Everyone with less than £20,000 in their account should act quickly
An urgent HMRC message has been issued to everyone with less than £20,000 in one type of account this week - because there's only one week left to make the most of your money and avoid a tax letter.
It means that you can put up to £20,000 away in a Cash ISA tax-free, and you won't be made to pay HMRC anything on top of your usual tax bill.The personal savings allowance means you can earn a maximum of £1,000 in savings interest before you have to pay 20% tax on any amount over that . For people on higher income, you only get £500 allowance and you pay £40 tax on interest above £500.
The deadline, though, is fast approaching and if you have less than £20,000 in your cash ISA then you're not making the most of your tax-free ISA allowance.
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