Savings Interest
Posted: January 2nd, 2024, 11:11 am
Heads up here!
I have an interest-bearing savings account that gets topped up each March by an amount calculated with tax in mind (my taxable income for the year), then drawn upon each month to top up the current account.
Last year's interest (credited at the end of December) was rather substantial compared to recent years. This year for the first time I shall have to check all my cash savings and consider whether there's a tax implication to worry about.
I suspect I'm not the only Fool for whom tax on savings interest has just become an issue of potential concern.
I have an interest-bearing savings account that gets topped up each March by an amount calculated with tax in mind (my taxable income for the year), then drawn upon each month to top up the current account.
Last year's interest (credited at the end of December) was rather substantial compared to recent years. This year for the first time I shall have to check all my cash savings and consider whether there's a tax implication to worry about.
I suspect I'm not the only Fool for whom tax on savings interest has just become an issue of potential concern.