Paulie

I'm still not sure how much I may earn before having to pay tax - the actual figure. Would I be correct in assuming it would be personal allowance + £5000 starting rate + £1000 as basic rate tax band? I am aware that if I earn over £10000 I need to complete a self-assessment form.

I'd rather not have another 2 hours on the phone so trying to see if I can get definitive answer to this. I have no paid employment. I claim no benefits. I have no pension. My sole income is from interest on savings & share dividends. How much may I earn in interest before I have to pay income tax? The agent I spoke to yesterday told me it was £1000. Even though I have no other income. When I questioned him as I believed that information was incorrect his reply was, 'I think that is what it is but I could be wrong.' Excellent employee you have there. Filled me full of confidence. And then when I told him that if he is wrong that would have an impact on me, he said he'd transfer me to someone else. Except he cut me off. So. Please. How much can I earn in interest in a tax year, where my income is solely interest on savings & share dividends before I have to pay income tax?

So what would be the amount I would be able to 'earn' via interest and dividends before I would be liable for income tax?

I have no employment, pensions & I don't claim any benefits. My sole income is from interest on savings and share dividends. I have transferred the marriage allowance to my wife so my allowance would be £11310. Whilst checking online, I notice that my annual tax-free amount for 24/25 shows as being £9850 due to untaxed interest on savings and investments equalling £1460. Where would this figure come from? How much would I have to 'earn' from interest/dividends before I would start to pay tax? I thought it would be personal allowance plus £1000 equalling, for me, £12310.

I am not employed and therefore have no salary, I do not claim any benefits and I am too young to have access to a pension. My sole income is derived through interest on savings and share dividends. I have not paid any income tax for a number of years but I notice that on my 2024/25 forecast, it states that I may be liable to pay £5,068. I know this is wrong as it suggests that my income from employment will be £37000( no idea where this comes from as the most I have ever earned from employment in a tax year is about £13000 many years ago). It also says that my annual tax-free amount is £9,850. PA of £12,570 less marriage allowance to partner of £1,260. I transferred this a number of years ago. It then informs me that I have untaxed interest on savings and investments equalling £1,460. No idea where this figure comes from. As I understand it, my PA of £11310 means I may earn this amount plus another £1000 in consideration of savings interest before I would be liable for income tax. Bearing in mind, my sole source of income is from interest and dividends. Would this be correct?