How to Avoid Paying Tax on Your Savings Interest
In this video I talk about how HMRC are collecting more tax revenues from savings than before.
This is largely due to rising interest rates and the frozen personal allowance.
However, there are tax allowances and tax advantaged accounts you can use to prevent your savings interest being taxed. In this video, I'll explain why your savings interest might be at risk, and how to protect it from HMRC. I also discuss the personal allowance, starting savings rate and personal savings allowance (PSA).
TIMESTAMPS:
00:00 - Intro
01:05 - Why are more people paying
03:20 - How are savings taxed
05:25 - Cash ISA
06:12 - Premium bonds
07:06 - Invest in the stock market
WHO AM I:
I'm Kiran, a qualified accountant and experienced tax professional living in the UK. I make videos about finance, tax and investing.
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DISCLAIMER:
This content, and the ideas presented in it, are for education and entertainment purposes only. Kiran does not provide tax or investment advice. The information presented does not consider the financial circumstances of any investor, and therefore may not be suitable for all investors.
Although Kiran is an Accountant, no Accountant-Client relationship is established with the viewer in any way.
As an Amazon Associate I earn from qualifying purchases. The product links in the description are affiliate links. This means if you choose to buy something through one of these links, I may receive a commission on the sale, but it makes no difference to you as a buyer.