Personal Savings Allowance: What is it and how does it work?
Posted in Auditing, Bookkeeper, Corporate Accountancy, Corporation Tax, Langricks, Michael Bell and Co, Personal Savings Allowance, SME Businesses
The Personal Savings Allowance allows most individuals to earn up to £1,000 of income from their savings tax-free. Introduced on April 6th2016, The Personal Savings Allowance benefits those earning income from money in savings. Before this date, any income earned from savings was liable to income tax. As a result of the allowance, most people…