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Posted Tue, 12 Sep 2023 08:56:42 GMT by
Hi Team, Could you share some inputs on below queries so that i get some idea on tax deductions. Thank you Until July 2023, I was in 20% tab slab as my salary per annum was £44500 From Aug 2023,annual base salary changed to £46890 + I may receive a bonus around £4500 in Feb/Mar 2024. Query 1: Total income (along with bonus) from the employer will £51490 (46890 + 4500) . Does this mean I will come under 40% tax slab for that year ? Query 2: What about the tax slab on interest received from bank fixed deposit? Query 3: Upon adding the bank interest (from fixed deposit) to my annual salary & if it goes above 50k , in which tab slab will I fall into? Any inputs much appreciated as I am new to this area. Thank you
Posted Wed, 20 Sep 2023 07:48:50 GMT by HMRC Admin 19
Hi,

You will pay 40% tax on any income that falls into the higher rate threshold during the year. You can see guidance here:

Income Tax rates and Personal Allowances

Information on tax on savings interest can be seen here:

Tax on savings interest

Thank you.

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