exploration, extended pastoral care, and bespoke university and careers guidance. Discover more at our Open Evening Thursday 22nd February 2024, 6:30 p.m. - 8:00 p.m. Scan the QR code to find out more and book your place. To advertise please call 07786 735 711 or email marketing@beaconsfieldtogether.co.uk 9
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Beaconsfield Together January and February 2024

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